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Mumbai office space world's 5th most expensive
Mumbai is more expensive than New York, Moscow, Paris and Milan in terms of office space according to a new report from Cushman & Wakefield
Fancy converting a neo gothic style apartment in Colaba into your design studio? Act earlier not later this year.According to a new report issued by global property consultants Cushman & Wakefield, office market rents decreased by 16 percent in the Asia Pacific region last year. In Mumbai Worli was worst hit.
But India's financial capital is still costlier than New York, Moscow, Paris and Milan when it comes to having a fancy Mumbai office address in say, Nariman Point or Worli.
Regionally though, occupiers are still better off per square foot in Mumbai than if their business were headquartered in Tokyo or Hong Kong. But despite rental prices coming down 20 percent in 2009, this year demand is expected to be "buoyant."
Which is a nice way of advising you to lock your space down before the IT sector starts gathering steam, which Constructionweekonline.in predicts they will by the end of the year. The rate at which the technies buy is key in understanding the Indian office market.
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