Hindustan Times (Chandigarh) - Estates - - HT ESTATES - ht­es­tates@hin­dus­tan­

Con­naught Place (CP) in the na­tional cap­i­tal has emerged as the third most ex­pen­sive of­fice mar­ket in the Asia Pa­cific re­gion with a rental of $88.8 per square me­tre (sqm) per month, ac­cord­ing to a re­port.

Ban­dra Kurla Com­plex (BKC) in the megapo­lis emerged as the fifth most costly busi­ness dis­trict among the list of 20 in­ter­na­tional cities, with a rental of $80.1 sqm per month, an im­prove­ment of two places over Q4 2016, the re­port ti­tled Asia-Pa­cific Prime Of­fice Rental In­dex Q4 2017 by prop­erty con­sul­tant Knight Frank said on Wed­nes­day.

The prime of­fice pocket in Hong Kong topped the list with a rental of $212 per sqm.

In terms of rental ap­pre­ci­a­tion, Ben­galuru’s cen­tral busi­ness dis­trict (CBD) recorded the third high­est growth with a year-on-year in­crease of 5.40% in the De­cem­ber quar­ter last year.

Con­naught Place stood at the fifth spot, with a rental growth of 5%, while BKC was ranked 10th with a 4% growth.

The re­port ex­pects ren­tals to grow in BKC and Ben­galuru’s CBD for the sub­se­quent 12 month pe­riod, but hints at the growth to plateau in Con­naught Place.

Ac­cord­ing to Sa­man­tak Das, chief econ­o­mist and na­tional di­rec­tor - re­search, Knight Frank In­dia, the rental growth con­tin­ues to be strong across prime of­fice mar­kets in In­dia on ac­count of an on­go­ing sup­ply crunch in the coun­try.

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