Connaught Place drops on global real estate rankings, now on 8th
Weak rupee makes the office space in Connaught Place (CP) favourable for international occupiers.
Connaught Place’s (CP) global real estate rankings fell a few notches – from 4th to 8th most expansive office location globally according to an annual survey by the real estate consultant Cushman & Wakefield. The prime reason for the fall is weaker Indian rupee.
In the report, locations such as America, Europe, Asia-Pacific, West Asia and Africa are studied and compared in terms of cost of office locations. London’s West End is the most expansive location while Hong Kong has the second position.
London and New York saw an increase in rentals by 5% and 17% respectively, while most other top 10 markets have seen a decline in rentals. New Delhi and Moscow showed no change in rental values. However, for CP, weak rupee nominally decreased the rentals, when measured in Euros or US Dollars. CP has stable rentals of around Rs. 403 per sq feet per month. The location, reputation and proximity to all the government offices makes CP a sought after office destination.
Sanjay Dutt, Executive Managing Director, South Asia, Cushman & Wakefield, pointed out that the weak rupee has made Indian markets favourable for Indian occupiers, while domestic occupiers have seen no change in rental at all.
Source: Business Line
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