Connaught Place Bags the Fame of World's Seventh Costliest Office Location
BENGALURU: Asia is known around the world for its large talent pool, market opportunities and large population, among many other factors. In that regard, a survey by property consultant CBRE has shown Asia to dominate the list of world’s most expensive prime office locations with seven of the top 10 markets.
New Delhi’s Central Business district of Connaught place, takes the seventh place in the rankings having slipped from sixth place with occupancy cost of 149.71 US dollars per square foot. Mumbai’s BandraKurla Complex and Nariman Point were placed in 19th and 34th ranks respectively. Anshuman Magazine, Managing Editor of CBRE South Asia stated that Connaught place’s central location and ease of connectivity continues to attract big corporations like banks, other financial institutions and engineering firms.
The world’s highest-priced office market was Hong-Kong (Central) with occupancy costs of 290 US dollars per square foot followed by London-Central (West End) with annual occupancy rate of 262.29 US dollars. Other places that completed the top ten list were Beijing (Finance Street), Beijing (Central Business District), Hong Kong (West Kowloon), Tokyo (Marunouchi/Otemachi), London-Central (City), New York (Midtown Manhattan) and Shanghai (Pudong). The survey found prime office occupancy costs to grow at a faster pace in Asia Pacific as compared to the global average. However, key places like Singapore and Jakarta registered decreases.
Among the top 50 most expensive markets, 20 places alone were from the Asia Pacific region, 20 from the combined places of Europe, the Middle East and Africa (EMEA) while the other 10 were from the Americas.