Indian Economy News

CP 6th costliest office location in world

Mumbai: BKC and Nariman Point are among the top 50 costliest office spaces globally, according to CBRE's survey released on Tuesday.

BKC, which is the city's alternative business district, retained its 16th rank, while Nariman Point is ranked 32nd on the top 50 list. At nearly $160 per sq ft per annum, Delhi's Central Business District (CBD) of Connaught Place bagged the sixth slot.

"London's West End remained the world's highest-priced office market, but Asia continued to dominate the world's most expensive office locations, accounting for three of the top five markets," said the CBRE report.

London West End's overall prime occupancy costs of $274 per sq ft per year topped the "most expensive" list. Hong Kong Central followed with total prime occupancy costs of $251 per sq ft, Beijing's Finance Street ($198 per sq ft), Beijing's CBD ($189 per sq ft) and Moscow ($165 per sq ft) rounded out the top five.

"Although New Delhi's Connaught Place moved up two places to the sixth spot on the global top 10 rankings over the first quarter of 2014, annual occupancy costs here remained stable because of rupee appreciation since the first quarter," said CBRE south Asia CMD Anshuman Magazine. Annual office occupancy costs in Gurgaon remained stable, while that of Nariman Point dropped by about 2% and BKC by about 6%. Bangalore's CBD, which saw a nearly 9% drop, was among the top five global prime office markets to witness a decrease in yearly occupancy costs.

Global prime office occupancy costs rose 2.5% year-over-year, led by the Americas (up 4.1%) and Asia Pacific (up 2.8%).

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.