Mumbai
On the other hand, rents and other real estate cost indicators were mostly stable for Nariman Point during the review period. However, a drop in ranking is due to a relative improvement in the ranking of other global markets.
London's West End topped the 'most expensive' list, with overall prime occupancy costs of $273 per sq ft per year. Hong Kong (Central) followed, with prime occupancy costs of $269 per sq ft per year, Beijing (Finance Street) at $191 per sq ft per year, Beijing (CBD) at $183 per sq ft per year, and Hong Kong (West Kowloon) at $162 per sq ft per year, rounded out the top five. Asia Pacific was home to seven of the top 10 most expensive markets globally.
Hong Kong (Central) remained the only market in the world, other than London's West End, with a prime occupancy cost exceeding $200 per sq ft per annum. "But there is evidence that overseas financial services companies are resistant to continued high costs and may be seeking alternatives to a Hong Kong location," it said.
The city's Bandra-Kurla Complex (BKC) is the 18th most expensive office enclave in the world, according to CBRE Research's semi-annual Global Prime Office Occupancy Costs survey released on December 17. This is a drop of three spots from the last survey in June.
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BKC commands a rate of $94 (approx Rs 6,250 per sq ft per annum). Mumbai's Nariman Point also witnessed a marginal drop of two places to 32 in the rankings at about $72 psf per annum (Rs 4,789).
Delhi's Connaught Place continued to figure in the top 10 global list of "most expensive" office markets at sixth position. The latest survey provides data on office rents and occupancy costs as of September 30, 2015.
The CBRE report rated London's West End as the world's highest-priced office market for the second straight year. Hong Kong and Beijing took four of the top five slots in the rankings, with Hong Kong's Central, Beijing's Finance Street and Central Business District (CBD), and Hong Kong's West Kowloon, rounding out the top four.
Anshuman Magazine, CMD, CBRE South Asia, said, "The survey also reflects the continually changing dynamics across other markets around the globe which impacts our office market rankings. The drop in ranking for Mumbai's BKC is due to a marginal decline reported in other cost components even as overall rents have mostly remained stable."
BKC commands a rate of $94 (approx Rs 6,250 per sq ft per annum). Mumbai's Nariman Point also witnessed a marginal drop of two places to 32 in the rankings at about $72 psf per annum (Rs 4,789).
Delhi's Connaught Place continued to figure in the top 10 global list of "most expensive" office markets at sixth position. The latest survey provides data on office rents and occupancy costs as of September 30, 2015.
The CBRE report rated London's West End as the world's highest-priced office market for the second straight year. Hong Kong and Beijing took four of the top five slots in the rankings, with Hong Kong's Central, Beijing's Finance Street and Central Business District (CBD), and Hong Kong's West Kowloon, rounding out the top four.
Anshuman Magazine, CMD, CBRE South Asia, said, "The survey also reflects the continually changing dynamics across other markets around the globe which impacts our office market rankings. The drop in ranking for Mumbai's BKC is due to a marginal decline reported in other cost components even as overall rents have mostly remained stable."
On the other hand, rents and other real estate cost indicators were mostly stable for Nariman Point during the review period. However, a drop in ranking is due to a relative improvement in the ranking of other global markets.
London's West End topped the 'most expensive' list, with overall prime occupancy costs of $273 per sq ft per year. Hong Kong (Central) followed, with prime occupancy costs of $269 per sq ft per year, Beijing (Finance Street) at $191 per sq ft per year, Beijing (CBD) at $183 per sq ft per year, and Hong Kong (West Kowloon) at $162 per sq ft per year, rounded out the top five. Asia Pacific was home to seven of the top 10 most expensive markets globally.
Hong Kong (Central) remained the only market in the world, other than London's West End, with a prime occupancy cost exceeding $200 per sq ft per annum. "But there is evidence that overseas financial services companies are resistant to continued high costs and may be seeking alternatives to a Hong Kong location," it said.
Source - TOI
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