Connaught Place world's 5th Most Expensive Office Market: CBRE

Connaught Place world's 5th Most Expensive Office Market: CBRE

By PTI   |   Tuesday, June 25, 2013

New Delhi: Connaught Place, located in the heart of the national capital, has been ranked fifth in the list of world’s most expensive office market owing to strong demand amid limited supply, property consultant CBRE said today.
Hong Kong (Central) with annual occupancy costs of $235.23 per sq ft topped the “most expensive” list for the third consecutive time, followed by London’s West End, Beijing’s Finance Street and Beijing’s Jianguomen.
“India continued to feature in the list of World’s most expensive office markets, with New Delhi (Connaught Place – CBD) ranking at the 5th position (with an overall occupancy cost of $178.96 per sq ft per annum),” CBRE said in a statement.
In its semi-annual Prime Office Occupancy Costs survey, CBRE has tracked occupancy costs for prime office space in 127 markets around the globe.
Mumbai’s Bandra Kurla Complex (BKC) and Nariman Point is at 11th and 26th positions, respectively.
Commenting on the report, CBRE South Asia Chairman and Managing Director Anshuman Magazine said, “Despite a softening in the commercial office space segment in key cities in India, occupancy costs continue to remain high in prime locations such as of Connaught Place in New Delhi.”

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