See world's 10 most expensive office markets; Connaught Place ranks at number 5th

New Delhi: The recent CBRE Global Research and Consulting's semi-annual Prime Office Occupancy Costs survey, has placed Connaught Place, located in the heart of the national capital, as the world's fifth most expensive office market market owing to strong demand amid limited supply. Hong Kong (Central) with annual occupancy costs of $235.23 per sq ft topped the “most expensive” list for the third consecutive time, followed by London's West End, Beijing's Finance Street and Beijing's Jianguomen.“India continued to feature in the list of World's most expensive office markets, with New Delhi (Connaught Place – CBD) ranking at the 5th position (with an overall occupancy cost of $178.96 per sq ft or Rs 11,183 per sq feet per annum),” CBRE said.Other Indian cities like Mumbai's Bandra Kurla Complex (BKC) and Nariman Point were placed at 11th and 26th positions, respectively.Commenting on the report, CBRE South Asia Chairman and Managing Director Anshuman Magazine, said one of the prime reason for such a high cost of commercial space in CP is high occupancy and low supply of space.“Connaught Place finds mention in the top 5 list, while Gurgaon is at the 72nd spot in the same list. This is one of the foremost reasons why most corporate occupiers (particularly in the IT and allied services) continue to opt for cost effective office spaces in suburbs,” CBRE said.Here are the top ten most expensive office markets in the world: Rank 10.New York (Midtown Manhattan),U.S.Cost: $120.65 per sq. ft. per annumRank 9. London - Central (City), United KingdomCost: $132.94 per sq. ft. per annumRank 8. Tokyo (Marunouchi/Otemachi), JapanCost: $161.16 per sq. ft. per annum Rank 7. Moscow, Russian FederationCost: $165.05 per sq. ft. per annumRank 6. Hong Kong (West Kowloon), Hong KongCost: $178.96 per sq. ft. per annumRank 5New Delhi (Connaught Place - CBD), IndiaCost: $178.96 per sq. ft. per annumRank 4. Beijing (CBD), ChinaCost: $187.06 per sq. ft. per annumRank 3. Beijing (Finance Street), ChinaCost: $195.07 per sq. ft. per annumRank 2London - Central (West End), United KingdomCost: $ 222.58 per sq. ft. per annumRank 1. Hong Kong (Central), Hong Kong Cost: $235.23 per sq. ft. per annum.