Connaught Place (CP) in Delhi was ranked as the world’s eighth most expensive office location in a report released by the Cushman & Wakefield on 18 February 2014.
The Connaught Place in Central Delhi fell four places from 4th rank in 2013 due to an appreciation in both the dollar and euro against the rupee in 2013 and also limited activities.
Mumbai Bandra Kurla Complex (BKC) emerged as the second most expensive office location in India and 8th most expensive across Asia Pacific and Africa Collections (APAC). Kolkata CBD recorded the highest rental growth in India.
The focus of the report is prime office rental performances and occupancy costs across the globe, including a ranking of the most expensive locations across the world in which to occupy office space.
Highlights of the Report 2014
• London has been ranked as the world’s most expensive office market for the second consecutive year.
• Hong Kong was ranked second for the second consecutive year. Other top ranked cities are Moscow in Russia (3rd ), Beijing in China (4th ), Tokyo in Japan (5th), New York in USA (6th), Rio de Janeiro in Brazil (7th), Paris in France (9th ) and Sydney in Australia (10th ).
• Global office rents increased by 3 percent overall. The USA and Mexico saw the prime rents rise compared to other top ranked cities that saw the fall in prime rents. Moscow and New Delhi recorded no change in rental values.
• In Asia Pacific rental growth was largely flat on the back of a slowing economy however, the economic climate improved as the year progressed.