Connaught Place World’s 10th costliest office market; Nariman Point at 30th position
New Delhi’s Connaught Place is the world’s 10th most expensive office location with an annual prime rent of $111 per sqft, CBRE South Asia’s Global Prime Office Rents survey. The ranking has fallen by one position, moving down to tenth from ninth in March 2017. Hong Kong has emerged as the world’s costliest office market.
Mumbai’s Bandra-Kurla Complex (BKC) took 16th position with an annual prime rent of $84.10 per sqft, while the central business district (CBD) of Nariman Point took 30th place with an annual prime rent of $64.27 per sqft, showed the survey.
“Commercial office market remained a bright spot for the real estate sector in the country. Steady lease rentals, high absorption levels and global investor interest continue to bring life into India’s commercial real estate sector with Delhi and Mumbai continuing their dominance in the overall space take-up,” said Anshuman Magazine, Chairman – India & South-East Asia, CBRE.
According to him, Connaught Place has emerged as one of the most sought-after office spaces over the years in the world where the global and regional head offices of 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 said.
Asian cities led the list of most expensive prime office rents. The study also found that markets in the Americas and EMEA showed the most consistent growth in rent.
Asia dominated the top ten most expensive markets in the world, with Hong Kong holding two of the top three most expensive office markets. Hong Kong’s (Central) overall prime office rent of $269 per sq. ft. per year was followed by Beijing (Finance Street) at $174 per sq. ft. and Hong Kong (West Kowloon) at $164 per sq. ft. New York (Midtown Manhattan) and Beijing (CBD) rounded the top five, with Tokyo (Marunouchi/Otemachi), Shanghai (Pudong) and New Delhi (Connaught Place – CBD) also featuring in the top ten most expensive list.