Connaught Place India's most expensive office market, ranks 9th globally

 Chanchal Pal Chauhan   New Delhi     Last Updated: June 16, 2017  | 17:41 IST
Connaught Place India's most expensive office market, ranks 9th globally

New Delhi's Connaught Place is India's most expensive prime office market and the ninth most expensive in the world with an occupancy cost of $153.89 per sq. ft per annum, surging ahead of Dubai, Downtown Boston and Shanghai.

As per the latest biannual Global Prime Office Occupancy Costs Survey by CBRE Group Inc., a global real estate consulting firm, Connaught Place, despite its limited supply of prime office space, is the choicest destination for its central location in the national capital, great infrastructure and connectivity.

"With India's commercial real estate segment continuing to do well, prime locations across the country, including Connaught Place in Delhi and the Bandra Kurla Complex and Nariman Point in Mumbai, continue to witness demand for prime office space from occupiers," said Anshuman Magazine, Chairman - India and Southeast Asia, CBRE.

Bandra Kurla Complex (BKC) is ranked second in India and 20th in the global list while the central business district (CBD) of Nariman Point comes third in India and is ranked 33rd in the list of top 50 most expensive office markets around the world.

Hong Kong (Central) and London's West End continue to be the two most expensive markets in the world.

CBRE, which tracks prime office space in 121 markets around the globe, says among the top 50 most expensive markets, 18 are in the Asia-Pacific, 20 are in the EMEA (Europe, the Middle East and Africa) and 12 are in the Americas.

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