​Delhi’s colonial heart, Connaught Place is 5th most expensive office market across the globe

Connaught Place, which is modelled after Royal Cresent in Bath, is one of the largest financial, commercial and business centres in the national capital. And now as per CBRE Research's semi-annual Global Prime Office Occupancy Costs survey, CP, as what the locals call it, has been ranked fifth most expensive prime office mark in the world with a rent of around $157 per sq ft per annum.

While with an overall occupancy cost of $267 per sq ft per annum, the top spot was secured by London West End, Asia continued to rule on four of the top five markets.

According to the survey, Bandra-Kurla Complex (BKC), a business district in North Mumbai, stands at the 15th position while the city's CBD of Nariman Point is at the 30th position.

Anshuman Magazine, managing director of CBRE South Asia, told The Economic Times, "Although Delhi's Connaught Place moved up one spot in the rankings, due to the rupee depreciation; however, occupancy costs in this market remained largely stable due to a positive market sentiment.”

He added, “Mumbai's BKC and Nariman Point showed a nominal decrease of less than 1 percent over a 12-month period; while y-o-y office occupancy costs rose by about 2.2 percent in the Bangalore CBD, broadly in line with global inflation."
(Image: www.delhirealestateguy.com)