India’s top two cities Delhi and Mumbai, continue to be amongst the ten most expensive office markets of the world in the league of other places such as London, Moscow, Tokyo, Paris and Singapore.
According to a latest study by realty consultant CB Richard Ellis, Mumbai has been ranked 4th in the list of 50 most expensive office markets slipping from its last year’s second position.On the other hand Delhi moved up a place to 7 th. The drop is not due to rentals in Mumbai falling, but because of increase in rentals in London and Moscow.
He said the positions of Delhi and Mumbai were still very high and was reflective of the tight supply of prime office space and of demand remaining constantly active.
London topped the list of most expensive office markets, followed by Moscow and Tokyo.
In May, the monthly rentals in Mumbai and New Delhi were recorded at $210.97 and $145.46 sq.feet respectively, where as London stood at $ 299.54 per sq.feet per month, the consultant estimated.
Paris, Singapore and Dubai also found places in the list at 8 th,9 th and 10 th positions respectively.
Besides Mumbai also found a berth at 8 th place in the list of world’s top 50 fastest growing markets in terms of occupancy costs with 40.7 per cent rise in the last one year.
The top three positions were held by Ho Chi Minh City (94.4 %)Moscow (92.7 %), Singapore (86 %) CBRE said.