'Connaught Place world's tenth most costly office area'

New Delhi, Sep 15 New Delhi's Connaught Place has slipped one position to become tenth most costly office location in the world with an annual rent of USD 111 per sq ft, as indicated by property expert CBRE.

Mumbai's Bandra Kurla Complex is at 16th rank while Nariman Point is at 30th position in the CBRE's most recent report Global Prime Office Rent H1 2017.

"Delhi's Connaught Place is the world's tenth most costly office location with an annual prime rent of USD 111 for each sq ft. The ranking has fallen by one position, moving down to tenth from ninth in March 2017," CBRE said in an announcement.

CBRE's Chairman India and South-East Asia, Anshuman Magazine said the business office market remained a bright spot for the real estate sector in the nation on the back of better request, unfaltering lease rentals and proceeded with global investors' interest.

Delhi and Mumbai keep on dominating in the general renting of office space, he included.

"Connaught Place throughout the years has risen as one of the most looked for after office spaces in the world where the worldwide and provincial head workplaces of world's real organizations live.

"Regardless of having constrained supply of prime office space, its area in the core of India's capital, combined with awesome framework and availability to different parts of the city, makes it a perfect area for any business to be in," Magazine said.

Asia commanded the best ten most costly markets on the planet, with Hong Kong holding two of the best three most costly office markets.

Hong Kong's (Central) ranked first with allover prime office rent of USD 269 for every sq ft every year, trailed by Beijing (Finance Street) at USD 174 for each sq ft and Hong Kong (West Kowloon) at USD 164 for each sq ft.

New York (Midtown Manhattan) and Beijing (CBD) adjusted the best five, with Tokyo (Marunouchi/Otemachi), Shanghai (Pudong) and New Delhi (Connaught Place - CBD) likewise highlighting in the best ten most costly list.

Global prime office rents which reflect lease, barring neighborhood assessments and administration charges for the most astounding quality, prime office properties expanded by 2 for every penny over the most recent one year.

CBRE tracks office rents for prime office space in 121 markets the world over. Of the best 50 most costly markets, 20 were in Asia Pacific, 18 were in EMEA and 12 were in the Americas.