The high growth rate of the Asian economy along with soaring real estate market, especially in China and India, seems to be pushing the commercial real estate prices through the roof.
Delhis Connaught Place, at $157 per sqft per annum, has emerged as the fifth most expensive prime office market in the world amongst the top 50 global prime office properties.
New Delhis colonial heart, named after George Vs paternal uncle, Connaught Place, often abbreviated to CP, is one of the largest financial, commercial and business centre in India.
The sprawling circular zone of Connaught Place houses the headquarters of several noted Indian firms. The former location of the headquarters of the British Raj, the area’s environs occupy a place of pride in the city and are counted among the top heritage structures in New Delhi. It was developed as a showpiece of Lutyens’ Delhi with a prominent Central Business District.
According to a CBRE Research report, the top position went to London West End, with overall occupancy costs of $267 per sq ft per annum, while Asia continued to dominate the world’s most expensive office locations, accounting for four of the top five markets.
In the prevailing list, Mumbais Bandra-Kurla Complex occupied the 15th position, and the citys central business district (CBD) of Nariman Point was at the 30th position.
