PRIME OFFICES’ RENT SLIPS IN KEY MARKETS DURING JAN-MAR QUARTER

NEW DELHI: Rentals of prime offices in Bengaluru and Mumbai fell 8% and 6.2%, respectively, during January-march 2021 as compared to the yearago period, according to a Knight Frank report.

In its Asia-pacific Prime Office Rental Index Q12021 report, the consultant said the prime office rents in the national capital region (Delhincr) declined by only 1% during January-march this year as against the same period of 2020.

“Despite there being uncertainty around the performance of India’s office sector, Bengaluru, NCR and Mumbai markets are expected to remain stable in rental values over the next 12-months,” Knight Frank said. For Q12021, Knight Frank’s Asia Pacific Prime Office Rental Index fell 1.2% quarter-on-quarter, led by large office markets such as Tokyo, Hong Kong, and Bengaluru. On an annual basis, the overall index was down 5.5% year-on-year.

Shishir Baijal, Chairman of Knight Frank India, said, “The second wave and regional lockdowns have temporarily delayed occupiers’ office re-occupancy plans”.