Connaught Place has witnessed stable rentals at 414 per sq ft per month. C&W noted that rentals in Connaught Place remained stable because of limited activities in the location. It forecast rentals to continue to at similar level as the market could have reached its peak levels rental. The location continues to remain high on priority for sectors like BFSI, consulting, trade, and media.
The consultant said that demand for office space in Connaught Place is robust considering its proximity to government organizations, trading centers and retail location. Commenting on the report, C&W Executive Managing Director South Asia Sanjay Dutt said: “Weakening of the Indian rupee against the dollar/euro has office markets in India favorable for international occupiers, whilst domestic occupiers have not seen any significant change in rental values.” With limited supply of Grade A office space expected in the near future, he said the CP would continue to command high rentals. “However, going forward, the supremacy of Connaught Place may be challenged with newer corporate offices locations in Gurgaon that may provide better alternatives to New Delhi CBD.” Dutt added. (PTI)