I don’t think there will be anyone who has visited Delhi but afford to miss a visit to the so-called heart of Delhi, Connaught Place. Dotted by high-rise corporate building, hotels and plush restaurants, it is one of the most sought-after business districts of Delhi and India. And, it has now earned another tag on its name, that is, it has now become the 10th most expensive office location in the world with an annual rent of USD 111 per square feet. Its ranking has been dropped down to tenth from ninth in March 2017.
You all will be amazed and glad to know that Asia leads in when it comes to the list most expensive office locations at international level. The semi-annual Global Prime Office Rents survey also states that the market in EMEA
(Europe, Middle East and Africa) and America shows the most consistent growth in the rental segment.
India & South-East Asia, Chairman of CBRE, Anshuman Magazine said, “Commercial market has still remained at the top for the real estate sector of the country. Global investor interest, steady lease rentals, and high absorption levels continue to bring prosperity into the commercial real estate sector of India. Delhi and Mumbai have continued dominated the market in the overall space take-up.
Apart from being the entertainment and shopping capital of Delhi, Connaught Place is also an address for regional and global head offices for some of the major companies of the world. In spite of facing a limited supply of office spaces, its strategic location in the heart of the city, coupled with seamless connectivity and great infrastructure, makes it a preferential location for any business.
Asia has amazingly dominated the rest of the world. Hong Kong managed to hold two of the top three ranking in the list of top 10 most expensive office locations. The Hong Kong Central stands on the pinnacle of this category with an overall prime office rent of US$269 per sq. ft. per year. It is then followed by Beijing (Finance Street) at US$174 per sq. ft. and Hong Kong (West Kowloon) at US$164 per sq. ft., respectively. New York’s (Midtown Manhattan) and Beijing (CBD) are in the fourth and fifth spot, with Tokyo (Marunouchi/Otemachi), Shanghai (Pudong) and New Delhi (Connaught Place – CBD) features proudly in the list of the top 10 most expensive office location in the world.
|1||Hong Kong (Central), Hong Kong||269.26|
|2||Beijing (Finance Street), China||174.07|
|3||Hong Kong (West Kowloon), Hong Kong||163.57|
|4||New York (Midtown Manhattan), US||153.5|
|5||Beijing (CBD), China||151.87|
|6||London (West End), United Kingdom||136.38|
|7||Tokyo (Marunouchi/Otemachi), Japan||132.09|
|8||Shanghai (Pudong), China||120.11|
|9||New York (Midtown-South Manhattan), US||113.53|
|10||New Delhi (Connaught Place – CBD), India||110.85|
(Rent in US$ per sq. ft. per annum)
The global prime office rents are excluded from the service charges and local taxes.
For those who are unaware, CBRE is a commercial real estate services and investment firm in the world and it keeps a tab on the office rents for prime office space in 121 markets around the world. Out of the top 50 most expensive market locations, 20 falls in the Asia Pacific, 18 are in EMEA and 12 are in the United States of America.