Delhi's Connaught Place 5th Most Expensive Office Location In World

The consultant noted that Connaught Place has been witnessing high rentals for reasons of limited supply of grade A office space in the area. With limited to no availability of office space, it said that there have not been any significant transactions, keeping rentals value stable.

The CP area is witnessing some latent demand from sectors such as BFSI for front office operations, consulting and media houses etc interested in paying high rentals for aspects such as ease of location, proximity to government and quasi- government establishments and other related businesses, the consultant noted.

Commenting on the Indian office space market, C&W Executive Managing Director, South Asia Sanjay Dutt said: "With renewed economic confidence in the market, the office space transactions have increased by approximately 28 per cent.

"The net absorption has increased by 18 per cent and was recorded at 32.4 million sq ft. We expect the market to remain at least at the same level of activity by the end of 2015." Stating that large occupiers are consistently moving out of CBD to Secondary Business Districts or other new office locations, Dutt said: "CBD's across India have been witnessing stable to stagnant rental values and in some examples such as Nariman Point in Mumbai has seen a decline."

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