In pictures: World's most expensive office locations

According to the annual Global Prime Office Occupancy Costs survey, the global economy grew at a rapid, above-trend pace in the last 12 months.

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Connaught Place is one of the largest financial, commercial and business centres in New Delhi, India. Connaught Place, often abbreviated as CP has moved up a notch to the ninth position in the list of most expensive office locations in the world. The annual rent of the area is $153 per square feet, according to property consultant CBRE.

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The area of Connaught Place is instantly recognisable on any map of Delhi as a big circle in the middle with radial roads spreading out in all directions.CBRE’s chairman, India and Southeast Asia, Anshuman Magazine, said that Delhi, being a prime market, continues to witness significant activity. Strong demand from finance, technology and the e-commerce sectors has fuelled the growth momentum in prime occupancy costs from last year and commercial office market remains a strong growth propeller for the real estate sector.

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Commercial capital Mumbai’s Bandra Kurla Complex, which comprises the offices of some of the biggest banks in the country. It, however, slipped to 26th position, with an annual prime rent of $96.51 per sq ft from the 16th position.

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Hong Kong (Central) is at the first position in the 2018's Global Prime Office Occupancy Costs survey with an annual rent of $306.57 per square feet. The cost reflects rent, plus local taxes and service charges for the highest-quality prime office properties. Banking and finance are the key drivers of demand, mostly from mainland Chinese firms. Flexible-space operators have also been highly active in the overall Hong Kong market.

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London's West End retains the second position in the list, although it has a sizeable under-construction pipeline.

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Beijing (Finance Street) in China is 3rd on the list with finance, technology and flexible space operators showing solid demand for space. The report said that international demand is expected to pick up on the back of ongoing Chinese financial reforms. New York (Midtown- Manhattan) ranked sixth with an annual rent of $183.78 per square feet, while New York (Midtown-South Manhattan) is at seventh position commanding rent of $171.56 per square feet.