Delhi's Connaught Place ninth most expensive office location in the world: Survey

NEW DELHI:  Connaught  Place (CP), the city’s premier commercial hub popular with shoppers, has retained ninth position in the list of Top-10 most expensive office markets globally. CP is also the only Indian destination to be featured in consultancy firm CBRE South Asia’s annual Global Prime Office Occupancy Costs survey, which tracks the cost of leasing prime office space globally.

The office occupancy cost in CP is valued at USD 143.97 per sq ft, way higher than other top domestic business places. Mumbai’s Bandra Kurla Complex and Nariman Point Central Business District ranked 27th and 40th respectively in the list. The current annual prime rent of Bandra Kurla Complex is valued at USD 90.67 per sq. ft and the CBD Nariman Point is valued at USD 68.38 per sq. ft.

“Commercial office market remains a strong growth propeller for the real estate sector and we are excited that Delhi, being a prime market, continues to witness sustained activity and retains its position among the Top-10 most expensive markets in the world,” Anshuman Magazine, Chairman and CEO, India, South East Asia, Middle East and Africa, CBRE, said. The report concluded that as many as  6 of the world’s 10 most expensive office markets are in Asia. Two office spaces in London and two in New York were the four other most expensive in the list.

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The office occupancy cost in CP is valued at USD143.97 per sq ft, way higher than other top domestic business places, including Mumbai’s Bandra Kurla Complex.