Delhi’s Connaught Place is the world’s 8th expensive office location: Report

New Delhi’s Connaught Place has become the world’s eighth most expensive office location, according to a report by property consultant Cushman & Wakefield.

Connaught Place, which is situated at the central Delhi, was placed at 4^th last year. The report suggests that it sees no changes in the rental value. “Despite a stronger performance against most of the top markets, Connaught Place fell from fourth position to eighth due to an appreciation in both the US dollar and euro against the Indian rupee in 2013; this caused a shift in New Delhi’s position in terms of global occupancy costs when measured on a dollar or euro basis,” consultant was quoted by media as saying.

Cushman & Wakefield also suggest that the rental in Connaught Place remains stable due to the limited activities in the area. However, it continues to be the first preference to various businesses due to its proximity to government institutions, business centers, and retail outlets.

“Weakening of the Indian rupee against the dollar/euro has office markets in India favourable for international occupiers, whilst domestic occupiers have not seen any significant change in rental values,” Cushman & Wakefiled’s executive managing director South Asia Sanjay Dutt told media.