C.P in New Delhi- Eighth most expensive office destination: CBRE Reports
We thought Japan, New York and London top the list as the most expensive places in the world, however our own national capital is not far away in the race. Connaught Place (C.P) in New Delhi has slipped down one notch to become the world’s eighth costliest office destination, property consultant CBRE said on Thursday. CBRE is the world’s largest commercial real estate services firm serving owners, investors and occupiers.
The most surprising news in this report is that C.P in New Delhi is more expensive than Nariman point or BandraKurla Complex in Mumbai. Mumbai’s Bandra Kurla Complex (BKC) was ranked sixteenth and Nariman Point at thirty-second in the list of Top 50 Costliest Global Office Markets.
Delhi’s Connaught Place was ranked seventh, (a notch higher) while Mumbai’s BKC and Nariman Point were at 15th (a notch higher) and 32nd positions (same position), respectively, in the previous list released in December 2013.
CBRE’s report mentioned that London’s West End remained the world’s highest-priced office market followed by Hong Kong (Central) and Beijing (Finance Street).
According to CBRE’s semi-annual Global Prime Office Occupancy Costs survey, London’s West End topped the list with overall occupancy costs of USD 277 per square feet a year. Delhi’s traditional central business district (CBD) of Connaught Place was ranked as the eighth most expensive office market in the world was not far behind at USD 150 per square feet per annum.
Source- Mint
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