Delhi has again joined the list of 10 cities worldwide that command the highest rentals for
office space, says a report released Tuesday by global realty consultancy CB Richard Ellis.
World's Most Expensive Homes
Countries billionaires could buy
Mumbai dropped one place to the seventh position, the report titled 'The Semi-Annual Global
Office Rents' added.
'While Mumbai continues to remain in the top 10, Delhi has re-joined the top 10 ranking of
most expensive office markets after two years,' said Anshuman Magazine, chairman and
managing director, CB Richard Ellis South Asia.
'Although the rentals in the Delhi central business district have remained stable for the
past six months, it has moved up to the 10th position primarily due to other global cities
declining significantly in office rentals,' Magazine said.
Delhi moved up from 12th to 10th position, while London reclaimed its position as the
world's most expensive office market.
Tokyo's Inner Central, which was at the top spot in May slipped to the second place,
followed by that city's Outer Central market.
Hong Kong's central business district and Moscow are fourth and fifth respectively, said CB
Richard Ellis, which tracks office occupancy costs in about 180 cities around the globe.
'From the third quarter of 2009 onwards, we have seen corporates coming back into the market
and office space take-up has improved,' Magazine said.
'To reduce office occupancy costs further and facilitate more supply of office space, we
need to urgently improve our infrastructure and amenities. This would bring our world
rankings down further and make India more competitive,' he added.
The year-on-year change in prime office occupancy costs of the cities monitored reveal an
average drop of 7.7 percent worldwide over the 12-month period ending Sep 30, 2009.
Kiev led with the largest year-over-year decrease in office occupancy costs, falling 64.6
percent from year-ago levels.
'While there are signs that commercial real estate values are stabilising in some markets in
Asia and parts of London, underlying property fundamentals are still weak,' said CB Richard
Ellis global chief economist Raymond Torto.
Forty-one markets experienced positive growth, with Aberdeen and Rio de Janeiro growing more
than 10 percent.
For the Asia Pacific region, Singapore experienced the largest decreases (53.4
percent)followed by Ho Chi Minh City (45.4 percent) and as well Hong Kong (over 30 percent)
in the past year.
office space, says a report released Tuesday by global realty consultancy CB Richard Ellis.
World's Most Expensive Homes
Countries billionaires could buy
Mumbai dropped one place to the seventh position, the report titled 'The Semi-Annual Global
Office Rents' added.
'While Mumbai continues to remain in the top 10, Delhi has re-joined the top 10 ranking of
most expensive office markets after two years,' said Anshuman Magazine, chairman and
managing director, CB Richard Ellis South Asia.
'Although the rentals in the Delhi central business district have remained stable for the
past six months, it has moved up to the 10th position primarily due to other global cities
declining significantly in office rentals,' Magazine said.
Delhi moved up from 12th to 10th position, while London reclaimed its position as the
world's most expensive office market.
Tokyo's Inner Central, which was at the top spot in May slipped to the second place,
followed by that city's Outer Central market.
Hong Kong's central business district and Moscow are fourth and fifth respectively, said CB
Richard Ellis, which tracks office occupancy costs in about 180 cities around the globe.
'From the third quarter of 2009 onwards, we have seen corporates coming back into the market
and office space take-up has improved,' Magazine said.
'To reduce office occupancy costs further and facilitate more supply of office space, we
need to urgently improve our infrastructure and amenities. This would bring our world
rankings down further and make India more competitive,' he added.
The year-on-year change in prime office occupancy costs of the cities monitored reveal an
average drop of 7.7 percent worldwide over the 12-month period ending Sep 30, 2009.
Kiev led with the largest year-over-year decrease in office occupancy costs, falling 64.6
percent from year-ago levels.
'While there are signs that commercial real estate values are stabilising in some markets in
Asia and parts of London, underlying property fundamentals are still weak,' said CB Richard
Ellis global chief economist Raymond Torto.
Forty-one markets experienced positive growth, with Aberdeen and Rio de Janeiro growing more
than 10 percent.
For the Asia Pacific region, Singapore experienced the largest decreases (53.4
percent)followed by Ho Chi Minh City (45.4 percent) and as well Hong Kong (over 30 percent)
in the past year.
0 comments:
Post a Comment