<p>Rentals of prime offices in Bengaluru and Mumbai fell 8 per cent and 6.2 per cent, respectively, during January-March 2021 as compared to the year-ago period, according to a Knight Frank report.</p>.<p>In its Asia-Pacific Prime Office Rental Index Q1, 2021 report, the consultant said the prime office rents in the national capital region (Delhi-NCR) declined by only 1 per cent during January-March this year as against the same period of 2020.</p>.<p>"Despite there being uncertainty around the performance of India's office sector, Bengaluru, NCR and Mumbai markets are expected to remain stable in rental values over the next 12-months," Knight Frank said.</p>.<p>For Q1 2021, Knight Frank's Asia Pacific Prime Office Rental Index fell 1.2 per cent quarter-on-quarter, led by large office markets such as Tokyo, Hong Kong, and Bengaluru, which recorded rental decline between 3 per cent to 2.8 per cent during the same period.</p>.<p>On an annual basis, the overall index was down 5.5 per cent year-on-year.</p>.<p>Shishir Baijal, Chairman and Managing Director of Knight Frank India, said, “The second wave of pandemic and associated regional lockdowns have temporarily delayed occupiers' office re-occupancy plans".</p>.<p>However, he said, control on infection case count with graded regional lockdowns and progress on vaccination drive will act as a market stabiliser in near future.</p>.<p>"Given the strong fundamentals of the India office market, despite the near-term uncertainty, occupiers will positively react to any improvement in the pandemic scenario in the country," Baijal said. </p>
<p>Rentals of prime offices in Bengaluru and Mumbai fell 8 per cent and 6.2 per cent, respectively, during January-March 2021 as compared to the year-ago period, according to a Knight Frank report.</p>.<p>In its Asia-Pacific Prime Office Rental Index Q1, 2021 report, the consultant said the prime office rents in the national capital region (Delhi-NCR) declined by only 1 per cent during January-March this year as against the same period of 2020.</p>.<p>"Despite there being uncertainty around the performance of India's office sector, Bengaluru, NCR and Mumbai markets are expected to remain stable in rental values over the next 12-months," Knight Frank said.</p>.<p>For Q1 2021, Knight Frank's Asia Pacific Prime Office Rental Index fell 1.2 per cent quarter-on-quarter, led by large office markets such as Tokyo, Hong Kong, and Bengaluru, which recorded rental decline between 3 per cent to 2.8 per cent during the same period.</p>.<p>On an annual basis, the overall index was down 5.5 per cent year-on-year.</p>.<p>Shishir Baijal, Chairman and Managing Director of Knight Frank India, said, “The second wave of pandemic and associated regional lockdowns have temporarily delayed occupiers' office re-occupancy plans".</p>.<p>However, he said, control on infection case count with graded regional lockdowns and progress on vaccination drive will act as a market stabiliser in near future.</p>.<p>"Given the strong fundamentals of the India office market, despite the near-term uncertainty, occupiers will positively react to any improvement in the pandemic scenario in the country," Baijal said. </p>