Financial Daily from THE HINDU group of publications
Tuesday, Aug 03, 2004
Financial Daily from THE HINDU group of publications Tuesday, Aug 03, 2004 |
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Maharashtra Industry & Economy - Real Estate & Construction `Mumbai 15th most expensive in office space' Our Bureau
New Delhi , Aug 2 MUMBAI has been ranked as the world's 15th most expensive place in terms of office rentals. According to a global survey by real estate consulting firm CB Richard Ellis (CBRE), Mumbai ranks as the 15th most expensive city in the world for office rentals while Delhi comes in at the 32nd position. Mumbai has moved up two ranks from the last quarter ranking of 17 while Delhi moved up six positions from 38th rank in CBRE's Global Market Rents, as per the survey of office occupation costs in 158 cities. London's West End is the most expensive office location in the world followed by London (city) and Tokyo (inner central), a company release said on Monday. The occupation cost stands at $56.83 per square feet per annum in Mumbai while in Delhi it is $40.62. Technically, occupation cost represents rent plus local taxes and service charges. The highest occupation cost was recorded at $177.39 in London's West End, followed by London (city) at $119.39 and Tokyo (inner central) at $116.23, it said. The most expensive office space in the US is Midtown Manhattan, which ranks 20th at $52.04 per sq ft per annum.
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