New Delhi's Connaught Place CBD is the most expensive office space in India followed by Mumbai's Bandra-Kurla Complex in North Mumbai and Nariman Point in South Mumbai.
Globally Connaught Place, (central business district) ranks 7th with BKC coming at 15th and Nariman Point 32nd according to CBRE Global Research and Consulting's semi-annual Pr ime Office Occu-pancy Costs survey that provides data on office rents and occupancy cos-ts as of September 2013.
These rankings are actually a demotion from the ranks enjoyed in the report presented in June 2013 where Connaught Place ranked 5th on the list, while BKC was at the 11th and Nariman Point at the 26th position.
Asia continues to dominate the world’s most expensive office locations, reflecting the tilt towards the emerging markets as the new centres of growth, Hong Kong-Central has been edged out by London’s West End as the world’s highest-priced office market, Asia accounts for four of the top five according to the report.
London’s West End’s overall occupancy costs of $259.36 per sq. ft. per year topped the “most expensive” list with Hong Kong-Central following with total occupancy costs of $234.30.
Beijing’s Finance Street, Beijing’s Central Business District (CBD) and Hong Kong’s West Kowloon rounded out the top five.
Anshuman Magazine, CMD, CBRE South Asia Pvt. Limited, said, “Despite the prevailing uncertainty in the global economy, occupancy costs continue to remain high across key global markets, due to limited supply of office space. In India, the drop in rankings is reflective of the slower Indian real estate market coupled with rupee depreciation.”
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