Mumbai Fourth Costliest City in Asia Pacific
Mumbai Asia’s 4th costliest place for office space in Oct-Dec 2010
Mumbai has become the fourth costliest city in Asia Pacific for renting a office in the last quarter of 2010. the average annual rentals of Mumbai during the quarter has been estimated at USD 705 per sq mt, the same has been found to be USD 503 per sq mt for Delhi. Bangalore was ranked 24th and Chennai at 26th with average annual rentals of USD 136 per sq mt and USD 124 per sq mt respectively. The report further said that with fundamentals of economic growth being very strong in the region, rentals are likely to strengthen in the coming period.
The top three costliest cities are Hong Kong , Tokyo and Singapore where average annual rents at the most expensive locations stood at USD 1,511, USD 752 and USD 747 per sq mt during the quarter. Mumbai has become the fourth costliest city in Asia Pacific for renting a office in the last quarter of 2010 with cost higher than even places like Shanghai, Seoul and Sydney, according to Jones Lang LaSalle. The global realty consultant Jones Lang LaSalle (JLL) said that India’s capital is also not far behind, occupying the 10th spot in the list of 26 cities across the region.
During the October-December quarter of 2010, rentals in Mumbai, Delhi and Bangalore increased by 3.2 per cent, 3.6 per cent and 5.6 per cent respectively over the previous three-month period. In another survey, the consultant said that Mumbai saw highest space utilization in the year in fourth quarter, indicating a robust demand. As on December 31, 2010, the total operational office spaces in Mumbai’s prime locations stood at 39.1 million sq ft (3.63 million sq mt), with an overall vacancy level of 11.5 per cent.
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