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Delhi's Connaught Place is the world's tenth most expensive office location with an annual prime rent of $111 per sq ft while Mumbai's business district Bandra Kurla Complex (BKC) took 16th position with an annual prime rent of $84.10 per sq ft. The central business district (CBD) of Nariman Point took 30th place with an annual prime rent of $64.27 per sq ft.
According to CBRE South Asia Pvt. Ltd semi-annual Global Prime Office Rents survey, Asia Leads List of Most Expensive Prime Office Rents. The study also found that markets in the Americas and EMEA showed the most consistent growth in rent.
Anshuman Magazine, Chairman – India & South-East Asia, CBRE said, “Commercial office market remained a bright spot for the real estate sector in the country. Steady lease rentals, high absorption levels and global investor interest continue to bring life into India’s commercial real estate sector with Delhi and Mumbai continuing their dominance in the overall space take-up”
“Connaught Place over the years has emerged as one of the most sought after office spaces in the world where the global and regional head offices of World’s major companies reside. In spite of having limited supply of prime office space, its location in the heart of India’s capital, coupled with great infrastructure and connectivity to other parts of the city, makes it to be an ideal location for any business to be in,” he added.
Asia dominated the top ten most expensive markets in the world, with Hong Kong holding two of the top three most expensive office markets. Hong Kong’s (Central) overall prime office rent of $269 per sq. ft. per year was followed by Beijing (Finance Street) at $174 per sq. ft. and Hong Kong (West Kowloon) at $164 per sq. ft. New York (Midtown Manhattan) and Beijing (CBD) rounded the top five, with Tokyo (Marunouchi/Otemachi), Shanghai (Pudong) and New Delhi (Connaught Place - CBD) also featuring in the top ten most expensive list.
Global prime office rent -- which reflect rent, excluding local taxes and service charges for the highest-quality, prime office properties-rose two per cent year-over-year, with the Americas performing the strongest, up 3.4 per cent Asia Pacific was up 1.2 per cent.
CBRE tracks office rents for prime office space in 121 markets around the globe. Of the top 50 most expensive markets, 20 were in Asia Pacific, 18 were in EMEA and 12 were in the Americas.
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