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In pictures: World's most expensive office locations

BS Web Team/New Delhi 12 Jul 18 | 03:12 PM

Connaught Place becomes world's ninth most expensive office location

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Commercial area of Connaught Place at Night

 

Connaught Place is one of the largest financial, commercial and business centres in New Delhi, India. Connaught Place, often abbreviated as CP has moved up a notch to the ninth position in the list of most expensive office locations in the world. The annual rent of the area is $153 per square feet, according to property consultant CBRE. 

 

CP houses the headquarters of several noted Indian firms

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View of inner circle and central park in Connaught Place

The area of Connaught Place is instantly recognisable on any map of Delhi as a big circle in the middle with radial roads spreading out in all directions.CBRE’s chairman, India and Southeast Asia, Anshuman Magazine, said that Delhi, being a prime market, continues to witness significant activity. 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.

Mumbai's Bandra Kurla Complex slipped to 26th position from 16th rank

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NSE building at BKC, Mumbai

 

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

The central business district 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. Bandra Kurla Complex and Nariman Point were at 16th and 30th positions, respectively, last year.

 

Hong Kong's Central remains the most expensive location in the world for the past two years

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View of office & commercial buildings in Central area in Hong Kong

 

Hong Kong (Central) is at the first position in the 2018's Global Prime Office Occupancy Costs survey with an annual rent of $306.57 per square feet. The cost reflects rent, plus local taxes and service charges for the highest-quality prime office properties. Banking and finance are the key drivers of demand, mostly from mainland Chinese firms. Flexible-space operators have also been highly active in the overall Hong Kong market.

 

London West End's annual rent is $235 per square feet

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Piccadilly Circus, the heart of the West End

 

London's West End retains the second position in the list, although it has a sizeable under-construction pipeline. 

Global growth has stimulated relatively robust leasing activity. Consequently, 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, 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.

 

Bejing's Finance street jumped three places to 3rd position

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Finance street of beijing

Beijing (Finance Street) in China is 3rd on the list with finance, technology and flexible space operators showing solid demand for space. The report said that international demand is expected to pick up on the back of ongoing Chinese financial reforms.

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.

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