INSUBCONTINENT EXCLUSIVE:
The property consultant predicts the decline in rents to decelerate this yearAmid the work-from-home protocol in the ongoing COVID-19
pandemic, office markets in the country face uncertainty, in terms of occupancy and value
However, the country's prime office sector - Delhi-NCR (national capital region), Mumbai, and Bengaluru markets are expected to remain
stable in rental values over the next 12 months
According to international property consultant Knight Frank, the robust recovery can be attributed to the improved transaction activity,
even amid the uncertainty around the performance of the office sector
recovery in office rents to negative 0.8 per cent quarter-on-quarter, during the January-March quarter of fiscal year 2020-21, compared to
negative 5.5 per cent in the previous quarter.The report added that the central business district of Bengaluru including areas such
a decline of four per cent in the corresponding period last year
data, the property consultant's Asia Pacific Prime Office Rental index slipped negative 1.2 per cent quarter-on-quarter Q1 this year,
mostly driven by large office markets such as Hong Kong, Tokyo, Bengaluru registered a rental decline between negative three - negative 2.8
per cent in the same period
The report added that on an annual basis, the overall index was down negative 5.5 per cent on a year-on-year basis.
