Nariman Point rents higher than NYC

Nariman Point in Mumbai has moved two notches up to the fifth spot in the list of the world’s top ten most expensive office centres, while Delhi’s Connaught Place has broken into the elite list, claiming the seventh spot. Both cities are placed well above metros like Paris, New York, Hong Kong and Singapore.

According to a global market rents survey prepared by real estate consultant C B Richard Ellis, Connaught Place, often described as the heart of Delhi, is the only newcomer in the list with an occupation cost of $116.19 per sq ft per annum. Rent rates at Nariman Point—India’s costliest place to set up an office—were quoted at $138.41 per sq ft/annum.

The two most expensive office markets are both in London—West End at $241.22 per sq ft per annum and the City of London at $165.72. The next two are in Tokyo—Inner Central at $162.09 and Outer Five Wards at $143.52.

At $69.44/sq ft per annum, midtown Manhattan is the priciest market in North America, ranked No 21 worldwide. In other words, setting up an office in the Big Apple is cheaper than doing so in Connaught Place or Nariman Point. An earlier study had placed Khan Market in Delhi as the costliest retail space, while a recent report said residential rents in Mumbai were the seventh highest in the world.