Cannaught Place world's sixth expensive office hub

At about $151 per square feet per annum, Delhi's Central Business District (CBD) of Connaught Place was ranked as the sixth most expensive prime office market in the world in CBRE Research's semi-annual Global Prime Office Occupancy Costs survey.

This is drop of one place from the last report rankings. The latest survey provides data on office rents and occupancy costs as of September 30, 2015.

Mumbai's alternative business district of Bandra-Kurla Complex (BKC) was at the eighteenth position, and the city's CBD of Nariman Point was at the thirty second position on the Top 50 rankings for global prime office properties.

London's West End topped the 'most expensive' list, with overall prime occupancy costs of $273 per sq ft per year.

Hong Kong (Central) was ranked second, with prime occupancy costs of $269 per sq ft per year Beijing (Finance Street) at $191 per sq. ft. per year, Beijing (CBD) at $183 per sq. ft. per year, and Hong Kong (West Kowloon) at $162 per sq. ft.per year, rounded out the top five. In total, Asia Pacific was home to seven of the top ten most expensive markets globally, CBRE said.

Anshuman Magazine, Chairman & MD, CBRE South Asia Pvt. Ltd., said, "Overall the prime office market in India has been positive during the past few quarters on the back of an improving economic climate. Connaught Place in New Delhi witnessed steady demand from leading corporate real estate occupiers in investment grade buildings, mainly due to its central location."

Prime occupancy costs-which reflect rent, plus local taxes and service charges-increased at a 2.4 per cent annual pace globally, as the world economy continued to gradually improve and the service sector, a key bellwether for prime office space, entered its fourth year of expansion, driving healthy demand for space in top-quality properties.

Prime occupancy costs in Asia Pacific increased by 1.9 per cent year-over-year-from 1.4 per cent in Q1 2015-compared to 3.1% growth in the Americas and 2.2 per cent growth in EMEA.

"The global services sector has grown steadily for four years now, which helps to explain the general uplift in office rents and costs we are seeing worldwide," said Dr Richard Barkham, Global Chief Economist, CBRE. "Despite the fact that some markets have been hit by the China oil and commodities slowdowns, we expect that most advanced economies will keep growing in 2016 and 2017, which combined with limited availability and relatively muted development levels, will result in moderate 2-3 per cent cost increases."

At about $151 per square feet per annum, Delhi's Central Business District (CBD) of Connaught Place was ranked as the sixth most expensive prime office market in the world in CBRE Research's semi-annual Global Prime Office Occupancy Costs survey.

This is drop of one place from the last report rankings. The latest survey provides data on office rents and occupancy costs as of September 30, 2015.

Mumbai's alternative business district of Bandra-Kurla Complex (BKC) was at the eighteenth position, and the city's CBD of Nariman Point was at the thirty second position on the Top 50 rankings for global prime office properties.

London's West End topped the 'most expensive' list, with overall prime occupancy costs of $273 per sq ft per year.

Hong Kong (Central) was ranked second, with prime occupancy costs of $269 per sq ft per year Beijing (Finance Street) at $191 per sq. ft. per year, Beijing (CBD) at $183 per sq. ft. per year, and Hong Kong (West Kowloon) at $162 per sq. ft.per year, rounded out the top five. In total, Asia Pacific was home to seven of the top ten most expensive markets globally, CBRE said.

Anshuman Magazine, Chairman & MD, CBRE South Asia Pvt. Ltd., said, "Overall the prime office market in India has been positive during the past few quarters on the back of an improving economic climate. Connaught Place in New Delhi witnessed steady demand from leading corporate real estate occupiers in investment grade buildings, mainly due to its central location."

Prime occupancy costs-which reflect rent, plus local taxes and service charges-increased at a 2.4 per cent annual pace globally, as the world economy continued to gradually improve and the service sector, a key bellwether for prime office space, entered its fourth year of expansion, driving healthy demand for space in top-quality properties.

Prime occupancy costs in Asia Pacific increased by 1.9 per cent year-over-year-from 1.4 per cent in Q1 2015-compared to 3.1% growth in the Americas and 2.2 per cent growth in EMEA.

"The global services sector has grown steadily for four years now, which helps to explain the general uplift in office rents and costs we are seeing worldwide," said Dr Richard Barkham, Global Chief Economist, CBRE. "Despite the fact that some markets have been hit by the China oil and commodities slowdowns, we expect that most advanced economies will keep growing in 2016 and 2017, which combined with limited availability and relatively muted development levels, will result in moderate 2-3 per cent cost increases."