New Delhi’s Connaught Place—commercial business district (CBD)– is among the top 10 most expensive office markets around the globe. Retaining its place as last year, it has has been ranked at 9th position in the list, according to a report by CBRE, a real estate consulting firm.

Currently, Mumbai’s Bandra Kurla Complex (BKC) and Nariman Point CBD were ranked at 27th and 40th positions respectively. In the given position, the annual prime rent of BKC is valued at US$ 90.67 per sq. ft per annum and the CBD Nariman Point is valued at $ 68.38 per sq. ft  per annum 

Hong Kong continues its position to be the most expensive location in the world for the second consecutive year. APAC’s prime office occupancy cost almost doubled to 3.3 percent in the first quarter of 2019 from 1.7 percent in quarter 1 of 2018, says CBRE South Asia Pvt Ltd in its annual Global Prime Office Occupancy Costs survey.

The commercial office market remains a strong growth propeller for the real estate sector and Delhi, being a prime market, continues to witness sustained activity and retains its position among the top 10 most expensive markets in the world, he added.

Highlighting Asia’s performance in the prime office space leasing segment, the report concluded that six of the world’s 10 most expensive office markets are found in Asia. For the second year, Hong Kong’s Central district retained the top spot as the world’s most expensive market for prime office rents, with the prime occupancy costs valued at Rs 22,075 per sq ft.

The report underlines the growing significance of talent acquisition race, driving the prime occupancy cost to newer heights. Along with this, limited supply and moderate construction pipelines in most cities are the driving forces behind price growth.