Connaught Place world’s 10th most expensive office market: Survey
New Delhi’s Connaught Place is the world’s tenth most expensive office location with an annual prime rent of $111 per square feet, a survey by a real estate consulting firm said on Friday.
The survey by CBRE South Asia said the ranking has fallen by one position, moving down to tenth from ninth in March 2017.
According to the CBRE’s “Global Prime Office Rents” report, Mumbai’s Bandra Kurla Complex (BKC) took 16th position with an annual prime rent of $84.10 per sq ft, while the central business district (CBD) of Nariman Point took 30th place with an annual prime rent of $64.27 per sq ft.
“Connaught Place over the years has emerged as one of the most sought after office spaces in the world where the global and regional head offices of the world’s major companies reside,” said Anshuman Magazine, Chairman - India and South-East Asia, CBRE.
“In spite of having limited supply of prime office space, its location in the heart of India’s capital, coupled with great infrastructure and connectivity to other parts of the city, makes it to be an ideal location for any business to be in,” he added.
The survey showed that Asia dominated the top ten most expensive markets in the world, with Hong Kong holding two of the top three most expensive office markets.
New York (Midtown Manhattan) and Beijing (CBD) rounded the top five, with Tokyo (Marunouchi/Otemachi), Shanghai (Pudong) and New Delhi (Connaught Place - CBD) featuring in the top ten most expensive list, the report added.