NEW DELHI: Mumbai’s Nariman Point area is the fifth most expensive office location in the world with an average annual rental of $107 per sq ft, according to a survey conducted by realty services firm Cushman & Wakefield.
Mumbai’s central business district edged past Russian capital Moscow in the latest survey and is preceded by Tokyo, London West End, Hong Kong and Dubai. The survey was conducted in 123 key locations in 63 countries across the world. Cushman & Wakefield, however, said the rental rates in the heart of India’s financial capital has dipped by around 20% in 2009, compared with the year-ago period.
Tokyo CBD is the most expensive office location in the world with an average annual rental rate of $190 per sq ft.
In the Asia Pacific region, India retained its last year’s position in the top ten capturing three slots — Mumbai CBD, Mumbai Worli and New Delhi CBD, at the third, fourth and fifth position respectively.
“Rental corrections experienced across India in 2009 have made the office market more attractive for end-users. With corporates reconsidering expansion plans and anticipating rationalising of rental values, we expect the demand in 2010 to be buoyant,” Cushman & Wakefield executive director Occupier Service Arvind Nandan said.
The focus is likely to be on the key markets of NCR, Mumbai and Bangalore in the early part of the year, he said. Source: Economic Times
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