Real Estate

Connaught Place ninth most expensive office location in the world: CBRE

Our Bureau New Delhi | Updated on July 10, 2019 Published on July 10, 2019

New Delhi’s Connaught Place—commercial business district (CBD)-- is among the top 10 most expensive office markets around the globe. Retaining its place as last year, it has has been ranked at 9th position in the list, according to a report by CBRE, a real estate consulting firm.

The report titled, “Global Prime Office Occupancy Costs survey” mentioned that the office occupancy cost is valued at $ 143.97 per sq. ft per annum at Connaught Place – CBD.

The report added that six of the world’s 10 most expensive office markets are in Asia.

Mumbai’s Bandra Kurla Complex (BKC) and Nariman Point CBD were ranked at 27th and 40th positions respectively. In the given position, the current annual prime rent of BKC is valued at US$ 90.67 per sq. ft  per annum  and the CBD Nariman Point is valued at $ 68.38 per sq. ft  per annum 

“Indian markets continued to have greater investment grade space in the CBDs of the different cities as prominent domestic and global corporates continued to favour investment grade space for setting up front offices in these cities,” said  Anshuman Magazine, Chairman and CEO, India, South East Asia, Middle East and Africa, CBRE

Commercial office market remains a strong growth propeller for the real estate sector and Delhi, being a prime market, continues to witness sustained activity and retains its position among the top 10 most expensive markets in the world, he added.

For the second year, Hong Kong’s Central district retained the top spot as the world’s most expensive market for prime office rents, with the prime occupancy costs valued at $ 322 per sq.ft. per annum . The second position was taken by West End in London.

Published on July 10, 2019
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