Delhi Is World's 7th Most-Expensive Office Site
National capital Delhi has emerged as the world's seventh most-expensive location for premium office rents, a recent survey said.
According to a study by global property advisor JLL, Delhi's rents are more expensive than San Francisco, Dubai and Washington DC. At the 16th position, financial capital Mumbai also scores higher than Los Angeles, Singapore and Paris.
The findings reveal that the most-expensive premium office rent in the world is in Hong Kong, followed by London, New York, Beijing, Tokyo, Shanghai, Delhi, San Francisco.
According to the study, Mumbai rentals are higher than cities such as 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 square foot (psf) per year, which is higher than the Americas ($85 psf per year) and the EMEA (Europe, the Middle East and Africa) region ($78 psf per year)," JLL India Chief Executive Officer and Country Head Ramesh Nair said.
According to the report, 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 per cent greater than either London or New York," Nair added.
With inputs from Housing News