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New Delhi’s Connaught Place ranked world's 10th most expensive office market

CBRE South Asia survey said that the ranking has, however, fallen by one position, moving down to tenth from ninth in March 2017.

Reported by: IANS, New Delhi [ Published on: September 15, 2017 17:09 IST ]
New Delhi’s Connaught Place ranked world's 10th most
New Delhi’s Connaught Place ranked world's 10th most expensive office market

A latest survey conducted by a leading real estate consulting firm has named New Delhi's Connaught Place as the world's 10th most expensive office location. The survey, conducted by CBRE South Asia, said that an office property in the Connaught Place will cost an amount of USD 111 (Rs 7,110) per sq ft. The survey said that the ranking has, however, 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 USD 84.10 per sq ft, while the central business district (CBD) of Nariman Point took 30th place with an annual prime rent of USD 64.27 per sq ft.

Anshuman Magazine, Chairman - India and South-East Asia, CBRE said that 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.

"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.

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