According to the report of a reputed global property consultant studying the 20 leading realty markets of Asia Pacific, New Delhi’s Connaught Place grabs the 6th position. The area records one of the highest expensive lease rentals even leaving behind major locations in Shanghai, Singapore and Tokyo.
It is surprising that even the country’s financial fulcrum, Mumbai could not match up with Connaught Place. With the occupancy expenses at 96 dollars, Mumbai holds the 14th position on the chart.
The occupancy costs include service charges, taxes and rent which on an average stand at 142 dollars, which is comparatively greater than that in Singapore, Tokyo (Shinjuku) and Shanghai (Pudong). In the previous year, Delhi ranked 3 positions ahead of now while Mumbai occupied the 11th position.
The data shown by the concerned property consultant in 2018 is based on the rent achieved for rooms in the top-notch buildings located in the foremost office districts across 61 cities. As stated by the Country Head and CEO of the property consultant, Connaught Place in New Delhi has been a home to eminent corporates from India and abroad. The demand of this locality has remained at the peak since the early nineties.
Well-connectivity with the rest of the city, sturdy infrastructure and lying in the heart of the country’s capital, are the factors responsible for making Connaught Place so popular. In fact, it is the growth in the office market that boosts the growth of Delhi-NCR’s Real Estate sector.
The office segment in India has been on a consistent growth and has recorded a year-to-year increase by 18 per cent in the period between January and September. The total area absorbed amounts to 23.4 million square feet.
The demand for excellent office spaces, co-working areas, strong economic foundations has resulted in this double-digit growth that is anticipated to continue in the following term. Hong Kong’s Central stands out from the rest charging the most expensive rent at 338 dollars for a premium office space. The data is shocking enough to show London’s West End and New York’s Midtown recording lesser occupancy costs than that of Hong Kong by 75 and 60 per cent, respectively.
Hong Kong Central firmly holds onto the first place in 2018 since the previous 3 years despite a reduced demand for office spaces in the last quarter.
Usually, multinationals held Hong Kong East as a location for back office but the present scene appears to be different with it being viewed more like one of the foremost office sites. Singapore is also being sought after heading into the top ten list regarding Asian cities with high office rental rates.
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