Connaught Place: 4th most expensive office location in world
Cushman and Wakefield, property consultant, has declared that Connaught Place is the 4th most expensive office locations in the world. It is located in Delhi and well renowned companies are ready to invest in this area.
Whereas, in 2011 it was ranked as 5th in the list but the survey of C&W states that the occupancy cost at Connaught Place (CP) is USD 162 per sq ft annually. They have surveyed across 63 countries and hence got the result that CP is of the most expensive office locations in the world.
West End at London has topped among the listed nominees priced at USD 262 per sq ft. They have regained the position from Central Business District (CBD), located in Hong Kong, which has been achieved after a duration of five years.
Rio de Janerio’s Zona Sul has come to third position from 8th position in a year. CBDs of Tokyo, Moscow and Beijing are positioned in 5th, 6th and 7th positions, respectively.
Mid town of New York has ranked as 8th and CBDs of Sydney and Paris is at 9th and 10th positions respectively.
Connaught Place at New Delhi has witnessed a growth of around 25 percent in its rental value within a year and charges Rs. 403 per sq ft a month, according to the reports by C&W.
C&W feels that the location of Connaught Place is considerably near to government organisations, trading centres and retail location, hence, it is one of the reasons why it is costly. It is one of the oldest established office centres in India.
Even the demand is high because of its limited supply of classy office space, it added. C&W comments that the redevelopments and renovations of the buildings have put the place in fresh demand.
The place has a good supportive socio-political infrastructure, hence it still claims most of the demand for office space. Limited supply of quality office space has helped in accelerating the rental cost, says Sanjay Dutt, Executive Managing director, C&W South Asia.
He also says that the new master plan of New Delhi by the Delhi Development Authority has not planned much for the growth in office space in the city, hence leaving a limited option.
Statistics states, within a region of Asia Pacific, India grabs top positions in the largest rental growth list. And New Delhi ranks 2nd of all. It has a record in rental escalation of 25 percent in last year.
CBD at Chennai is in 3rd rank, while CBDs of Bangalore holds 5th position, Pune at 7th and Kolkata is at 8th, among the Asia list. It shows the positive rental growth in last year.
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