Delhi most expensive office location in India
Delhi NCR emerged as the most expensive office location in India, with rental values almost INR 430/sf/month taking the cost of each workstation to over INR 350,000 per annum. This was stated today by global real estate consultancy firm Cushman & Wakefield, in a report entitled "Office Space Acr
Published -
Dec 12, 2017 4:31 AM
Delhi NCR emerged as the most expensive office location in India, with rental values almost INR 430/sf/month taking the cost of each workstation to over INR 350,000 per annum. This was stated today by global real estate consultancy firm Cushman & Wakefield, in a report entitled "Office Space Across the World 2017". Delhi NCR, is ranked 84th in the global stacking of most expensive office locations. Rest of India office markets ranked below 100, making India officemarkets one of the most affordable in the world. Hong Kong emerged as the most expensive location per workstation cost with the same costing over US$ 27,000 per annum, followed by London and then Tokyo. The report evaluates 215 global locations (prime office markets in each city) and ranks their occupancy costs per workstation (including base rents and common area maintenance charges) and workplace densities for newly developed or refurbished office space globally. Gurgaon Central Business District (CBD), the other major office market in Delhi NCR, is currently at INR 120 /sf/month, with each workstation space costing INR 100,800 per annum (US$1,549). This location, while having a vacancy of below 5 per cent has been high on demand. The rentals have gone up by nearly 45 per cent since 2013 on account of consistent demand from IT/ ITeS and other sectors. Mumbai's Bandra-Kurla Complex (BKC, Global Ranking 163 ) was the second most expensive location for rental costs of over INR 200,000 per annum per workstation with each workstation occupied at a monthly rental of INR 277/sf/month. Given the space constraints in the city, it is no surprise that the density is also the highest in the country. The demand from front office in BKC has been high with most companies in the BFSI, Consulting and IT/ ITeS services companies have been strong in their demand in this area.
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