Delhi's Connaught Place World's 9th Most Expensive Office Area: Report

The Connaught Place area of the national capital retained its tag of the ninth most expensive office space during the January-March period of 2019 with an average occupancy cost of $143.97 (Rs 9,800) per square feet, a CBRE report said on Wednesday.

At the top of the list was Hong Kong (Central) for the second consecutive year with an average price of $322 per square feet, followed by London (West End) with an average occupancy rate of $222.7 per square feet. Hong Kong's Kowloon area achieved the third spot ($208.67 per square feet).

In the fourth and the fifth positions of the list were New York's Midtown Manhattan area ($196.89) and Beijing's Finance Street ($187.77), respectively.

As per the report, Mumbai's Bandra Kurla Complex (BKC) and Nariman Point-Central Business District (CBD) ranked at 27th and 40th positions, respectively. In the given position, the current annual prime rent of BKC is valued at $90.67 (Rs 6,213.39) per square feet and the Nariman Point-CBD is valued at $68.38 (Rs 4,685.91) per square feet.

Commenting on the report, Anshuman Magazine, Chairman and CEO, India, Southeast Asia, Middle East and Africa, CBRE said: "Indian markets continued to have greater investment grade space in the CBDs (Central Business District) of the different cities as prominent domestic and global corporates continued to favour investment grade space for setting up front offices in these cities."