Connaught Place and Bandra-Kurla Complex are the two hottest office locations. Both Connaught Place and BKC have found place among the list of Asia-Pacific Region’s most expensive office locations.
According to the annual survey of Cushman & Wakefield, Connaught Place and BKC are the two most expensive office locations in Asia-Pacific region. Connaught Place is the fourth most expensive office locations in the entire world.
‘Office Space Across The World 2013′, the annual survey of C & W, Connaught Place and BKC are two most expensive office locations. However the list does not include Nariman Point in Mumbai among the most expensive office locations.
For a long time Nariman Point was considered as one of the most expensive office locations in India. However due to many reasons – like dropping rentals and increasing vacant percentage have caused the fall of Nariman Point. It, for the first time, saw an over 10% of vacant space.
On the other hand the BKC emerged as one of the most expensive office locations in Mumbai as well as in India. Mr. Sanjay Dutt, executive managing director, C&W, said that BKC now has better rentals. The location is also noted for consistent supply of office space. The current monthly rentals of the area are Rs.280 per sq. ft., he added.
Commenting on the growth of Connaught Place, Mr. Dutt said that the lack of office space in the National Capital is one of the major supportive factors of this area. For many reasons this area is the sole reliable source for commercial space.
Additionally Connaught Place is well supported by socio-political infrastructure. The attempts of DDA to bring more office space in the capital have not yet been successful. This also leads to the rentals in the area to go higher and higher.
With monthly rentals of Rs.403 per sq. ft. Connaught Place stood second in the list while BKC stood in the eighth place. The dropping of Nariman Point from the list was really a surprising one.