At 7th Place, Delhi’s Connaught Place More Expensive than New York, Shanghai Office Markets

Mumbai’s Bandra–Kurla Complex (BKC) in 19th place

With annual occupancy cost of US$149.71 per sq ft, New Delhi’s Central Business District (CBD) of Connaught Place ranks as the seventh most expensive prime office market in the world. Mumbai’s Alternative Business District of Bandra Kurla Complex (BKC) is at 19^th position and the city’s Central Business District of Nariman Point is at 34th position, according to the latest edition of CBRE Research’s Global Prime Office Occupancy Costs bi-annual survey released today. 

Office market trends across top 3 cities

Prime office space take up in the first quarter of 2016 stood at approximately 5 million sq. ft., with the Delhi National Capital Region (NCR), Mumbai and Bangalore, leading space take up. While Delhi NCR recorded approximately 31% of this share, Mumbai and Bangalore recorded 23% and 17%, respectively. When compared on a quarterly basis, Mumbai saw office space absorption increase by nearly 50%, noting a healthy mix of front and back-office space transactions by corporate occupiers.

Mumbai saw rise in housing sales and new launches in H2 2015

The top three cities of Mumbai, Bangalore and Delhi National Capital Region (NCR) attracted more than 65% of the total housing sales across the country’s leading cities during the second half of 2015. In addition, Hyderabad and Mumbai noted an uptick in housing sales in the July to December 2015 period even as most other housing markets saw subdued sales. Residential property sales in Mumbai saw a rise during the last six months of 2015 due to a surge in demand across the city’s developing suburbs. 

A Day in Mumbai: The Insider’s Guide

When it comes to travel, it’s nice to have an insider’s perspective. Here at Blueprint, presented by CBRE, we are fortunate to have an expansive network of local colleagues around the globe who are not only real estate experts, but also local tastemakers. In this ongoing series, we ask them to give an insider perspective to some of the best, most iconic cities across the globe. This week, we look at Mumbai, India. 

Creating a Smart Financial District in Mumbai

The resurgence of Bandra–Kurla Complex in Maximum City

Over a decade, the Bandra–Kurla Complex (BKC) has emerged as an important business district of Mumbai and a base for financial services firms in India, backed by robust infrastructure development in the region and incentives such as higher floor space index. It has succeeded in steadily replacing the Maximum City’s traditional Central Business District (CBD) of Nariman Point over the years. According to CBRE’s semi-annual Global Prime Office Occupancy Costs survey, Mumbai’s BKC ranked 15th on the Top 50 rankings for global prime office properties. This has been largely because of its attractiveness as a prime commercial hub for corporate firms from the financial sector.