New Delhi, September 05, 2018:Knight Frank, the independent global property consultancy, today launched its Asia-Pacific Prime Office Rental Index for Q2 2018. The index increased by 2.4% quarter-on-quarter in Q2 – almost three times that of Q1 at 0.9% – primarily driven by rent increases seen in Bengaluru, Tokyo, Hong Kong and Sydney.
Key Asia Pacific findings:
Key India findings:
Speaking on the report findings, Arvind Nandan,Executive Director – Research, Knight Frank India, said “Shortage of quality spaces has led to a 7% quarter-on-quarter rental growth in Bengaluru’s Central Business District (CBD) in Q2 2018. Corporate occupiers are jostling forquality space within the tightly suppliedCBD and off-CBD districts, with many of them navigating the issue by pre-committing to upcoming supply. Similarly, in Mumbai where the rentals have remained unmoved this quarter, limited supply is likely to lead to rental growths in the ensuing period.”
Asia-Pacific Prime Office Rents– Q2 2018
City | Submarket(s) | 3-month % change (Q1 2018 – Q2 2018) |
Forecast next 12 months |
Bengaluru | CBD | 7.0% | Increase |
Tokyo* | Central 5 Wards | 5.5% | Same |
Melbourne | CBD | 4.6% | Increase |
Sydney | CBD | 4.2% | Increase |
Manila | Various | 2.4% | Decrease |
Hong Kong | Central | 1.7% | Increase |
Bangkok | CBD | 1.7% | Increase |
Guangzhou | CBD | 1.2% | Same |
Brisbane | CBD | 1.0% | Increase |
Singapore | Raffles Place, Marina Bay | 0.8% | Increase |
Beijing | Various | 0.6% | Decrease |
Taipei | Downtown | 0.6% | Increase |
Perth | CBD | 0.3% | Same |
Mumbai | BKC | 0.0% | Increase |
Phnom Penh | City Centre | 0.0% | Same |
NCR | Connaught Place | 0.0% | Same |
Seoul | CBD, GBD, YBD | 0.0% | Same |
Shanghai | Puxi, Pudong | -0.7% | Same |
Kuala Lumpur | City Centre | -0.8% | Decrease |
Source: Knight Frank Research / *Sanko Estate
To download the report, please click:http://bit.ly/PrimeOfficeRental2Q18
Corporate Comm India(CCI Newswire)
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