Connaught Place sixth most expensive office location in Asia Pacific region: report
NEW DELHI: Connaught Place has emerged as the sixth most-expensive office location in Asia Pacific region, slipping three positions since last year, according to property consultant JLL India.
The financial hub, Mumbai, is ranked 14th on JLL’s list of 20 major markets in the Asia Pacific region.
In 2017, Delhi and Mumbai were ranked third and 11th, respectively, JLL India said in a statement.
“Connaught Place in New Delhi has the sixth most-expensive rentals for premium offices among 20 major markets in Asia Pacific region,” JLL said.
The average occupancy costs—including rent, taxes and service charges—in Connaught Place are at $142 per sq. ft, which is higher than Pudong in Shanghai, Shinjuku in Tokyo and even Singapore.
Mumbai is ranked 14th with occupancy costs at $96 per sq. ft.
The rankings are based on the fourth edition of JLL’s Premium Office Rent Tracker (PORT) for 2018, that calculates data on the achievable rent in the highest quality building in the premier office districts of 61 cities.
Ramesh Nair, chief executive officer and Country Head, JLL India, said, “The commercial office segment is a strong growth driver for the real estate market in Delhi-NCR. Since early 90s, and especially in the post-liberalisation era, Connaught Place has been one of the most preferred and sought-after office locations by leading Indian and global corporates.”