Office rents in India saw the largest growth in the world, according to a report from CB Richard Ellis, this morning.
CBRE’s semi-annual Global Market Rents survey says that while the top 10 most expensive countries have not changed in the last six months, Mumbai’s Nariman Point commands the second most expensive office rents in the world, up from fifth place. Rents achieved at Nariman Point were $189.51/ sq ft/ year (£92.77/ sq ft).
West End most expensive
The report says London’s West End continues to be the most expensive location at £161/ sq ft and London’s City is the third most expensive at £88.50/ sq ft. Moscow came fourth at £88.49/ sq ft and Tokyo’s Inner Central and Outer Central came fifth and sixth with rents of £87.43/ sq ft and £75.66/ sq ft respectively.
The report examined 171 office markets, of which 85% saw rents rise in the 12 months to September 30. The fastest growing rise came in Singapore, which was also the 11th most expensive place to lease an office.