According to a JLL report, statistics rate New Delhi among the 10 most expensive office spaces in the world, whereas Mumbai hovers in the top 20 ranking cities. On the rentals side, offices in New Delhi charge the 7th highest rent in the world, whereas Mumbai is positioned 16th on the same scale.
The report also unveils the fact that Hong Kong is the world leader in terms of the highest exclusive office rent space. London comes next followed by New York, Beijing, Tokyo, Shanghai, Delhi and San Francisco.
Offices in India’s Commercial Capital, Mumbai command rental figures that surpass cities such as Los Angeles, Singapore, Paris, Seoul, Sydney, Frankfurt, Chicago and Toronto. Considering the area factor, cities spread across the Asia-Pacific are the regions that are ruled by the world’s highest-priced premium office estates that average at $111 per sq ft annually. This is ahead of America’s $85 per sq ft annually and Europe’s, the Middle East’s and Africa’s $78 per sq ft annually.
In the words of Ramesh Nair, CEO & Country Head, JLL – India, “Hong Kong’s Central continues to be the world’s most expensive office sub-market globally. Most striking is the differential that has emerged between Hong Kong and the next most expensive cities, with costs for premium office space now in excess of 50% greater than either London or New York”.
At close to $300 per sq ft per year, the gross rentals in Hong Kong push back corporate dwellers close at hand to 70 per cent over and above for buildings in the same class in either New York’s Midtown or London’s West End. On one hand, the Asian top-10 bracket houses six sub-markets from the continent; on the other hand, fact that they are economically divergent makes them the most strategically priced premium office domains in the world. In contrast, Kuala Lumpur, Manila and Bangkok offer office spaces at the most reasonable prices, as mentioned in the report.