Connaught Place Moves Up In Ranking Of World's Costliest Office Locations

NDTV Profit Team

11 Jul 2018, 08:00 PM IST

CBRE released its annual Global Prime Office Occupancy Costs survey.

New Delhi's Connaught Place has moved one position higher to become ninth most expensive office location in the world with an annual rent of $153 per square feet, according to property consultant CBRE, reported news agency Press Trust of India. Mumbai's Bandra Kurla Complex (BKC) slipped to the 26th position (from 16th) with an annual prime rent of $96.51 per square feet. 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 rank last year.

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

"Delhi, being a prime market, continues to witness significant activity and has moved one step ahead to the 9th position owing to stable vacancy, rents and absorption," said Anshuman Magazine, chairman, India & South-East Asia, CBRE.

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 7th position commanding rent of $171.56 per square feet. 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, Europe, the Middle East and Africa (EMEA) 2 per cent and Asia Pacific 1.7 per cent. The survey highlighted that prime office occupancy cost growth was consistent across all regions in the past 12 months.

Top 10 most expensive office locations in the world:

1. Hong Kong (Central)

2. London (West End)

3. Beijing (Finance Street)

4. Hong Kong (Kowloon)

5. Beijing (Central Business District)

6. New York (Midtown-Manhattan)

7. New York (Midtown-South Manhattan)

8. Tokyo (Marunouchi/Otemachi)

9. New Delhi (Connaught Place)

10. London (City)

(With PTI Inputs)