New Delhi’s Connaught Place (CP) is among the top 10 most expensive office markets globally, retaining its ninth position from last year, real estate consulting firm CBRE said in its annual survey launched on Wednesday.
The survey, Global Prime Office Occupancy Costs, tracks the cost of leasing prime office space globally. As per the report, the office occupancy cost in New Delhi’s CP is $143.97 per sq ft.
Mumbai’s Bandra Kurla Complex (BKC) and Nariman Point Central Business District ranked 27th and 40th, respectively. The current annual prime rent of BKC is valued at $90.67 per sq. ft and Nariman Point’s occupancy cost is $68.38 per sq. ft.
Highlighting Asia’s performance in the prime office space leasing segment, the report concluded that 6 of the world’s 10 most expensive office markets are found in Asia. For the second year, Hong Kong’s Central district retained the top spot as the world’s most expensive market for prime office rents, with the occupancy cost valued at US$ 322 per sq.ft.
The report underlines the growing significance of talent acquisition race, driving the prime occupancy cost to newer heights. Along with this, limited supply and moderate construction pipelines in most cities are the driving forces behind price growth.