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Connaught Place world's 8th most-expensive office location

June 20, 2014 08:58 IST

Connaught Place world's 8th most-expensive office location

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BS Reporter in New Delhi

Connaught Place in Delhi has slipped one position to become the world's eighth most expensive office destination, according to a report.

London's West End remained the world's highest-priced office market followed by Hong Kong (Central) and Beijing (Finance Street), according to CBRE Global Research and Consulting's semi-annual Global Prime Office Occupancy Costs survey.

Mumbai's Bandra-Kurla Complex (BKC) was ranked 16th and Nariman Point 32nd on the list of Top 50 Costliest Global Office Markets.

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Image: Connaught Place.
Photographs: Reuters

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In the previous survey in December, Connaught Place was seventh, while BKC and Nariman Point were 15th and 32nd, respectively.

West End had an overall occupancy cost of $277 per sq ft a year and Connaught Place $150 per sq ft a year.

South Asia Chairman and Managing Director Anshuman Magazine said: "The downward change in rankings in Beijing's Central Business District is due to a recovering global market.

“But locally the demand remains stable and due to lack of supply values remain high".

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Image: Bharat Diamond Bourse at Bandra Kurla Complex.
Photographs: Rediff Archives

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CBRE tracks occupancy costs for prime office space in 126 markets.

The survey provided data on office rents and occupancy costs as on March 31.

Connaught Place remains highly sought after by corporate office occupiers because of its central location and connectivity to the rest of the city.

January to March, rental remained high due to limited supply of prime space.

The occupancy cost of Connaught Place rose 1.2 per cent year-on-year.

Vacancy rates dropped marginally amid strong leasing activities.

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Image: The Big Ben, London.
Photographs: Reuters

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"Global prime office occupancy costs rose 2.3 per cent year-over-year, led by the Americas (3.3 per cent) and the Asia-Pacific (2.9 per cent)," CBRE said.

Of the top 50 most expensive markets, 21 were in Europe, West Asia and Africa, 20 in the Asia-Pacific and nine in the Americas.

The total occupancy cost of Hong Kong (Central) was $242 per sq ft followed by Finance Street at $194 per sq ft, CBD at $187 per sq ft and Moscow at $165 per sq ft.


Image: A view of Hong Kong's Victoria Harbour.
Photographs: Bobby Yip/Reuters

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