Connaught Place is India's most expensive office market

Delhi's central business district Connaught Place is the world's seventh most costliest office destination, beating the New York financial district of Downtown Manhattan, according to property consultant CBRE.

Slipping one rank in CBRE's Research's Global Prime Office Occupancy, Connaught Place is one of the most expensive prime office market with an annual occupancy cost of USD 149.71 (Rs 10062.00)per sq ft.

Mumbai's Bandra Kurla Complex (BKC) stood at the 19th position and Nariman Point at 34th, according the survey.

Hong Kong (Central) tops the list with the highest-priced office market and an overall prime occupancy costs of USD 290 per sq ft per annum, followed by London-Central (West End).

Beijing (Finance Street), Beijing (Central Business District) and Hong Kong (West Kowloon) are at third, fourth and fifth positions, respectively.

CBRE South Asia Chairman and Managing Director Anshuman Magazine said: "Over the past year, the commercial real estate market in India has witnessed positive movement. At rank seven, Connaught Place (CP) continues to attract occupiers and witnesses steady leasing activity for front office space."

Connaught Place attracts big corporates, banks and financial institutions, travel companies, law and engineering firms because of its central location and proximity to the government offices, he added.

Overall, Magazine said, India continues to be a preferred destination for various multinationals to expand their operations or to set up offices due to adequate supply of quality space.

According to the survey, Asia continued to dominate the list of the world's most expensive office locations, accounting for seven of the top-10 markets.

Global prime office occupancy costs, which reflect rent, plus local taxes and service charges for the highest-quality, prime office properties, rose 2.4 per cent year-on-year.

In Asia Pacific, prime office occupancy costs grew at a faster pace than global average.