India moves up the World commercial realty market: CBRE

MUMBAI: Bandra-Kurla Complex is the 19th most expensive prime office market in the world, but Delhi’s Connaught Place ranks higher at number 7 in the latest CBRE Research report released on Wednesday.

 Nariman Point is ranked 34th. Hong Kong and Beijing are the top two most expensive markets.
“With annual occupancy cost of US $149.71 per sq ft, New Delhi’s Central Business District (CBD) of Connaught Place ranks as the seventh most expensive prime office market in the world. Mumbai’s Alternative Business District of Bandra Kurla Complex is at 19th position and the city’s Central Business District of Nariman Point is at 34th position,” said the latest edition of CBRE Research’s Global Prime Office Occupancy Costs bi-annual survey.
Global prime office occupancy costs — which reflect rent, plus local taxes and service charges for the highest-quality, prime office properties — rose 2.4% year-on-year. In Asia Pacific, prime office occupancy costs are growing at a faster pace than average, up 2.7% year-over-year. A few key Southeast Asian markets registered decreases, including Singapore and Jakarta, according to the report.
Anshuman Magazine, CMD, CBRE South Asia, said, “Over the past year, the commercial real estate market in India has witnessed positive movement. At rank seven, Connaught Place (CP) continues to attract occupiers and witnessed steady leasing activity for front office space. Its central location and ease of connectivity continues to attract big corporates – especially banks, other financial institutions and engineering firms. Overall, India continues to be a preferred destination for various multinationals to expand their current operations or to set up their offices due to adequate supply of quality office space.”

Credits Times of India

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