A survey by real estate services firm JLL says the average age of top-end office spaces in Mumbai and Delhi is 11 years — at par with Singapore. According to the survey, Beijing and Shanghai have the newest office stock in the Asia-Pacific region, with an average age of eight years, while Hong Kong has the oldest with an average age of 21.6 years.
The survey compared 30 buildings earning the highest rent in 10 Asia-Pacific cities. Accordingly, 30 buildings in Mumbai were chosen with most falling in the Bandra-Kurla Complex (BKC) area, while the rest were scattered over Secondary Business Districts (SBDs)-Central and Central Business Districts (CBDs).
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In Delhi, equal number of buildings were chosen from CBD and SBD, with the rest in Gurgaon. “India’s relatively new and inexpensive office space should be attractive to corporate occupiers. Moreover, investors should also look at India if they are looking to buy core/life expectancy,” said the report outlying the survey results.
“A JLL study earlier this year had shown how the key Indian metros had attracted an investment of approximately INR 170 billion in 2015. It would not be surprising if the number is surpassed in 2016,” the report said.
The report said the construction boom in China had resulted in Beijing and Shanghai having the newest office stock. While Hong Kong had much older offices due to very limited land supply in the core Central District.
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