Your city was named the world’s fourth most expensive office market in the world. According to a bi-annual report published by CB Richard Ellis, the international real estate consultants, on Thursday, Mumbai is the fourth most expensive city in the world after London (West End), Hong Kong and Tokyo.
Anshuman Magazine, chairman and managing director, CB Richard Ellis South Asia, said: “While Mumbai’s global rankings has not changed since May, what is notable is that the occupancy costs for prime office space has increased from $125.76 [approximately Rs 5,564] per sq ft (per annum) in May to $130.41 [approximately Rs 5,770] per sq ft (p a) in September.”
In Mumbai, commercial property has witnessed stagnancy when compared to residential real estate segment. While the residential segment in the city jumped as much as 50% in some areas, commercial property has seen a decline in some areas, say industry experts.
However, Mumbai’s commercial property is better placed when compared to other world cities, hence it has retained its number four position.
The report said that year-on-year change in office occupancy costs for 175 studied markets saw a drop of 1.3%.
As expected, cities from emerging markets topped the list. Asia pacific had 13 cities in the top 50 most expensive with three in the top five. Mumbai is third most expensive in the Asia Pacific region.