Global Prime Office Occupancy Costs Survey Current Affairs - 2019
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As per property consultant CPRE’s annual Global Prime Office Occupancy Costs Survey, New Delhi’s Connaught Place (CP) is 9th most expensive office location in the world with an annual rent of nearly $144 per sq. ft. CP retained its 9th position from last year. CBRE is world’s leading commercial real estate services company.
Key Highlights of Survey
New Delhi’s Connaught Place (CP) is among top 10 most expensive office markets globally. As per the report, office occupancy cost in New Delhi’s CP is $143.97 per sq ft.
Asia’s performance in prime office space leasing segment-
6 of world’s 10 most expensive office markets are found in Asia.
For 2nd year straight Hong Kong’s central district retained top spot as World’s most two expensive market for prime office rents. Its occupancy cost was valued at $322 per sq.ft.
Reason Behind Cost: As per report the growing significance of talent acquisition race are driving prime occupancy cost to newer heights. Along with this other driving forces behind price growth are limited supply and moderate construction pipelines in most cities.
On Indian commercial Real Estate Market: BPRE survey highlights that strong demand from technology, finance and e-commerce sectors has fueled growth momentum in prime occupancy costs. Also in India commercial office market remains a strong growth propeller for real estate sector.
About Global Prime Office Occupancy Costs survey
It is an annual survey released by BPRE.
The cost taken in Survey reflects rent, plus local taxes and service charges for highest-quality prime office properties.
It tracks cost of leasing prime office space globally.