Delhi’s CP third most expensive
MUMBAI: ConnaughtPlace (CP) in the national capital has emerged as the third most expensive office market in the Asia Pacific region with a rental of $88.8 per square metre (sqm) per month, according to a report. Bandra Kurla Complex (BKC) in the megapolis emerged as the fifth most costly business district among the list of 20 international cities, with a rental of $80.1 sqm per month, an improvement of two places over Q4 2016, the report titled Asia-Pacific Prime Office Rental Index Q4 2017 by property consultant Knight Frank said on Wednesday. The primeoffice pocket in HongKong topped the list with a rental of $212 per sqm. In terms of rental appreciation, Bengaluru’s central business district ( CBD) recorded the third highest growth with a year- on- year increase of 5.40% in the December quarter last year. Connaught Place stood at the fifth spot, with a rental growth of 5%, while BKC was ranked 10th with a 4% growth. The report expects rentals to grow in BKC and Bengaluru’s CBD for the subsequent 12 month period, but hints at the growth to plateau in Connaught Place. According to Samantak Das, chief economist and national director - research, Knight Frank India, the rental growth continues to be strong across prime office markets in India on account of an ongoing supply crunch in the country.