Connaught Place, world's 9th most expensive office location: CBRE
New Delhi's Connaught Place moved one notch up to become the world's ninth most expensive office location with an annual prime rent of $153.26/sqft from last year's 10th most expensive office location, property consultant CBRE said. Mumbai's Bandra Kurla Complex (BKC), meanwhile, slipped to 26th position with an annual prime rent of $96.51/sqft from last year's 16th rank. Read on to know more details.
Nariman Point slipped to 37th-position from last year's 30th-rank
Central business district (CBD) of Nariman Point moved down to 37th position commanding an annual prime rent of $72.80/sqft from 30th rank last year. The consultant released its annual Global Prime Office Occupancy Costs survey. The cost reflects rent, plus local taxes, and service charges for highest-quality prime office properties. CBRE's Chairman said Mumbai market is expected to take an upswing in coming months.
Hong Kong (Central) topped list of world's most expensive office-locations
According to the report, Hong Kong (Central) is at the first position with an annual rent of $306.57/sqft, followed by London (West End), Beijing (Finance Street) in China, Hong Kong (Kowloon) and Beijing (CBD) in China. New York (Midtown-Manhattan) was ranked sixth with an annual rent of $183.78/sqft, while New York (Midtown-South Manhattan) is at 7th position commanding rent of $171.56/sqft.
Tokyo's (Marunouchi/Otemachi) is at 8th-position, while London (City) at 10th
Tokyo (Marunouchi/Otemachi) is at the eighth position and London (City) is at the 10th rank. Global prime office occupancy costs rose 2.4% year-over-year. The cost in America was up 3.2%, Europe, Middle East and Africa's by 2%, and the Asia Pacific by 1.7%. The survey highlighted that prime office occupancy cost growth was consistent across all regions in the past 12 months.
