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Bengaluru CBD 5th fastest growing Asian office market in Q2; full list here

Indian office rents remained stable in Q2 as the market saw an influx of new supply in the first half (H1) of 2019, with 23 million sq. ft being added during the period

BS Web Team  |  New Delhi 

Bengaluru’s Central Business District

Bengaluru's Central Business District
1 / 20
 

With a nine per cent spike in rentals during the second quarter (Q2) of 2019, Bengaluru’s Central Business District (CBD) became the fastest growing prime office space in India, and the fifth across the Asia-Pacific region. Bengaluru's CBD saw the highest annual growth in rental values in India, with current rentals at Rs 125 per sq. ft per month, according to a survey conducted by

Mumbai’s Bandra Kurla Complex

Mumbai's Bandra Kurla Complex
2 / 20
 

The report said Bandra Kurla Complex (BKC), the prime office market in Mumbai, was ranked eighth at the end of Q2 of 2019. BKC registered a growth of five per cent in the quarter and was commanding Rs 300 per sq ft a month.

New Delhi’s Connaught Palace

New Delhi's Connaught Palace
3 / 20
 

Connaught Palace (CP), the prime office market in the Capital Region (NCR), was ranked 12th at the end of Q2 of 2019. CP, which had a rental value of Rs 330 sq ft a month, also recorded an annual rise of 1.4 per cent during the quarter. 

Phnom Penh's City Centre

Phnom Penh's City Centre
4 / 20
 

Phnom Penh in Cambodia saw a year-on-year rental growth of 0.6 per cent. The Prime Office Rental Index tracks rental levels of 20 front line cities across the Asia-Pacific region.

Jakarta's Central Business District

Jakarta's Central Business District
5 / 20
 

Rentals in Jakarta, Indonesia's capital, saw rentals decline 11 per cent year-on-year.

Kuala Lumpur's City Centre

Kuala Lumpur's City Centre
6 / 20
 

Kuala Lumpur saw rentals decline 0.7 per cent year-on-year.

Singapore's Raffles Place and Marina Bay

Singapore's Raffles Place and Marina Bay
7 / 20
 

In Singapore, Grade A office rents were up 0.9% quarter-on-quarter on healthy net absorption, led mainly by the rapidly expanding co-working sector. 

Bangkok's Central Business District

Bangkok's Central Business District
8 / 20
 

Bangkok saw a year-on-year rental growth of 10 per cent with a rental value 1,144 Thai baht per sq ft.

Manila's various market areas

Manila's various market areas
9 / 20
 

Manila’s rose 1.9% quarter-on-quarter as landlords putting out new better-quality products continue to be able to command higher rents driven by higher demand from the IT-BPM and rapidly expanding Philippine Offshore Gaming Operators (POGO) sector. 

Brisbane's Central Business District

Brisbane's Central Business District
10 / 20
 

Rents in Brisbane, Australia, were up 0.7% quarter-on-quarter on positive net absorption and limited foreseeable supply pipeline.

Melbourne's Central Business District

Melbourne's Central Business District
11 / 20
 

In Australia, Melbourne continues to do well with rents rising 3.7% quarter-on-quarter as limited available space, strong net absorption, a healthy economy and labour expansion continue to support rental growth. 

Perth's Central Business District

Perth's Central Business District
12 / 20
 

Another Australian city, Perth, saw year-on-year rental growth at 1.2 per cent and 0.8 per cent quarter-on-quarter.

Sydney's Central Business District

Sydney's Central Business District
13 / 20
 

Rents in Sydney, Australia's largest city by population, rose 1.3 per cent quarter-on-quarter, again on limited available supply due to stock withdrawals for government-led infrastructure projects and subdued completion supply. 

Tokyo's Central 5 Wards

Tokyo's Central 5 Wards
14 / 20
 

The positive quarterly growth reading in Q2 2019, despite the generally soft economic climate, was driven mainly by Tokyo which recorded a 6.9 per cent quarter-on-quarter rise due to the limited supply conditions within the market. However, looking at the wider region, things were not as rosy. 

Beijing's various market areas

Beijing's various market areas
15 / 20
 

On the mainland, a softer Chinese economy and an oversupply situation continues to weigh on rents with Beijing and Shanghai recording 1.6 per cent and 1.1 per cent quarter-on-quarter declines.

Guangzhou's Central Business District

Guangzhou's Central Business District
16 / 20
 

China's Guangzhou saw year-on-year rental growth  at 1.5 per cent and 0.2 per cent, quarter-on-quarter.

Shanghai's Puxi and Pudong

Shanghai's Puxi and Pudong
17 / 20
 

Shanghai saw rentals decline 1.1 per cent year-on-year and quarter-on-quarter as well.

Hong Kong's Central

Hong Kong's Central
18 / 20
 

Hong Kong’s office rents contracted a further 1.1% quarter-on-quarter, driven by uncertainty over US-China trade tensions and softer economic conditions. Given the current situation with Hong Kong and expectations for significantly softer domestic economic conditions in Q3 2019; office rents should see a more pronounced decline for the rest of this year.

Taipei's Downtown

Taipei's Downtown
19 / 20
 

Taipei's year-on-year rental growth was 2.2 per cent and one per cent quarter-on-quarter.

Seoul's Central Business District

Seoul's Central Business District
20 / 20
 

South Korean Capital Seoul saw year-on-year rental growth at 0.1 per cent and 0.4 per cent quarter-on-quarter with a rental value 33,822 South Korean Won per sq. ft.  


First Published: Wed, August 28 2019. 11:55 IST
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