News: New Delhi's Connaught Place ninth costliest office market globally: Report-10-07-2019
Updated On :July 10, 2019,
Mumbai’s Bandra-Kurla Complex (BKC) and Nariman Point Central Business District ranked at 27th and 40th positions, respectively, showed CBRE’s annual Global Prime Office Occupancy Costs survey.
MUMBAI: Rising demand for office spaces has kept the lease rentals firm across India’s key cities New Delhi, Mumbai and Bangalore. New Delhi’s Connaught Place - CBD has emerged as the ninth most expensive office market globally with annual office occupancy cost of $143.97 or Rs 9,875 per sq ft.
Mumbai’s Bandra-Kurla Complex (BKC) and Nariman Point Central Business District ranked at 27th and 40th positions, respectively, showed CBRE’s annual Global Prime Office Occupancy Costs survey.
In the given position, the current annual prime rent of BKC is valued at $90.67 or Rs 6,219 per sq ft and the Central Business District Nariman Point is valued at $68.38 or Rs 4,690 per sq ft.
“Indian markets continued to have greater investment grade space in the CBDs of the different cities as prominent domestic and global corporates continued to favour investment grade space for setting up front offices in these cities. Commercial office market remains a strong growth propeller for the real estate sector,” said Anshuman Magazine, Chairman and CEO, India, South East Asia, Middle East and Africa, CBRE.
Highlighting Asia’s performance in the prime office space leasing segment, the survey showed that 6 of the world’s 10 most expensive office markets are found in Asia. For the second year, Hong Kong’s Central district retained the top spot as the world’s most expensive market for prime office rents, with the prime occupancy costs valued at $322 per sq ft.
London (West End) and Hong Kong’s Kowloon with per sq ft annual rentals of $222.70 and $208.67, respectively emerged as the world’s second and third costliest office markets globally. The report also suggests very minimal shifts in the top 10 most expensive market globally, with most countries demonstrating a firm hold on their global positioning as last year.
