Delhi’s CP among world’s top 10 expensive office markets
MUMBAI: Delhi’s ConnaughtPlace continuestobeamongthe10most expensive office markets in the world, while Mumbai’s Bandra Kurla Complexslipped 10 places to the 26th spot, according to property consultant CBRE’s Global Prime Office Occupancy Costs report released recently.
With an annual rental of $153.26 persqft, ConnaughtPlace moved a notch higher to the 9th spot, asperthesurvey. Theglobal ranking tracks rents of prime office spaces across 120 markets.
The annual rents for Mumbai’s BandraKurlaComplexwas at $96.51 per sqft. NarimanPoint, whichwasearlierconsideredthe mostexpensive office location in the city, also slipped to the 37th spot withanannualrentof$72.80 per sq. ft. “Strong demand from finance, technology and e-commerce sectors has fueled the growth momentum in prime occupancy costs from last year, and commercial office market remains a strong growthpropeller for the real estate sector,” said AnshumanMagazine, chairman, India and South- East Asia, CBRE. Globally, prime office occupancy costs, which reflect rent, local taxes andservicecharges, rose 2.4% year-on-year, the report added. “The survey highlights that for the first timeinthis cycle, prime office occupancy cost growth was consistent across all regions in the past 12 months. Globaleconomicgrowth has stimulated robust leasing activity, particularly in EMEA (Europe, MiddleEastandAfrica) andAPAC(AsiaPacific) regions. Occupancycosts grew at afaster rate than last year,” it said.
Hong Kong was the most expensive office location in the world with an annual rent of $306.57, followed by London (WestEnd) andBeijing (Finance Street) with rents of $235.01 and $ 200.91 per sqft per annum, respectively. Hong Kong (Central) London (West End) continuedtoleadtherankingdrivenby banking and finance sectors.