Mumbai has Asia’s 4th costliest office space

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 global realty consultant Jones Lang LaSalle (JLL). According to JLL,Delhi occupies 10th spot in the list of 26 cities across the region.

The top three costliest cities are Hong Kong,Tokyo and Singapore,where average annual rents at the most expensive locations stood at $1,511,$752 and $747 per sq mt during the quarter. While the average annual rentals of Mumbai during the quarter has been estimated at $705 per sq mt,the same has been found to be $503 per sq mt for Delhi. Bangalore was ranked 24th and Chennai at 26th with average annual rentals of $136 per sq mt and $124 per sq mt respectively.

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 Mumbai saw highest space utilisation in the year in fourth quarter,indicating a robust demand.