CP eighth costliest office location in world: Report

Written by fe Bureau | Mumbai | Updated: Feb 19 2014, 10:06am hrs
New Delhi's Connaught Place fell four notches to settle as the 8th most expensive location in the world, according to real estate consultant Cushman & Wakefield. The ranking fell due to an appreciation in the US dollar and euro against the rupee in 2013. This caused a shift in Delhis position in terms of global occupancy costs when measured on a dollar or euro basis.

Mumbais Bandra Kurla Complex (BKC) with rentals of R285/sq ft/month emerged as the second most expensive office location in India. The location has remained stable in terms of rental values over the last year due to a large upcoming supply. The supremacy of CP may be challenged with newer corporate offices locations in Gurgaon that may provide better alternatives to New Delhi CBD (Central Business District), says Sanjay Dutt, executive MD, South Asia, Cushman & Wakefield.