New Delhi’s Connaught Place (CP) has emerged as one of the most expensive office markets in the world, according to the findings of ‘Global Prime Office Occupancy Costs’ annual survey. CBRE, a real estate consulting firm, which conducted the survey ranked CP at the ninth position as it has prime rent of US$ 153.26 per square foot per annum. With this it has also moved a notch up from last year’s 10th most expensive office location.

Mumbai was the other Indian city to find a place in the rankings. However, it’s Bandra Kurla Complex (BKC) moved down to the 26th position with an annual prime rent of US$ 96.51 per sq. ft. The central business district (CBD) of Nariman Point stands at the 37th position resulting in an annual prime rent of US$72.80 per sq. ft.

“Strong demand from finance, technology and the e-commerce sectors has fuelled the growth momentum in prime occupancy costs from last year and Commercial office market remains a strong growth propeller for the real estate sector. Delhi, being a prime market, continues to witness significant activity and has moved one step ahead to the 9th position owing to stable vacancy, rents and absorption. We are optimistic about the Mumbai market and are expecting an upswing in the coming months,” said Anshuman Magazine, Chairman – India and South-East Asia, CBRE.

With prime rent of US$ 306.75 per sq.ft, Hong Kong (Central) tops the chart for the second year. London (West End) was ranked second and Beijing (Finance Street) got the third spot in the list with prime rent at US$ 235.01 per sq. ft and US$ 200.91 per sq. ft respectively.

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