NEW DELHI - Connaught Place in the national capital has become the world's fifth most expensive office location, beating the central business districts of Russia, Japan and China, according to property consultant Cushman & Wakefield.London's West End is the most expensive office market for the third consecutive year globally. "Connaught Place in New Delhi has emerged as the 5th most expensive...
office space location in the world," C&W said in a statement. C&W's annual global survey is based on office rental values at the end of 2014. Connaught Place or CP -- developed as a showpiece of Lutyens' Delhi -- was ranked seventh in the 2013 list. Its ranking has improved on account of renewed demand and strengthening economic environment. Connaught Place has been commanding a rental value of 412 per sq ft a month and has seen a rental value increment of less than 1 per cent over the previous year. Hong Kong's CBD (central business district), New York's Midtown (Madison/ 5th Avenue) and Rio de Janeiro's Zona Sul are at 2nd, 3rd and 4th positions. While CP is the 5th most expensive office location, Moscow's CBD is ranked 6th, Tokyo CBD (5 Central Wards) is placed at 7th slot, Beijing's CBD 8th, Sydney CBD 9th and Paris CBD at 10th, C&W said.