Delhi's Connaught Place ranked fifth most expensive office market in the world: CBRE

NEW DELHI: Delhi's central business district Connaught Place has been ranked fifth most expensive prime office market in the world with a rent of around $157 per sq ft per annum, property advisory firm CBRE said in a report.

The top position went to London West End with an 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 CBD 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; however, occupancy costs in this market remained largely stable due to a positive market sentiment. Mumbai's BKC and Nariman Point showed a nominal decrease of less than 1 percent over a 12-month period; while y-o-y office occupancy costs rose by about 2.2 percent in the Bangalore CBD, broadly in line with global inflation,"said Anshuman Magazine, managing director of CBRE South Asia.