Connaught Place Slips One Notch, Becomes World’s 8th Most Expensive Office Location

Delhi’s Connaught Place has slipped one place to become the world’s eighth costliest office location, according to property consultant Coldwell Banker Real Estate (CBRE). Mumbai’s Bandra Kurla Complex (BKC) was ranked 16th and Nariman Point 32nd in the list of Top 50 Costliest Global Office Markets.

“At more than $150 per sq. ft. per annum, Delhi’s traditional central business district (CBD) of Connaught Place was ranked as the eighth most expensive office market in the world,” CBRE said.

Last year, Connaught Place was ranked seventh while BKC and Nariman Point were at 15th and 32nd positions, respectively.
“London’s West End remained the world’s highest priced office market, followed by Hong Kong (Central) and Beijing (Finance Street),” CBRE said.

CBRE South Asia chairman & MD Anshuman Magazine said, “This downward change in rankings in the CBD is due to a recovery in the global market. Locally, however, the demand levels remain stable and due to a lack of new supply, values remain high.”

CBRE tracks occupancy costs for prime office space in 126 markets across the world. The survey provided data on the basis of office rents and occupancy costs as on 31 March, 2014. CBRE noted that Connaught Place remains highly sought after by corporate office occupiers because of its central location.