In global list of most expensive office locations, CP ranks No. 4
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In its annual survey, global real estate consultant Cushman & Wakefield has named Connaught Place as world's fourth most expensive office location, up one position from last year.
The report ranks locations across 63 countries to list the most expensive office destination across the world. London's West End emerged as the world's most expensive office market, while Rio de Janerio in Brazil captured the third position ahead of India, according to C&W report — Office Space Across the World 2013.
Connaught Place registered a growth of approximately 25 per cent in rental values over the last year, to charge Rs 403 per square feet per month. It is one of the oldest established office centres in India and is in proximity to other establishments like government organisations, trading centres and retail location, demand for quality office space has been high.
Fresh supply in Connaught Place is essentially due to redevelopments and renovations of existing buildings, which have been commanding premium and thus are instrumental in pushing the average rental values in this location northward, the report says.
Executive Managing Director (South Asia), Cushman & Wakefield, Sanjay Dutt said: "The new master plan for New Delhi by the Delhi Development Authority has not provisioned for any rapid growth of office space within the city, leaving very limited choice. Majority of the demand for office space is still being serviced by Connaught Place as the location has other support socio-political infrastructure. Limited quality corporate office space in Connaught Place has fuelled the northward march of the rental values."
"The rental values of this location will remain high, but limited activities in the location on an ongoing basis is expected to keep values contained, notwithstanding the fact that location may have already reached peek pricing," Dutt said.