The Hindu Business Line : London is world’s most expensive office market: CBRE

New Delhi, May 29 London remains the world’s most expensive office market, even as rapidly-rising rentals has enabled Moscow to overtake Mumbai, pushing the Indian financial hub to fourth place in CBRE global market rankings.

“The drop is not due to rentals in Mumbai falling, but because of a significant increase in rentals in London and Moscow.

“The number four position is still very high and is reflective of the tight supply of prime office space in Mumbai and Delhi and of demand remaining constantly active,” said Mr Anshuman Magazine, Chairman and Managing Director, CB Richard Ellis, South Asia.

Survey

According to CBRE semi-annual global market rents survey, Mumbai which was in second place in November 2007 fell to fourth place (occupancy cost of $210.97 a sq. ft. per annum), while Moscow climbed to second slot.

Tokyo’s Inner Central Five Wards and Outer Central Five Wards rounded out the top five most expensive markets. Delhi which was placed at number eight last year has moved-up one notch to number seven.

Occupancy costs

Ho Chi Minh City had the fastest-growing occupancy costs during this period, up 94 per cent; and Moscow was not far behind at 93 per cent, followed by Singapore at 86 per cent.

Overall, Europe, West Asia and Africa (EMEA) dominated the list of markets with the fastest-growing occupancy costs, accounting for five of the top 10, and 19 of the top 50 markets.

Among the most expensive markets, Singapore and Dubai were newcomers to the top 10 league. Singapore ranked ninth with an occupancy cost of $139.31 (occupancy cost in $ per sq. ft per annum), while Dubai debuted at number 10 with an occupancy cost of $128.49.

With a near-doubling of occupancy costs, Moscow rose four places to second at $232.37.

Midtown Manhattan was still the priciest market in North America, at $103.43, and ranked number 13 worldwide.

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