Delhi's Connaught Place 4th most costliest office location in world
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The fresh supply in Connaught Place is essentially due to redevelopments and renovations of existing buildings which have been commanding premium, it said.
"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," Cushman & Wakefield South Asia Executive Managing Director 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, he added.
Within Asia Pacific, the report said that Indian cities captured top positions in the largest rental growth chart, with New Delhi ranking 2nd -- recording an rental escalation of 25 per cent over last year.
Chennai CBD saw the 3rd highest rental growth in Asia followed by Bengaluru CBD at 5th position, Pune CBD at 7th and Kolkata CBD at 8th showing positive annual rental growth over previous years.
Connaught Place in New Delhi world's fourth most expensive market for office space
(Reuters) London elbowed its way past Hong Kong to regain the title as the world's most expensive market in which to rent office space, while Rio de Janeiro jumped to the No. 3 spot from No. 8, according to a report by global real estate services firm Cushman & Wakefield. New Delhi's Connaught Place was fourth on the list.
It was the first time since 2008 that London took the top spot. Competition for the scarce high quality office space in London fueled office rents by 2 percent in the city's West End bolstering rents sufficiently to leapfrog over Hong Kong, according to the report on Tuesday. Office rents in the West End are expected to continue to grow as the economy improves, Cushman & Wakefield said.
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