New Delhi figures among the world’s top-10 most expensive locations for premium office rents, while India’s commercial capital Mumbai ranks in the top 20, showed a JLL report. Rents for offices New Delhi are 7th most expensive globally, while Mumbai ranks at 16th spot.
According to the report, the most expensive premium office rent in the world are in Hong Kong, followed by London, New York, Beijing, Tokyo, Shanghai, Delhi, San Francisco and London.
Rentals for offices in Mumbai are higher than cities like Los Angeles, Singapore, Paris, Seoul, Sydney, Frankfurt, Chicago and Toronto. Regionally, cities across Asia-Pacific are home to the world’s most expensive premium office space at an average of $ 111 per sq ft per year, which is higher than the Americas $ 85 per sq ft a year and Europe, the Middle East and Africa $78 per sq ft a year.
“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,” said Ramesh Nair, CEO & Country Head, JLL India.
At nearly $300 per sq ft annually, total rents in Hong Kong set corporate occupiers back by close to 70% more than for comparable buildings in either New York’s Midtown or London’s West End. While six sub-markets from Asia figure in the top-10, economic diversity also means that it offers some of the world’s most competitively priced premium space, with Kuala Lumpur, Manila and Bangkok comprising the top three most affordable premium office locations globally, the report showed.