CP now 7th costliest for office space

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NEW DELHI: Connaught Place has slipped two notches to become the world’s seventh costliest office destination due to slowdown in the realty market and fall in rupee’s exchange rate, property consultant CBRE has said.

Mumbai’s Bandra Kurla Complex (BKC) is at the 15th position, while Nariman Point stood at 32nd. Occupancy cost of CP stood at USD 156.65 per sq ft per annum. CBRE Prime Office Occupancy Costs survey provides data on office rents and occupancy costs as of September 2013. In the previous report, CP was ranked 5th, Mumbai’s BKC was at 11th and Nariman Point 26th.

Commenting on the report, CBRE south Asia chairman and managing director Anshuman Magazine said, “In India, the drop in rankings is reflective of the slower Indian real estate market coupled with rupee depreciation recently”.



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