“Delhi’s Connaught Place is the world’s 10th most expensive office location with an annual prime rent of $111 per sq ft. The ranking has fallen by one position, moving down to tenth from ninth in March 2017,” according to property consultant CBRE.
Office market
The commercial office market remained a bright spot for the real estate sector in the country on the back of better demand, steady lease rentals and continued global investors’ interest, said CBRE, India and South East Asia, chairman Anshuman Magazine. “In spite of having limited supply of prime office space, its location in the heart of India’s Capital, coupled with great infrastructure and connectivity to other parts of the city, makes it an ideal location for any business to be in,” he added.
Delhi and Mumbai continue to dominate in the overall leasing of office space, he said.
Asia dominates the top 10 most expensive markets in the world, with Hong Kong holding two of the top three most expensive office markets. Hong Kong (Central) ranks first with overall prime office rent of $269 per sq ft per year, followed by Beijing (Finance Street) at $174 per sq ft and Hong Kong (West Kowloon) at $164 per sq ft. New York (Midtown Manhattan) and Beijing (CBD) rounded the top five, with Tokyo (Marunouchi/Otemachi), Shanghai (Pudong) and New Delhi (Connaught Place — CBD) also featuring in the top 10 most expensive list.
Mumbai’s Bandra Kurla Complex ranks 16, while Nariman Point is at 30th position in the CBRE’s latest report Global Prime Office Rent H1 2017.
The CBRE tracks office rents for prime office space in 121 markets around the globe. Of the top 50 most expensive markets, 20 are in Asia Pacific, 18 are in EMEA (Europe, Middle East and Africa) and 12 are in America.