Connaught Place in Delhi has slipped four indents to turn into the world`s eighth most exorbitant office area as rentals remained stable and rupee debilitated in 2013, said property advisor Cushman & Wakefield.
Connaught Place, found in focal Delhi, was fourth in last the year\\\'s standing.
``New Delhi`s Connaught Place fell four notches to settle as eighth most expensive location in the world,`` C&W said in a report that ranks locations across Americas, Europe, Asia- Pacific, Middle East & Africa.
London`s West End developed as the world`s most exorbitant office business, holding its position in front of Hong Kong which is stacked up second.
Of the main ten business sectors, just London and New York have seen an ascent in rental qualities, while most other main ten businesses recorded a lull in rental values over the past year.
``Despite a stronger performance against most of the top markets, Connaught Place fell from fourth position to eighth due to an appreciation in both the US dollar and euro against the Indian rupee in 2013; this caused a shift in New Delhi? Position in terms of global occupancy costs when measured on a dollar or euro basis,`` the consultant said.
Connaught Place has seen stable rentals at Rs 414 for every sq ft for every month.
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.``
``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.