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Pune at 4th position in office rental growth in APAC

Press Trust of India  |  New Delhi 

ranked fourth in the list of top 10 cities in Pacific in office rental growth, global property consultant Cushman & Wakefield said today.

Office rental in increased by 16.57 per cent in the first quarter of 2014 at 59.95 a sq ft per month compared with the year-ago period, C&W said in its Office Q1 2014 report.

"The emerging cities continued to dominate the rental growth in the region with Jakarta (Indonesia) witnessing the highest office rental growth (yoy) among 33 cities in Asia, followed by Manila (Philippines) at 2nd position and Shenzhen (China) at 3rd," the statement said.

Among Indian cities, was at 4th position while NCR (national capital region) ranked at 10th with rental growth of nearly 4 per cent.

Office rental in Jakarta, Manila and Shenzhen grew by 27.29 per cent, 17.61 per cent and 17.40 per cent in January- March quarter 2014 compared with the same period of last year.

"The business sentiment is likely to strengthen with the new elected government. We believe the new government would aggressively pursue much delayed policy reforms that will help to boost investor confidence, both domestically and globally," C&W Executive MD (South Asia) Sanjay Dutt said.

He expected demand for office spaces to start improving from the second half of this year and show positive momentum next year.

"However, rentals are expected to remain stable with the exceptions of few micro markets such as Cybercity, Gurgaon, Lower Parel & Goregaon, Mumbai and Outer Ring Road, Bangalore," he added.