Delhi, Mumbai among world's costliest office locations: CBRE
London's West End, Mumbai, the City of London and Moscow are the top four most expensive office markets in the world, says CB Richard Ellis.
By PTI |
NEW DELHI: The scorching pace of growth in the country's realty market has pushed Mumbai and New Delhi among the world's ten costliest locations for setting up an office, global realty consultant CBRE said in a new report.
"London's West End, Mumbai, the City of London and Moscow are the top four most expensive office markets in the world," CB Richard Ellis said in a statement.
Mumbai's Nariman Point at $189.51 (occupation cost in US dollar/sq ft/annum) rose three places to second spot. London (West End) topped the list with $328.91.
"This is reflective, on the one hand of the great performance of the economy but on the other hand of acute shortage of prime office space in Mumbai," CBRE South Asia Chairman and Managing Director Anshuman Magazine said.
Such high cost of office space in the financial capital of an emerging country like India could be a deterrent for investments, he opined.
According to CBRE Research's semi-annual Global Market Rents survey, which tracks the world's most expensive markets as well as markets with the fastest growing rents over the past 12 months, Delhi ranks eight in the most expensive office markets of the world.
In the category of fastest growing office rents, Mumbai ranks third with 55 per cent jump in last 12 months, while Bangalore is at sixth place with an increase of 49 per cent.
New Delhi is at 12th position with 34.3 per cent jump in office rental in last one year. Singapore led the list of markets with the fastest growing office rents with occupancy costs rising by 83 per cent during the past year.
"London's West End, Mumbai, the City of London and Moscow are the top four most expensive office markets in the world," CB Richard Ellis said in a statement.
Mumbai's Nariman Point at $189.51 (occupation cost in US dollar/sq ft/annum) rose three places to second spot. London (West End) topped the list with $328.91.
"This is reflective, on the one hand of the great performance of the economy but on the other hand of acute shortage of prime office space in Mumbai," CBRE South Asia Chairman and Managing Director Anshuman Magazine said.
Such high cost of office space in the financial capital of an emerging country like India could be a deterrent for investments, he opined.
According to CBRE Research's semi-annual Global Market Rents survey, which tracks the world's most expensive markets as well as markets with the fastest growing rents over the past 12 months, Delhi ranks eight in the most expensive office markets of the world.
In the category of fastest growing office rents, Mumbai ranks third with 55 per cent jump in last 12 months, while Bangalore is at sixth place with an increase of 49 per cent.
New Delhi is at 12th position with 34.3 per cent jump in office rental in last one year. Singapore led the list of markets with the fastest growing office rents with occupancy costs rising by 83 per cent during the past year.
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