Bandra Kurla Complex

BKC 16th Most Costly Office Place in the World

6:20 PM

BKC 16th Most Costly Office Place in the World



Connaught Place in Delhi has slipped one notch to become the world’s eighth costliest office destination, said property consultant CBRE.

Mumbai’s Bandra-Kurla Complex (BKC) was ranked sixteenth, and Nariman Point at thirty-second in the list of Top 50 Costliest Global Office Markets.

Delhi’s Connaught Place was ranked seventh, while Mumbai’s BKC and Nariman Point were at 15th and 32nd positions, respectively, in the previous list released in December 2013.

“London’s West End remained the world’s highest-priced office market followed by Hong Kong (Central) and Beijing (Finance Street),” CBRE said in a statement.

According to CBRE’s semi-annual Global Prime Office Occupancy Costs survey, London West End’s topped the list with overall occupancy costs of $277 per sq ft a year.

“At more than $150 per sq ft per annum, Delhi’s traditional central business district (CBD) of Connaught Place was ranked as the eighth most expensive office market in the world,” CBRE said.

Commenting on the report, CBRE South Asia Chairman & MD Anshuman Magazine said: “This downward change in rankings in the CBD is due to a recovering global market. However locally the demand levels remain stable and due to lack of new supply values remain high”.

CBRE tracks occupancy costs for prime office space in 126 markets around the globe. The survey provided data on office rents and occupancy costs as of March 31, 2014.

Despite a drop in rankings by one spot over the previous survey, CBRE noted that Connaught Place remains highly sought after by corporate office occupiers, because of its central location and connectivity to the rest of the city.

During January-March quarter, rental remained high due to limited supply of prime space.

- PTI

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