Expensive location: CBRE South Asia, a real estate consulting firm, has announced the findings of its annual Global Prime Office Occupancy Costs survey. As per the survey’s findings, Delhi’s Connaught Place moved one notch up to be the ninth most expensive office location with an annual prime rent of $ 153.26 per sq. ft from last year’s 10th most expensive office location. Meanwhile Mumbai’s Bandra Kurla Complex (BKC) moved down to the 26th position with an annual prime rent of $ 96.51 per sq. ft. The central business district (CBD) of Nariman Point stands at the 37th position resulting in an annual prime rent of $ 72.80 per sq. ft.
Global prime office occupancy costs — which reflect rent, plus local taxes and service charges for the highest-quality, “prime” office properties — rose 2.4 percent year-over-year.
Anshuman Magazine, Chairman – India & South-East Asia, CBRE, said, “Strong demand from finance, technology and e-commerce sectors has fuelled the growth in prime occupancy costs from last year, and commercial office market remains a strong growth propeller for the real estate sector. Delhicontinues to witness significant activity and has moved to the 9th position owing to stable vacancy, rents and absorption.”