Connaught Place 9th most expensive office in the world: CBRE

New Delhi, July 10 () Connaught Place (CP) of New Delhi is the ninth most expensive office in the world, with an annual rent of almost USD 144 per square foot, according to real estate consultant CBRE.

CP, located in the heart of the national capital, was in the ninth position even last year.

In its annual Survey of Occupancy Costs of Global Prime Office, CBRE tracks the cost of leasing prime office space worldwide.

For the second consecutive year, the central district of Hong Kong maintained the first place as the most expensive market in the world for rentals of main offices, with preferential occupancy costs valued at USD 322 per square foot.

New Delhi's Connaught Place - the central business district (CBD) holds its ninth position on the list last year and the cost of occupying the office is valued at USD143.97 per square foot, the report notes.

Bandra Kurla Complex of Mumbai and Nariman Point CBD fell to positions 27 and 40, respectively.

Bandra Kurla Complex (BKC) ranked 26th and Nariman Point ranked 37th in 2018.

The current annual preferential rent of BKC is valued at USD 90.67 per square foot and the Nariman Point CBD is valued at USD 68.38 per square foot.

Indian markets continued to have more investment grade space in the CBDs of different cities, while prominent national and global companies continued to favor the investment grade space to establish their offices in these cities, said Anshuman Magazine, President and CEO of India, Southeast Asia, Middle East and Africa, CBRE.

The commercial office market continues to be a strong growth propeller for the real estate sector, he added.

Delhi, being a major market, continues to witness sustained activity and maintains its position among the 10 most expensive markets in the world, the magazine said.

CBRE noted that six of the 10 most expensive office markets in the world are located in Asia.

London (West End) is in second place, followed by Hong Kong (Kowloon) and New York (Midtown Manhattan).

Beijing (Finance Street) is in the fifth position of the list.

In its report, CBRE highlighted the growing importance of the talent acquisition career, taking the cost of main occupation to new heights.

This, combined with a limited supply and moderate construction pipes in most cities, are the driving forces behind the price growth, he added. The report also suggests minimal changes in the Top 10 of the most expensive global market, with most countries demonstrating firm control over their global positioning as last year. MJH ANS ANS