The city’s prime commercial destinations BKC and Nariman Point dropped in rankings of most expensive office markets globally, even as Delhi’s Connaught Place continued to figure in the top 10, a survey said.
According to a research by property consultant CBRE, Delhi’s Connaught Place was the sixth most expensive office market in the world during third quarter of 2015 at rentals of $151.27 per sq ft per annum.
At about $94 per sq ft per annum, Bandra Kurla Complex (BKC) office market was ranked 18th. This is a drop of three spots from the last survey in June 2015. The plush Nariman Point also witnessed a marginal drop of two places to number 32 at about $72 per sq ft per annum.
The drop in ranking for BKC is owing to a marginal decline reported in other cost components such as property tax and service charges, even as overall rents have mostly remained stable. On the other hand, rents and other real estate cost indicators were mostly stable for Nariman Point during the review period. However, a drop in ranking is due to a relative improvement in the ranking of other global markets,” CBRE South Asia Chairman and Managing Director Anshuman Magazine said.
London’s West End was the world’s highest-priced office market for the second straight year with overall prime occupancy cost of $273 per sq ft per year.
Hong Kong’s Central stood at the second place with prime occupancy costs of $269 per sq ft per year while Beijing’s Finance Street with prime occupancy costs at $191 ranked third.
Beijing’ Central Business District stood fourth at a rental of US 183 per sq ft per year and Hong Kong’s West Kowloon was at fifth place with occupancy cost of $162 per sqft per year.