Top Ad 728x90

Friday, February 24, 2012

Top 10 most expensive office markets: No Indian city

According to an annual report by property advisory Cushman &  Wakefield (C & W ), No Indian city figures among the top ten most expensive office space markets for the first time in 6 years. The listing is based on rental rankings.

Mumbai's Nariman Point is the 15th most expensive CBD (Central Business District) office location on the list, dropping 7 spots from its 8 position in the 2011 rankings.
Mr. Ravi Ahuja, Executive director, Cushman and Wakefield, India
said, ''Office rentals in Nariman Point declined by nearly  8% in 2011 owing to higher prices and other factors a trend visible in recent years. The decline of rentals at Nar iman Point follows the strong growth of other micro markets in Mumbai in relation to the CBD and a correction in rentals in prime locations that saw an unprecedented rise in 2007-08"

Highlights of C & W Report .!

^ The Hong Kong retained its top spot followed by London and Tokyo, and Beijing and Sydney entered the top Ten.

^ Asia Pacific recorded the highest regional prime office rental increases in 2011, with rentals across the region rising by an average of 8%. Beijing recorded the highest jump at nearly 75%.

^ Relatively newer office space hubs in Mumbai's suburbs such as the Bandra Kurla Complex (BKC) have seen rentals rising sharply. Rentals at BKC rose to about  Rs. 275 a square feet in December, 2011 from about Rs. 260 a square feet a year earlier, whereas in Nariman Point, office rents fell to Rs. 275 a square feet from Rs. 300 a square feet in the same period, placing both areas in the same bracket.

^ Among other Indian cities, Kolkata saw the sharpest rise in rentals at 24 to 28%, followed by suburban Hyderabad's 18.8% rise. The New Delhi- NCR (National Capital Region) saw only a marginal increase in office rentals. Demand for office space in the region was largely skewed toward information technology SEZs (special economic zones), where rentals rose by nearly  4%.


Popular Posts Last ONE Week

Top Ad 728x90