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At $153/sq ft, Connaught Place world's 9th costliest office location: CBRE

Bandra Kurla Complex and Nariman Point are at 26th and 37th positions, respectively

Press Trust of India  |  New Delhi 

Connaught Place

New Delhi's has moved one position higher to become ninth most expensive office location in the world with an annual rent of $153 per sq ft, according to property

Mumbai's Kurla Complex (BKC) slipped to 26th position with an annual prime rent of $96.51 per sq ft from 16th rank. The central business district (CBD) of Nariman Point also moved down to 37th position commanding an annual prime rent of $72.80 per sq ft from 30th rank last year.

BKC and Nariman Point were at 16th and 30th positions, respectively, last year.

"Delhi's moved one notch up to be the ninth most expensive office location with an annual prime rent of $153.26 per sq ft from last year's 10th most expensive office location," said.

The released its annual Global Prime Office Occupancy Costs survey. The cost reflects rent, plus local taxes and service charges for the highest-quality prime office properties.

CBRE's - & South-- Anshuman Magazine said, "Delhi, being a prime market, continues to witness significant activity and has moved one step ahead to the 9th position owing to stable vacancy, rents and absorption."

He expressed optimism about the market and expected an upswing in the coming months.

According to the report, Hong Kong (Central) is at the first position with an annual rent of $306.57 per sq ft, followed by (West End), (Street) in China, Hong Kong (Kowloon) and (CBD) in

(Midtown- Manhattan) ranked sixth with an annual rent of $183.78 per sq ft, while (Midtown-South Manhattan) is at 7th position commanding rent of $171.56 per sq ft.

In the top 10 list, (Marunouchi/Otemachi), is at the eighth position and (City), UK, is at the 10th rank.

Global prime office occupancy costs rose 2.4 per cent year-over-year. The cost in was up 3.2 per cent, Europe, the and (EMEA) 2 per cent and the at 1.7 per cent.

The survey highlighted that prime office growth was consistent across all regions in the past 12 months.

On the Indian commercial real estate market, Magazine said, "Strong demand from finance, technology and the has fuelled the growth momentum in prime occupancy costs from last year and commercial office market remains a strong growth propeller for the

First Published: Wed, July 11 2018. 13:12 IST