Delhi World’s 7th Most Expensive Premium Office Location, Mumbai 16th
Delhi’s rents higher than San Francisco, Dubai & Washington DC; Mumbai higher than Los Angeles, Singapore & Paris
Ramesh Nair, CEO & Country Head, JLL India
Delhi figures among the world’s top-10 most expensive locations for premium office rents, according to JLL’s latest report, and Mumbai in the top-20. 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 and London.
Mumbai rentals 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 USD 111 per square foot per year, which is higher than the Americas (USD 85 psft per year) and EMEA (USD 78 psft per 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 percent greater than either London or New York.
At USD ~300 psft per year, total rents here 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.