Ø Bengaluru’s Whitefield is the most affordable tech district among 29 global tech hubs in the world.
Ø Gurugram’s Cyber City (USD 20.40) pips Madrid’s Julian Camarillo area (USD 13.65) and Kuala Lumpur’s Cyberjaya Office Market (USD 11.55) in office rents.
Ø Mumbai ranks 6th on the Skyscraper Index growth in six months to the quarter ending June 2017, beats London (0.0%), Hong Kong (1.1%), Tokyo (0.0%) and Dubai (0.0%) in rental growth
Mumbai, September 28, 2017: Knight Frank presents the future of real estate worldwide in the fourth edition of the Global Cities: The 2018 Report. The flagship global report reveals the trends shaping 40 leading international cities across the globe.
Key Findings:
Overview
· Three Indian metros Bengaluru, Mumbai and Delhi earned the highest prime office yields among 34 leading international markets.
· Bengaluru topped the table with 10% yields followed by Delhi (9.20%) and Mumbai (8.50%)
PRIME OFFICE YIELDS INDEX
|
Ranking
|
City
|
Prime office yield
|
|
1
|
Hong Kong
|
2.70%
|
|
2
|
Paris
|
3.00%
|
|
3
|
Zurich
|
3.00%
|
|
4
|
Berlin
|
3.25%
|
|
5
|
Tokyo
|
3.30%
|
|
6
|
Singapore
|
3.30%
|
|
7
|
Frankfurt
|
3.80%
|
|
8
|
Madrid
|
3.90%
|
|
9
|
Amsterdam
|
4.00%
|
|
10
|
London (City)
|
4.25%
|
|
11
|
New York
|
4.30%
|
|
12
|
Dublin
|
4.50%
|
|
13
|
San Francisco
|
4.50%
|
|
14
|
Boston
|
4.60%
|
|
15
|
Seoul
|
4.66%
|
|
16
|
Los Angeles
|
5.00%
|
|
17
|
Seattle
|
5.00%
|
|
18
|
Sydney
|
5.06%
|
|
19
|
Washington DC
|
5.10%
|
|
20
|
Melbourne
|
5.25%
|
|
21
|
Miami
|
5.50%
|
|
22
|
Shanghai
|
5.60%
|
|
23
|
Chicago
|
5.60%
|
|
24
|
Austin
|
5.80%
|
|
25
|
Manila
|
5.90%
|
|
26
|
Beijing
|
6.00%
|
|
27
|
Dallas
|
6.00%
|
|
28
|
Brisbane
|
6.38%
|
|
29
|
Kuala Lumpur
|
6.50%
|
|
30
|
Bangkok
|
7.00%
|
|
31
|
Pittsburgh
|
7.50%
|
|
32
|
Mumbai
|
8.50%
|
|
33
|
New Delhi
|
9.20%
|
|
34
|
Bengaluru
|
10.00%
|
TECH DISTRICTS
· Bengaluru’s Whitefield is the most affordable tech district among 29 global tech hubs in the world.
· Ranking 25th on the Tech Districts Index, Gurugram’s Cyber City (USD 20.40)beats Madrid’s Julian Camarillo area (USD 13.65) and Kuala Lumpur’s Cyberjaya Office Market (USD 11.55) in office rents.
|
Sr no
|
City
|
Tech District
|
Prime Rent (US$ per sq ft)
|
|
1
|
London
|
Shoreditch
|
90.75
|
|
2
|
San Francisco
|
Mid-Market
|
77.00
|
|
3
|
Dublin
|
Docklands
|
76.30
|
|
4
|
Bangkok
|
CBD : Rama 1, Sathorn, Sukhumvit Soi 21
|
74.25
|
|
5
|
Paris
|
1st, 2nd and 9th Districts (Cité Financière)
|
74.00
|
|
6
|
Boston
|
Seaport District
|
72.00
|
|
7
|
Los Angeles
|
Playa Vista
|
62.00
|
|
8
|
New York
|
Brooklyn
|
56.05
|
|
9
|
Beijing
|
Zhongguancun
|
55.05
|
|
10
|
Washington DC
|
NoMa (North of Massachusetts Avenue)
|
51.25
|
|
11
|
Austin
|
The Domain
|
44.50
|
|
12
|
Seattle
|
South Lake Union
|
44.00
|
|
13
|
Dubai
|
Dubai Media City
|
43.55
|
|
14
|
Singapore
|
One North
|
41.45
|
|
15
|
Berlin
|
Potzdammer Platz
|
40.70
|
|
16
|
Toronto
|
King & Spadina
|
39.90
|
|
17
|
Hong Kong
|
Cyberport, Pokfulam
|
36.90
|
|
18
|
Miami
|
Coconut Grove
|
35.00
|
|
19
|
Chicago
|
Fulton Market District
|
35.00
|
|
20
|
Amsterdam
|
City Centre
|
34.45
|
|
21
|
Sydney
|
Pyrmont
|
33.80
|
|
22
|
Melbourne
|
Richmond
|
32.05
|
|
23
|
Shanghai
|
Zhangjiang Hi-Tech Park
|
27.50
|
|
24
|
Mexico City
|
Santa Fe
|
27.30
|
|
25
|
Delhi
|
Gurugram (Cyber City)
|
20.40
|
|
26
|
Seoul
|
Guro-gu (Guro Digitial Complex) & Geumcheon-gu (Gasan Digital Complex)
|
14.65
|
|
27
|
Madrid
|
Julian Camarillo area
|
13.65
|
|
28
|
Kuala Lumpur
|
Cyberjaya Office Market
|
11.55
|
|
29
|
Bengaluru
|
Whitefield
|
9.65
|
SKYCRAPER INDEX
· Mumbai ranks 6th on the Skyscrapper Index growth in six months to Q2 2017
· Prime office rents in the upper floors of high rises in Mumbai see 1.8% growth, among the top six international rent appreciating markets
· India’s financial capital pips iconic global destinations such as London (0.0%), Hong Kong (1.1%), Tokyo (0.0%) and Dubai (0.0%)
· Established office markets such as Singapore (-0.9%) and Kuala Lumpur (-0.8%) see negative
|
Sr no
|
City
|
Rent (US$ / sq ft / per annum)
|
% growth in six monthsto Q2 2017*
|
Growth rank
|
|
1
|
Hong Kong
|
$304
|
1.1%
|
9
|
|
2
|
New York (Manhattan)
|
$162
|
1.8%
|
7
|
|
3
|
Tokyo
|
$140
|
0.0%
|
10
|
|
4
|
San Francisco
|
$117
|
3.5%
|
4
|
|
5
|
London (City)
|
$110
|
0.0%
|
10
|
|
6
|
Sydney
|
$107
|
3.4%
|