Mumbai office market grabbing seventh highest in Asia

November 22, 2006	(Be the first to rate this story!)  Loading ...
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Joining the list of top 10 cities in the world with pricey office market is Mumbai with the seventh position behind Moscow but ahead of eight-ranked Paris, says an industry report.  While Tokyo maintains its position as the most expensive city in Asia and second in the world

Nariman Point in Mumbai broke into the roll of expensive markets, and has raised more than 158 percent to 106 dollars per square foot per annum over the past year. Elsewhere in Asia, Hong Kong occupancy costs climbed 35 percent to 116 dollars.

Occupiers of office space in the Tokyo are believed to pay average total occupancy costs (rent, plus property taxes and service charge) of $145.68 (U.S.) per square feet. Indeed, Lutyen’s Delhi is no far behind with eleventh place, rated more expensive than Seoul which was ranked 16.

The Indian capital in particular has gone from strength to strength, rising to 81.87 dollars a square foot per annum from only 18.59 dollars a year earlier.

“The rise in Singapore’s ranking is consistent with the rental growth acceleration experienced over the past six months,” said Moray Armstrong, CB Richard Ellis executive director for office services in the city-state.

News Published Under:   Real Estate India, Mumbai |

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