Office rent in Mumbai, Delhi among world's highest

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Thursday , November 22, 2007 at 1340 hrs India's financial capital Mumbai ranks second only to global commercial hub London in terms of office rentals, while the national capital is not far behind.

The cost of a square feet at Mumbai's Nariman Point has risen 55 per cent over last year to 189.51 dollar (occupation cost in US dollar/sq ft/annum).

However, it is a distant second compared to London's West End, which topped the list with 328.91 dollar, according to a recent survey by global realty consultant CBRE.

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 eighth in the most expensive office markets of the world (with rental of 126.73 dollars).

"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.

In the category of fastest growing office rents, Mumbai ranked third with 55 per cent jump in last 12 months, as Singapore led the list with occupancy cost rising by 83 per cent during the past year.

Bangalore stood at sixth place with 49 per cent jump, while New Delhi is at 12th position with 34.3 per cent rise in office rental in the last one year.