New York: New Delhi’s Connaught Place has been ranked as the tenth most expensive office market in the world, as revealed by the CBRE South Asia’s Global Prime Office Rents survey. Hailed as the ‘financial and corporate hub’ of the national capital, the Connaught Place secured the tenth spot, with an average prime rent of around USD 110.85 per square feet, as reported by The Real Deal.
Popularly known as ‘CP’, the area is known for its elite ‘Victorian’ architecture, sprawling infrastructure even as it houses the headquarters of several noted Indian firms. Additionally, it boasts of an all-round connectivity, in lieu of its prime location. Meanwhile, the survey witnesses the dominance of the Asian office markets, with two of Hong Kong’s markets featuring in the top three in the list, with ‘Big Apple’ New York inching closer to establishing itself on top.
Hong Kong’s Central Market boasts off a whopping average prime rent of USD 269.26 per square feet, while Beijing’s Finance Street ranks second with an average prime rent of USD 174.07 per square feet, and Hong Kong’s West Kowloon ranks third with an average prime rent of USD 163.57 per square feet.
New York’s Midtown Manhattan features on the fourth spot with an average prime rent of USD 153.5 per square feet, while Midtown South ranks ninth with an average prime rent of USD 113.53 per square feet, only marginally ahead of the national capital’s corporate hub. “New York’s Midtown South recorded double-digit, year-over-year growth, and Downtown Manhattan and Seattle (Downtown) also placed among the 10 markets with the fastest growing prime office rents,” the report noted.