Commercial space in India among world's priciest

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Mumbai with occupancy costs of $11,400 per annum per workstation ranks fourth in the Asia Pacific region while Delhi is at eighth place having an occupancy cost of $8,150, DTZ said in a release.

In the global rankings, both Mumbai and Delhi have risen, occupying 18th and 51st positions respectively (27th and 56th in 2006). London (west end), Hong Kong and Paris occupy top three positions globally.

In Asia, Hong Kong once again recorded the highest level of occupancy costs in Asia Pacific ($19,730 per workstation per annum). It was closely followed by Tokyo (Central 5 wards) and Seoul at second and third positions at $13,470 and $12,470 respectively.

"Mumbai and Delhi have risen through the global ranks and currently occupy 18th and 51st position respectively by virtue of the expanding Indian real estate market and the booming IT/ITES sector," DTZ said.

Other cities from India featuring on the global list of DTZ survey are Bangalore and Chennai at 117th and 123rd positions respectively.

"Chennai, Mumbai and New Delhi have experienced one of the largest increase in occupancy cost in Asia Pacific in 2007 survey with year-on-year growth of 37 percent, 34 percent and 23 percent respectively," DTZ India managing director Ankur Srivastava said.

Interestingly, according to a recent survey from property consultant CB Richard Ellis (CBRE), New Delhi's Connaught Place and Mumbai's premier business district Nariman Point are among the top ten most expensive office locations in the world.

According to the CBRE survey, Mumbai is at fifth place in the world's most expensive cities with an occupation cost of $138.41 per sq. ft. per annum while the national capital ranks seven with cost of $116.19.

According to the survey, the two most expensive office markets were both in London — West End at $241.22 per sq ft per annum and City of London at $165.72. The next two were in Tokyo, Inner Central at $162.09 and Outer Five Wards at $143.52.

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