New Delhi: World's 5th Most Expensive Office Market

Bangalore: New Delhi’s Central Business District (Connaught Place) has shifted from 9^th position to 5^th position on the list of World’s most expensive office space markets, with overall occupancy costs of $183.30 per square feet, according to Prime Office Occupancy Costs survey by CBRE Global Research, reports Amit Shanbaug of Economic Times.

Alternatively, Mumbai has witnessed a further drop in the position. According to the recent report, Mumbai’s Nariman Point (the Central Business District) stood at 25^th position on the list of world’s most expensive office space markets. However, the survey shows data based on office rentals and occupancy costs from September 30, this year.

Anshuman Magazine, Chairman and Managing Director, CBRE South Asia stated that "In prime CBD Locations the supply of space is extremely limited with almost no new supply expected in the near future,” reports Economic Times.

Asia-Pacific markets are the most dominating markets on the list of expensive office space. Hong Kong stood at 1^st position followed by other five Asian Markets. With the overall occupancy costs of $246.30 a square feet, Hong Kong Central is leading the market. Even it surpasses London’s West End, which had the occupancy costs of $219.81 per square feet. Tokyo ranked third in the market followed by Beijing’s Central Business District and New Delhi’s Central Business District.

In spite of slow economy, the occupancy costs rose by 2.1 percent globally in the past year.

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