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%.
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