Delhi’s CP among world’s top 10 ex­pen­sive of­fice mar­kets

HT Estates - - FRONT PAGE - Bidya Sa­pam bidya.s@htlive.com

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.

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