Connaught Place Sixth Costliest Office Space In Asia Pacific, Says Report

In the data of recent survey by JLL consultant, New Delhi’s Connaught Place got the sixth spot in the list of most expensive lease rentals for office spaces out of 20 major markets in Asia Pacific region.

In Connaught Place, average occupancy costs including rent, taxes and service charges cost $142, which is higher than the cost for the same in Pudong in Shanghai, Shinjuku in Tokyo and Singapore respectively.

Mumbai – the financial capital of India ranked at 14th position in the survey with an occupancy cost of $96. In the survey of the most expensive cities in the year 2017, the national capital Delhi and financial capital Mumbai were ranked 3^rd and 11th positions respectively.

These rankings are based on the JLL’s Premium Office Rent Tracker (PORT) for 2018 that calculates data on the achievable rent in the highest quality building in the premier office districts of 61 cities.

Ramesh Nair, CEO and Country Head of JLL India, said that the commercial office sector in the Indian real estate is a strong growth factor in Delhi-NCR. Connaught Place has always been the most preferred and sought after office locality in Delhi 90s and in the post-liberalization era. The locality also has several important offices of leading Indian and global companies.

He also said that the centralized location of CP as Connaught Place is commonly known and limited supply of office space with modern infrastructure and good connectivity across the city and surrounding cities make this a perfect office space destination.

The Indian commercial market witnessed an 18% growth during January and September 2018 with office absorption of 23.4 million sq. ft.

In the fourth consecutive year, Hong Kong’s Central has been the world’s most expensive rent for premium office spaces at $338. The occupancy costs are 60 percent higher than New York’s Midtown and approximately 75 percent more expensive than London’s West End, the survey showed.

Breaking the tradition, Hong Kong East is now being seen as the prime office locations instead of being ranks as the most suitable locale for back office space in the world.