A leading real estate consulting firm, CBRE, conducted a survey on the most expensive global prime office rents and reported that Delhi's Connaught Place is the 10th most expensive office location in the world right now.
CBRE South Asia's Global Prime Office Rents survey found that on an average, an office property in Connaught Place, also known as CP, would cost an amount of US$ 111 (Rs 7,110) per sq ft.
The bustling Connaught Place is regarded as the economic hub of the capital city and is noted for its white colonnades and the sprawling Central Park. Moreover, due to its prime location, Connaught Place is also very well-connected by metro and all other means of public transport.
The survey conducted by CBRE also found that out of the 10 most expensive office markets, 7 are in Asia. Hong Kong (Central) leads the list at the top spot, followed by Beijing (Finance Street), Hong Kong (West Kowloon), New York (Midtown Manhattan), Beijing (CBD), London (West End), Tokyo (Marunouchi/Otemachi), Shanghai (Pudong), New York (Midtown - South Manhattan) and finally, Delhi (Connaught Place).
Hong Kong's (Central) overall rent amounted to US$ 269 (Rs 17,232) per sq ft, leaving New York (Midtown Manhattan) far behind with US$ 154 (Rs 9,865) per sq ft. London (West End), the only European market in the top 10, charge an amount of US$ 136 (Rs 8,712) per sq ft.
Another survey that looked at the top 5 growth markets in every region placed Bengaluru in the second spot in Asia, right after Bangkok.