Connaught Place sixth most expensive office market space

By: | Updated: December 31, 2014 3:49 AM

Delhi’s central business district (CBD) of Connaught Place was ranked as the sixth most expensive prime office market in the world...

Delhi’s central business district (CBD) of Connaught Place was ranked as the sixth most expensive prime office market in the world, according to CBRE’s semi-annual Global Prime Office Occupancy Costs survey, moving two places up from eigth position that it commanded in the review period ended March 2014.

The office space rent in Connaught Place stood at nearly $160 per sq ft per annum, the survey showed. The latest survey provides data on office rents and occupancy costs as of September 30, 2014.

Mumbai’s business district of Bandra-Kurla Complex (BKC) remained at the 16th spot, while Nariman Point at the 32nd position in the top 50 rankings for global prime office properties. London’s West End remained the world’s highest-priced office market, but Asia continued to dominate the world’s most expensive office locations, accounting for three of the top five markets, the survey said.

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London West End’s overall prime occupancy costs stood at $274 per sq ft per year. Hong Kong Central followed with total prime occupancy costs of $251 per sq ft, Beijing’s Finance Street at $198 per sq ft, Beijing’s CBD commanded $189 per sq ft and Moscow at $165 per sq ft, among the top five.

Anshuman Magazine, the chairman and managing director, CBRE South Asia, said, “Annual occupancy costs in Connaught Place remained stable because of rupee appreciation since the first quarter. Capital has seen a strong leasing environment amid limited availability and shortage of new corporate real estate spaces. Office occupiers from the financial services and media sectors dominated commercial space transactions.”

According to CBRE, annual office occupancy costs in Gurgaon, too, remained stable; while that of Nariman Point dropped about 2% and BKC by about 6%. Meanwhile, Bangalore’s central business district, which saw a nearly 9% drop, was among the top five global prime office markets to witness a decrease in yearly occupancy costs.

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