Indian metros are coming down from their positions as the most expensive office markets in the world as the global economic downturn takes the sheen off property markets in the country and abroad.
Mumbai, the country’s commercial capital, has dropped to the fifth position as the most expensive office market from its previous fourth position, while, New Delhi has dropped to the 13th position from seventh, according to property consultancy CB Richard Ellis’s semi-annual Global MarketView/Office Occupancy Costs survey.
London’s West End and Moscow have found themselves at the top of the list.
“The slowdown in India’s office markets is reflective of the global economic slowdown as a majority of occupants of quality space are multinational companies. Office supply too has seen a substantial increase in the past few years. However, in spite of this, Mumbai and New Delhi continue to be in the top 15 of the world’s most expensive office markets,” said Anshuman Magazine, chairman and managing director of CB Richard Ellis, South Asia.