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Know world’s 9th most expensive office location

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Connaught place which is located in New Delhi is now at the ninth position on the list of most expensive office location in the world with an annual rent of $153 per sq ft, according to property consultant CBRE.

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When it comes to financial capital of the country Mumbai, Bandra Kurla Complex (BKC) slipped to 26th position with an annual prime rent of $96.51 per sq ft from 16th rank. Also,the central business district (CBD) of Nariman Point moved down to 37th position commanding an annual prime rent of $72.80 per sq ft from 30th rank last year.

CBRE said that “Delhi’s Connaught Place moved one notch up to be the ninth most expensive office location with an annual prime rent of $ 153.26 per sq ft from last year’s 10th most expensive office location.”

The consultant released its annual Global Prime Office Occupancy Costs survey. The cost reflects rent, plus local taxes and service charges for the highest-quality prime office properties.

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According to the report, Hong Kong (Central) is at the first position with an annual rent of $ 306.57 per sq ft, followed by London (West End), Beijing (Finance Street) in China, Hong Kong (Kowloon) and Beijing (CBD) in China.

New York (Midtown- Manhattan) ranked sixth with an annual rent of $ 183.78 per sq ft, while New York (Midtown-South Manhattan) is at 7th position commanding rent of $ 171.56 per sq ft.

In the top 10 list, Tokyo (Marunouchi/Otemachi), Japan is at the eighth position and London (City), UK, is at the 10th rank.

Global prime office occupancy costs rose 2.4 per cent year-over-year. The cost in America was up 3.2 per cent, Europe, the Middle East and Africa (EMEA) 2 per cent and Asia Pacific 1.7 per cent.

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