Capital’s commercial and shopping hub Connaught Place has become the world's sixth most costliest office destination, moving up two positions from eighth rank earlier, property consultant CBRE said on Tuesday.
Bandra-Kurla Complex (BKC) in Mumbai remained at 16th rank and Nariman Point at 32nd in the list of Top 50 rankings for global prime office properties. "At nearly $160 per sq ft per annum (occupancy costs), Delhi's Central Business District (CBD) of Connaught Place was ranked as the sixth most expensive prime office market in the world," CBRE said in a statement.
In the previous list released in June, Connaught Place was ranked 8th. Occupancy costs represents rent, plus local taxes and service charges. london's West End remained the world's highest-priced office market, with annual prime occupancy costs of $274 per sq ft per year. Hong Kong (Central) ranked second, followed by Beijing's (Finance Street), Beijing's Central Business District (CBD) and Moscow.
Commenting on the report, CBRE South Asia Chairman & MD Anshuman Magazine said: "Although New Delhi’s Connaught Place moved up two places to the sixth spot on the global top 10 rankings over Q1 2014, annual occupancy costs here remained stable because of Rupee appreciation since the first quarter". The national capital has seen a strong leasing environment amid limited availability and shortage of new corporate real estate spaces, he said, adding that office occupiers from the financial services and media sectors dominated commercial space transactions during the year.