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Connaught Place in Delhi is the eighth most expensive office market in the world, according to a CBRE survey.
Renting an office location in this central business district can be as expensive as $153 per sq. ft. per annum, says CBRE Global Research and Consulting’s semi-annual Global Prime Office Occupancy Costs survey.
Bandra–Kurla Complex (Mumbai) was ranked sixteenth, while Nariman Point came in thirty-second on the top 50 list for prime office properties.
Overall, London’s West End (at $277 per sq. ft. per year) remained the world’s highest-priced office market followed by Hong Kong (Central) and Beijing (Finance Street). The latest survey provides data on office rents and occupancy costs as of March 31, 2014.
Despite a drop in ranking by one spot over the previous survey, Connaught Place remains highly sought after by corporate office occupiers because of its central location and connectivity to the rest of the city. During the review period, vacancy rates dropped marginally amid strong leasing activity — particularly from the aviation and banking and financial services sectors, the survey added.
Interestingly, Asia dominates the world’s most expensive office locations, accounting for three of the top five markets.
The Prime Office Occupancy Costs report is a survey of office occupancy costs for prime office space in 126 cities worldwide.
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