Delhi’s Connaught Place is the world’s eighth most expensive office destination, according to a survey by global real estate consultant CBRE.
Connaught Place in New Delhi, India. (Photo by Nipun Prabhakar/ Hindustan Times)
CP, Delhi’s traditional central business district, slipped one position from its previous rank in the bi-annual survey conducted by CBRE but still remains in the world’s top 10 costliest office markets with an annual rent of more than Rs. 9,000 per square feet.
Mumbai’s business district of the Bandra-Kurla Complex (BKC) was ranked 16th in the global survey and the city’s central business district of Nariman Point came in 32nd on the top 50 list for prime office properties.
London’s West End remained the world’s highest-priced office market followed by Hong Kong (Central) and Beijing (Finance Street). The latest survey of CBRE Global Research provides data on office rents and occupancy costs as of March 31, 2014. “This downward change in rankings in the CBD is due to a recovering global market. However, locally the demand levels remain stable and due to lack of new supply values remain high,” said Anshuman Magazine, Chairman & MD, CBRE South Asia Pvt. Ltd.