In a recent report, New Delhi’s Connaught Place has secured ninth position internationally for being the most expensive office space. The increasing demand for office space across the country has kept the lease rental high in major Indian cities like New Delhi, Mumbai and Bangalore.
Connaught Place yearly has office occupancy cost of Rs 9,875 per sq ft that is equal to $143.97.
Next, in line are Mumbai’s Bandra-Kurla Complex (BKC) and Nariman Point Central Business District secured 27th and 40th positions, respectively, in the recent report of CBRE’s annual Global Prime Office Occupancy Costs survey.
The yearly rental of BKC is valued at $90.67 or Rs 6,219 per sq ft and the Central Business District Nariman Point stands at $68.38 or Rs 4,690 per sq ft.
Anshuman Magazine, Chairman and CEO, India, South East Asia, Middle East and Africa, CBRE said that the continuous investment in the Indian markets is a good thing for the nosiness here as more office spaces are being set up in multiple cities.
The report also shows that world’s 10 most expensive office markets are located in Asia. Hong Kong’s Central district maintained top position as the world’s most expensive market for prime office rents for the second consecutive year with the prime occupancy cost of $322 per sq ft.
Last year New Delhi’s Connaught Place stood sixth in the list of most expensive lease rentals for office spaces out of 20 major markets in Asia Pacific region. The survey was conducted by JLL consultant.