Connaught Place is among world’s top 10 most expensive office markets

Delhi’s Connaught Place is the ninth most expensive office location with an annual prime rent of $153.26 per sq. ft, while Mumbai’s Bandra Kurla Complex (BKC) is at the 26th position with an annual prime rent of $96.51 per sq. ft.  These were the findings of the Global Prime Office Occupancy Costs survey report released by real estate consultancy firm CBRE. As per the report the central business district (CBD) of Nariman Point is at the 37thposition resulting in an annual prime rent of $72.80 per sq. ft.

Global prime office occupancy costs, which reflect rent, plus local taxes and service charges for the highest-quality, “prime” office properties, rose 2.4 per cent year-over-year, with the Americas up 3.2 per cent, EMEA up 2 per cent and Asia Pacific up 1.7 per cent.

The survey highlights that for the first time in this cycle, prime office occupancy cost growth was consistent across all regions in the past 12 months. Commenting on the findings Anshuman Magazine, Chairman, India & South-East Asia, CBRE said, “Strong demand from finance, technology and the e-commerce sectors has fueled the growth momentum in prime occupancy costs from last year and commercial office market remains a strong growth propeller for the real estate sector. Delhi, being a prime market, continues to witness significant activity and has moved one step ahead to the ninth position owing to stable vacancy, rents and absorption. We are optimistic about the Mumbai market and are expecting an upswing in the coming months”. — TNS