Connaught Place 4th most expensive office market in Asia Pacific

first_imgNew Delhi: Connaught Place in the national capital has emerged as the fourth most expensive office market in the Asia Pacific with an increase of modest 1.4 per cent increase in the rental, according to property consultant Knight Frank. Hong Kong, Tokyo and Singapore are the top three most expensive office markets in Asia Pacific, while Mumbai’s BKC (Bandra Kurla Complex) stood at seventh rank, Knight Frank said in a statement. Average office rent at Connaught Place rose to Rs 330 per sq ft a month in the first quarter of 2019 from Rs 326 per sq ft in the year-ago period. Also Read – SC declines Oil Min request to stay sharing of documentsBengaluru’s central business district (CBD) saw an increase of 17 per cent in office rent at Rs 125 per sq ft per month from Rs 107 a sq ft during the review period. Monthly office rent at BKC in Mumbai rose to Rs 300 per sq ft, up 5 per cent from Rs 286 sq ft. “The office space demand witnessed record growth in 2018 with over 47 million sq ft of leasing, while new office space supply rose by 13 per cent in the same period,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India. “The prime office markets are already operating with very low vacancy which is slowing down new transactions. Strong demand trends have put upwards pressure on rentals, especially in prime markets, a trend that is expected to continue,” he added.last_img read more

Move to get Mitsubishis assets sold amid SKoreaJapan fight

SEOUL, Korea, Republic Of — Colonial-era Korean labourers are seeking a court’s approval for the sales of local assets of their former Japanese employer after it refused to comply with a court order to compensate them for forced labour decades ago.The development comes amid growing tensions between South Korea and Japan. Tokyo recently tightened controls on high-tech exports to South Korea, a move Seoul believes is retaliation for the South Korean court rulings last year.Japan says it is not retaliation.Lawyers for Koreans who worked for one of the Japanese companies, Mitsubishi Heavy Industries, during Japan’s 1910-45 occupation of Korea say they’ll soon ask a South Korean court to authorize the sales of some assets that South Korea has seized from Mitsubishi.The assets are some of Mitsubishi’s trademark rights and patents.The Associated Press read more