Mumbai world's 4th most expensive office mkt

[Anand S]

New Delhi, May 29: 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 like 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 7th from last year's rankings.

"The drop is not due to rentals in Mumbai falling, but because of a
significant increase in rentals in London and Moscow," CB Richard
Ellis Chairman and Managing Director (South Asia) Anshuman Magazine
said.

He said the positions of Mumbai and Delhi 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 dollar per sq ft and 145.16 dollar per sq ft
respectively. The rentals in London stood at 299.54 dollar a sq ft in
a month, the consultant estimated.

Paris, Singapore and Dubai also found places in the list at 8th, 9th
and 10th positions respectively.

Besides, Mumbai also found a berth at 8th 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 per cent),
Moscow (92.7 per cent) and Singapore (86 per cent) respectively, CBRE
said.

Bangalore and New Delhi were also included in the list with 22.6 per
cent and 15.3 per cent increase in cost, which in turn placed the
cities in 22nd and 45th positions, it added.

Source: Financial express