Nariman Point is World’s 6th Most Expensive Office Location
Date: Wednesday , March 02, 2011
The Central Business District (CBD) of Nariman Point is the sixth most expensive office location in the world. In a study published by global realty consultant Cushman & Wakefield’s in their ‘Office Space Across the World 2011’ annual report, Mumbai slipped from fifth position to sixth in the list of the world’s most expensive office locations in 2011.
Hong Kong led this year’s ranking while London and Tokyo came second and third. According to the report, the prime rents in Mumbai is only half when compared to that of Hong Kong. Last year, the prime rent rate in Mumbai went up by 51 percent reaching a staggering $114 per squatter foot a year.
Brazil’s commercial capital Rio de Janeiro, which was at the 13th position in the 2010 report, came at fourth position this year overtaking cities including New York (fifth), Mumbai (sixth), Moscow (seventh) and Paris (eighth). While Rio de Janeiro gained, Nariman Point lost one position due to a lack of change in its rental values compared to last year.
The report says, “India experienced a healthy revival in its occupier market with a 23 percent increase in absorption across the country and rents appreciating by five percent over the last year. Mumbai remains the most expensive location within India, despite rents holding firm over the year while Bangalore saw the largest rise in rents in 2010, moving up by 13 percent.”