As per a survey conducted by property consultant CBRE, New Delhi’s Connaught Place has become the 9th most expensive commercial location in the world. The annual price of renting an office at Delhi’s popular structure stands at USD 153 per square feet or roughly Rs 10,500 per square feet.
Connaught Place, which is considered as the largest business hub in Delhi, has beaten Mumbai’s Bandra Kurla Complex (26th position) and Nariman Point (37th position) hands down. While the annual rent at BKC stands at USD 96.51 per square feet or Rs 6,600 per square feet approximately, the annual rent at Nariman Point stands at USD 72.80 or Rs 5,000 per square feet approximately.
Anshuman Magazine (CBRE Chairman for India and South East Asia) 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.” Anshuman expressed optimism about the Mumbai market and expected an upswing in the coming months.
As per the report by CBRE, Hong Kong (Central) stands at the first position with an annual rent of USD 306.57 per square feet, followed by London (West End), Beijing (Finance Street) in China, Hong Kong (Kowloon) and Beijing (CBD) in China. New York (Midtown-Manhattan) stands at the sixth position with an annual rent of USD 183.78 per square feet, while New York (Midtown-South Manhattan) is at 7th position with an annual rent of USD 171.56 per square feet.