Bengaluru Outweighs Delhi, Mumbai In Rise in Commercial Property Rents During Q4,2019
New Delhi: Bengaluru saw 7.7 percent jump in rents of commercial properties in the October-December quarter (Q4) of 2019 as compared to the same period of previous year and outweighed the ertwhile most established commercial markets of Delhi and Mumbai.
Bengaluru’s central business district commanded a rent of Rs 1,610 per square feet per month in Q4 of 2019, up 7.7 percent than in year-ago period, according to a Asia pacific Prime Office Report prepared by Knight Frank.
Mumbai on the other hand saw commercial rentals go up by only 1.7 percent in the latest quarter. The rents in Bandra Kulra Complex stood at Rs 3,660 per square feet per month in Q4 of 2019, up 1.7 percent than in year-ago period.
Delhi NCR saw the rents going up by 4.4 percent in the latest quarter. The rents in Connaught Place of Delhi stood at Rs 4,079 per square feet per month in Q4 of 2019, up 4.4 percent than in year-ago period.
However, as compared to July-September (Q3) period of 2019, Mumbai was the only metro in India that witnessed an increase in commercial rentals. The Maximum City saw the rents go up by 0.5 percent in Q4 over Q3 of 2019. Bengaluru saw the rents melt by 0.3 percent while Delhi NCR saw no changes in rentals in Q4 over Q3 of 2019.
Hong Kong saw its commercial rents go down by 14.3 percent in Q4 of 2019 than in year ago period while Melbourne witnessed rents go up by 11 percent in the same period.