Business

Delhi’s Connaught Place World’s 9th Most Expensive Office Hub

ASHISH MEENA | 0
5230
| July 11 , 2018 , 15:56 IST

The Connaught Place in New Delhi has moved one position higher to attain ninth most expensive office location in the world, recording an annual rent of USD 153 per sq ft, according to property consultant CBRE.

The property consultant released its annual Global Prime Office Occupancy Costs survey. The cost reflects rent, local taxes and service charges for the highest-quality prime office properties.    

CBRE declared, "Delhi's Connaught Place moved one notch up to be the ninth most expensive office location with an annual prime rent of USD 153.26 per square ft from last year's 10th most expensive office location."

CBRE's Chairman Anshuman Magazine (India & South-East Asia) said, "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." He also expressed optimism about the Mumbai market and expected an upswing in the coming months.

On the Indian commercial real estate market, Magazine added, "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."

Mumbai's Bandra Kurla Complex (BKC) slipped to 26th position from 16th rank with an annual rent of USD 96.51 per sq ft. The central business district (CBD) of Nariman Point also moved down from 30th rank last year to 37th position with annual prime rent of USD 72.80 per sq ft.

According to the report, the top 5 rankings include- Hong Kong (Central) at the first position with an annual rent of USD 306.57 per square ft, followed by London (West End), Beijing (Finance Street) in China, Hong Kong (Kowloon) and Beijing (CBD) in China.

While New York (Midtown- Manhattan) ranked sixth with an annual rent of USD 183.78 per sq ft New York (Midtown-South Manhattan) is at 7th position rent of USD 171.56 per sq ft.