office locations in the world for the first time in six years,
slipping to the 15th position in the new list compiled by global
realty consultant Cushman & Wakefield.
"Mumbai's Nariman Point drops to 15th most-expensive central business
district (CBD) office location from its previous 8th position... This
is also the first time in over six years that Mumbai fell out of the
top 10 rent rankings," Cushman & Wakefield (C&W) said in a statement.
As of December 2011, the occupancy cost in Mumbai's CBD stood at USD
73.3 per sq ft, registering a decline of 8 per cent it added.
"The decline of Mumbai's CBD rentals is reflective of two very
important aspects - firstly, that other micro markets across Mumbai
are witnessing a growth vis-a-vis the CBD.
"Secondly, that there is a certain amount of rationalisation in
rentals in locations that had seen unprecedented rise in peak periods
of 2007-08," C&W Executive Director Ravi Ahuja said.
Read more at: http://www.ndtv.com/article/cities/mumbai-exits-world-s-10-most-expensive-cities-for-office-space-178374
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