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Connaught Place becomes world's ninth most expensive office location

Karan Choudhury/New Delhi 11 Jul 18 | 08:48 PM

Connaught Place's monthly rent is $153 per square feet, up from $105.71 last year; Mumbai slip

Connaught Place (CP) has moved up a notch to the ninth position in the list of most expensive office locations in the world, with an annual rent of $153 per square feet, according to property consultant CBRE.

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Commercial capital Mumbai’s Bandra Kurla Complex (BKC), which houses the offices of some of the biggest banks in the country, however, slipped to 26th position, with an annual prime rent of $96.51 per sq ft from the 16th position. 

The central business district (CBD) of Nariman Point also moved down to 37th position, commanding an annual prime rent of $72.80 per square feet from 30th position last year. BKC and Nariman Point were at 16th and 30th positions, respectively, last year. 

“Delhi's Connaught Place moved one notch up to be the ninth most expensive office location, with an annual prime rent of $153.26 per square feet from last year's tenth most expensive office location," CBRE said. CP had a monthly rent of $105.71 per sq ft last year.

The consultant released its annual Global Prime Office Occupancy Costs survey. The cost reflects rent, plus local taxes and service charges for the highest-quality prime office properties. 

CBRE’s chairman, India and Southeast Asia, Anshuman Magazine, said, “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." He expressed optimism about the Mumbai market and expected an upswing in the coming months.

According to the report, Hong Kong (Central) is at the first position with an annual rent of $306.57 per square feet, followed by London (West End), Beijing (Finance Street) in China, Hong Kong (Kowloon) and Beijing (CBD) in China. 

New York (Midtown- Manhattan) ranked sixth with an annual rent of $183.78 per square feet, while New York (Midtown-South Manhattan) is at seventh position commanding rent of $171.56 per square feet.

In the top 10 list, Tokyo (Marunouchi/Otemachi), Japan is at the eighth position and London (City), UK, is at the 10th rank.

Global prime office occupancy costs rose 2.4 per cent year-over-year. The cost in America was up 3.2 per cent; whereas in Europe and the Middle East and Africa (EMEA) it was at 2 per cent, while the Asia Pacific it was 1.7 per cent. The survey highlighted that prime office occupancy cost growth was consistent across all regions in the past 12 months. 

On the Indian commercial real estate market, Magazine said, “Strong demand from finance, technology and the e-commerce sectors has fuelled the growth momentum in prime occupancy costs from last year and commercial office market remains a strong growth propeller for the real estate sector." 

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