New Delhi’s Connaught Place has become the ninth most expensive office location in the world with an annual rent of Rs 10,404 (USD 153) per sq ft, according to property consultant CBRE. Connaught Place has moved one rank up as Mumbai’s Bandra Kurla Complex (BKC) moved 10 ranks down to 26th position with an annual prime rent of Rs 6,562 (USD 96.51) per sq ft from 16th rank. The central business district (CBD) of Nariman Point also slipped to 37th position commanding an annual prime rent of USD Rs 4,950 (72.80) per sq ft from 30th rank last year.
“Delhi’s Connaught Place moved one notch up to be the ninth most expensive office location with an annual prime rent of USD 153.26 per sq ft from last year’s 10th most expensive office location,” CBRE said.
Hong Kong (Central) is at the first position with an annual rent of Rs 20,847 (USD 306.57) per sq ft, followed by London (West End), Beijing (Finance Street) in China, Hong Kong (Kowloon) and Beijing (CBD) in China. Tokyo (Marunouchi/Otemachi), Japan is at the eighth position and London (City), UK, is at the 10th rank.
The consultant came out with its annual report Global Prime Office Occupancy Costs survey.
CBRE’s Chairman – India & South-East Asia – Anshuman Magazine said, “Delhi, being a prime market, continues to witness significant activity and has moved one step ahead to the 9th position owing to stable vacancy, rents and absorption.” He expressed optimism about the Mumbai market and expected an upswing in the coming months.
New York (Midtown- Manhattan) ranked sixth with an annual rent of USD 183.78 per sq ft, while New York (Midtown-South Manhattan) is at 7th position commanding rent of USD 171.56 per sq ft.
On the Indian commercial real estate market, Magazine said, “Strong demand from finance, technology and the e-commerce sectors has fuelled the growth momentum in prime occupancy costs from last year and commercial office market remains a strong growth propeller for the real estate sector.”
(With PTI Inputs)