New Delhi’s Connaught Place is 9th on a list of most expensive office locations in the world. The annual rent for Connaught Place is $153 per square foot, according to CBRE Group, a real estate services and investment firm based out of California, United States.
The CBRE group’s annual Global Prime Office Occupancy Costs Survey measures costs that reflect not only rent, but also local taxes and service charges for the highest quality, prime office properties.
The 10 Most Expensive Office Locations In The World
Hong Kong Central tops the list of the most expensive office locations in the world, with the annual rent being $306.57 per square foot, followed closely by the West End of London, the Finance Street of Beijing, the Kowloon area of Hong Kong and the Central Business District (CBD) of Beijing.
Nine of the top 10 most expensive office locations are the same as last year’s report, but one member of this elite group has returned after a brief hiatus. Due to the appreciation of the sterling against the US Dollar, London City has displaced Shanghai’s Pudong district for the 10th spot, reflecting robust professional services activity and relatively limited new supply.
Here’s a list of the top 10 most expensive office locations in the world, according to the CBRE Report.
- Hong Kong (Central), Hong Kong
- London (West End), United Kingdom
- Beijing (Finance Street), China
- Hong Kong (Kowloon), Hong Kong
- Beijing (CBD), China
- New York (Midtown Manhattan), USA
- New York (Midtown South Manhattan), USA
- Tokyo (Marunoichi/Otemachi), Japan
- New Delhi (Connaught Place-CBD), India
- London (City), United Kingdom
Connaught Place Central Business District
New Delhi’s Connaught Place moved up to the 9th position from last year’s 10th on CBRE’s list, due to stable vacancy, rents, and absorption.
A colonial-era relic, Connaught Place’s architecture betrays its British origins. The Inner, Middle, and Outer Circles were modelled after the Royal Crescent in Bath, England. Eight radial roads emerge from the circles, connecting Connaught Place to other areas in Central Delhi.
Connaught Place was developed as a Central Business District (CBD) area, in addition to being a social and entertainment hub. While the Middle Circle area has long played home to banks, exchange houses, and other offices, recent years have seen tech and finance companies setting up their offices in the area.
Sitting at the heart of the capital, Connaught Place retains its central space as a commercial, social, and tourist hub.