Delhi in the top 10 List of World’s Most Expensive Office markets – Delhi, the national capital has moved two notches up and has come into the top 10 list of world’s most expensive office markets. Whereas, Mumbai, the financial capital has come down one notch down, even as globally demand for office space has been softening, as per report said.
Six months ago, Delhi was at 12th position, but now it has been moved up to the 10th slot, while Mumbai dropped from 6th to 7th position, stated by the semi-annual survey ‘Global office Rents’ by real estate consultancy CB Richard Ellis. Mumbai overlooked a rent of $121.11 per square feet, though Delhi was let down at $88.92 per square feet as on September 30, 2009.
The Chairman and Managing director for South Asia at Anshuman Magazine Mr. CB Richard Ellis told that, “While Mumbai continues to remain in the top 10 list; Delhi has re-joined the top 10 rankings of the most expensive office markets globally.” He added by saying, “Although the rentals in the Delhi CBD (central business district) have remained stable for the past six months, it has moved up to the 10th position primarily because other global cities saw a significant decline in office rentals.”
As per the survey conducted, markets all across the world are facing declines in prime office occupancy costs. The year on year change administered in the prime office occupancy costs of 179 markets unveils an average fall of 7.7% worldwide over the past 12 months ended on September 30, 2009. According to the magazine, “Although the rentals in the Delhi central business district have remained stable for the past six months, it has moved up to the 10th position primarily due to other global cities declining significantly in office rentals.”
London tamed its position as the world’s most expensive office market. In addition, Tokyo’s Inner Central that was at the top notch spot in the month of May dropped off to the second place, complied by that city’s outer central market. After wards, the listing has been followed by Hong Kong’s central business district and Moscow at 4th and 5th positions respectively.
Magazine added that, “To reduce office occupancy costs further and facilitate more supply of office space, we need to urgently improve our infrastructure and amenities. This would bring our world rankings down further and make India more competitive.”
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