Connaught Place 5th most expensive office market in world: Property advisory firm CBRE

NEW DELHI: Connaught Place, Delhi’s central business district, has been ranked fifth most expensive prime office market in the world with a rent of about $157 (about Rs 10,000) per sq ft per annum, in a report by property advisory firm CBRE.

The top position went to London West End, with overall occupancy costs of $267 per sq ft per annum, while Asia continued to dominate the world’s most expensive office locations, accounting for four of the top five markets.

Mumbai’s alternative business district of Bandra-Kurla Complex (BKC) stands at the 15th position while the city’s central business district of Nariman Point is at the 30th position in the Top 50 rankings for global prime office properties in CBRE Research’s semi-annual ‘Global Prime Office Occupancy Costs’ survey.

“Although Delhi’s Connaught Place moved up one spot in the rankings, due to the rupee depreciation occupancy costs in this market remained largely stable due to a positive market sentiment,” said Anshuman Magazine, managing director of CBRE South Asia.

Mumbai’s BKC and Nariman Point showed a nominal decrease of less than 1% over a 12-month period while occupancy costs increased by about 2.2% in Bengaluru’s central business district, broadly in line with global inflation, said Magazine.