New Delhi’s Connaught Place, the commercial hub arcaded by Victorian architecture, has slipped four notches in the ranking of the world’s most expensive prime office markets since 2015, but still continues to find a spot in the top ten, a real estate consultancy CBRE report for the first half of the current year 2017 showed.
While CP slipped from the sixth rank in June 2015 to the tenth rank in June 2017, Mumbai’s high-end Bandra-Kurla complex climbed up three spots to secure its 16th rank bouncing back from the nineteenth rank in December 2016.
Centrally located business hub CP has an average prime rent of around USD 110.85 per sq ft. The worth of Bandra-Kurla complex is about USD 110.85 per sq ft. Nariman Point CBD (central business district) continues to secure its position at the 30th spot with a value of USD 64.27 per sq ft, the CBRE report said.
Connaught Place’s best ranking was in June 2015 when it was ranked sixth in the list of world’s most expensive office space.
“Despite the fact that, Connaught Place has 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 an ideal location for any business to be in,” Anshuman Magazine, Chairman – India & South-East Asia, CBRE said in a statement.
Around the world, Hong Kong (Central) continues to be the world’s highest-priced office market. Of the top ten positions, China owns three spots and Hong Kong takes up two.
Hong Kong (Central) has a prime office rent of USD 269 per sq ft, followed by Beijing (Finance Street) at USD 174 per sq ft, Hong Kong (West Kowloon) at USD 164 per sq ft, New York (Midtown Manhattan) at USD 154 per sq ft, Beijing (CBD) at USD 152 and London’s West End USD 136 per sq ft.
Asia Pacific led the list of most expensive prime office rents with seven of the top 10 most expensive markets—Hong Kong (Central), Beijing (Finance Street), Hong Kong (West Kowloon), Beijing (CBD), Tokyo (Marunouchi/Otemachi), Shanghai (Pudong) and New Delhi (Connaught Place – CBD). Prime rent growth in Asia Pacific averaged 1.2 percent, which was below 2016’s level.
The semiannual report by CBRE in published March and September every-year provides a snapshot of prime office rents in 121 markets. It identifies key trends at the top end of the office market that drives increases or decreases in rent. The latest survey provides data on office rents and occupancy costs as of June 30, 2017.