Connaught Place 5th expensive office space globally thanks to rupee fall: CBRE survey

Delhi’s Connaught Place has been ranked fifth in the list of most expensive prime office markets in the world, owing to rupee depreciation.According to a survey by property consultant CBRE, at nearly $157 per sqft per annum, Delhi’s central business district (CBD) of CP has gained the fifth spot in the list of most expensive prime office markets in the world.Mumbai’s alternative business district of Bandra Kurla Complex (BKC), however, stood at the 15th position, while Nariman Point was ranked 30th on the top 50 rankings for global prime office properties.[caption id="attachment_945253" align="alignleft" width="380"] Connaught Place. AFP[/caption]“Although Connaught Place moved up one spot in the rankings, due to the rupee depreciation, occupancy costs in this market remained largely stable due to a positive market sentiment,” CBRE South Asia Chairman and Managing Director Anshuman Magazine said.The office occupancy costs in Bengaluru rose by about 2.2 percent in the Bengaluru CBD, broadly in line with global inflation, he said.According to the survey, London’s West End remained the world’s costliest prime office market, while Asia continued to dominate the most expensive office locations, accounting for four of the top five markets.London West End’s overall prime occupancy costs of $267 per sqft topped the ‘most expensive’ list, while Hong Kong’s total prime occupancy costs stood at $254 per sqft, followed by Beijing’s Finance Street at $196 per sqft, Beijing CBD ($188 per sqft) and New Delhi’s CBD of Connaught Place at $157 per sqft rounded out the top five.PTI