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Nariman Point is World's 6th Costliest Office Area


The Central Business District (CBD) of Nariman Point is the sixth most expensive office location in the world, finds a study. 'Office Space Across the World 2011', an annual report by leading global property consultants Cushman & Wakefield, also ranks Mumbai as the most expensive location within India.

Hong Kong beat London and Tokyo (in that order) as the most expensive office location in the world. Prime rents in Hong Kong are twice as high as those in Mumbai and rental levels in that city soared by 51% over the year. "Many of India's corporate expansion plans put on hold as a result of the financial crisis were executed in the first half of 2010, resulting in a healthy revival of the office market nationwide. While rental values held firm in Mumbai, Bangalore witnessed growth of 13% over the year due to strong demand ahead of supply," the report said.

A sharp rise in rents in Brazil's commercial capital Rio de Janeiro helped it move from 13th position in 2010 to 4th in 2011, overtaking veterans including New York (5th), Mumbai (6th), Moscow (7th) and Paris (8th). Nariman Point lost one position as rental values remained the same in the previous year. "Contrary to the growth story in the rest of Asia including other micro-markets of the city, Mumbai's CBD maintained a stable occupancy cost of Rs 300 per sq ft a month over 2010, with no new supply in the micromarket and limited demand for office space," it said.

Asia, which recorded the largest rental declines in 2009, bounced back in value terms in 2010. Bangalore CBD and Pune CBD were ranked 8th and 10th respectively as the top 10 locations in terms of percentage increase in rental values in the continent.

Arvind Nandan, executive director, Cushman & Wakefield, India said, "Asian markets including India have been recovering and growing at a much faster rate than their European or North American counterparts." He added Pune, for instance, saw a particularly significant growth in values. "Pune saw renewed interest from a variety of sectors due to a multitude of reasons, including proximity to Mumbai, favourable rental values and superior human resource catchments. Bangalore continues to grow at a steady pace with demand remaining high in the city," he said.

Barrie David of the Cushman & Wakefield Research Group said, "Tokyo and Hong Kong are now established as some of the most expensive office locations worldwide, highlighting the recent growth and development within an increasing number of Asian markets over the last few years. About 10-15 years ago, the most expensive cities were generally in Western Europe and North America."

Source: March 2nd 2011, Magicbricks.com