Asia is well known all over the world for its large population, talent pool and market opportunities among many other factors. In this regard, a survey by a property consultant CBRE has exhibited Asia to dominate the list of world’s most expensive office locations with seven of the top 10 markets. Consequently, commercial real estate of Delhi/NCR has always been eyed by global as well as foreign investors.
Connaught place is treated as the heart of Delhi. Among the Delhiites, it is popularly known as C.P. Built in 1931, Connaught Place showcases the touch of British architecture. Its well-planned structure makes it one of the best commercial markets in Delhi. The charm and magic of Connaught Place is still the same even after so many years. People of all age and class come to spend their quality time in CP with their near and dear ones. It is an amazing place for shopping, business and entertainment.
In a recent survey by a property consultant CBRE, New Delhi’s Central Business district of Connaught place holds the seventh place in the list of world’s most expensive office locations. It has dropped from sixth place with occupancy cost of 149.71 US dollars per sq. ft. Mumbai’s Bandra-Kurla Complex and Nariman Point hold 19th and 34th ranks respectively. The Managing Editor of CBRE South Asia stated that Connaught place’s ideal central location and convenient connectivity continues to entice big corporations like banks, engineering firms and other financial institutions.
The world’s most expensive office market is Hong-Kong (Central) with occupancy costs of 290 US $ per sq. ft. followed by London-Central (West End) with annual occupancy rate of 262.29 US $. Other places that formed the top ten list were Beijing’s (Finance Street), Beijing (Central Business District), Hong Kong (West Kowloon), New York (Midtown Manhattan), Tokyo (Marunouchi/Otemachi), London-Central (City) and Shanghai (Pudong). The survey discovered prime office occupancy costs to grow at a faster pace in Asia Pacific as compared to the global average. However, major places like Singapore and Jakarta registered decreases.
Among the top 50 high-priced markets, 20 places were from the Asia Pacific region, twenty from the combined together places of Europe, the Middle East and Africa (EMEA) while the other 10 were from the America.