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Mumbai 6th most expensive office location

Last updated on: February 24, 2011 09:24 IST

Mumbai 6th most expensive office location

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Mumbai slipped by one place to sixth in the list of the world's most expensive office locations in 2011, according to global realty consultant Cushman & Wakefield.

Key office markets around the world have seen sharp increases in rents, according to Cushman & Wakefield's Office Space Across the World 2011 report.

After recording the largest rental declines in 2009, Asia saw a sharp bounce-back in values in 2010 with rents in Hong Kong rising by 51 per cent.

There was a huge rental boost in Brazil, reflecting the fast recovery of its economy. Rio de Janeiro knocked New York off the top spot in the Americas -- the first South American location to do so.

"Apart from being overtaken by Rio de Janeiro, Mumbai central business district lost one position on the global ranking also because of the fact that it has not seen any
change in the rental values over the previous year," the consultant said.

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Rank 1: Hong Kong
Occupancy Cost: $241/square foot/year

Hong Kong has been described as the world's greatest experiment in laissez-faire capitalism.

It maintains a highly developed capitalist economy, ranked the freest in the world by the Index of Economic Freedom for 15 consecutive years.

It is a major centre for international finance and trade.

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Image: Hong Kong.

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Rank 2: London West End
Occupancy Cost: $233/square foot/year

The West End of London (more commonly referred to as simply The West End) is an area of central London, containing many of the city's major tourist attractions, businesses, headquarters and the commercial West End theatres.

In London, rents were up by 27 per cent in the West End and 25 per cent in the City, the highest annual rises in Europe in 2010.

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Image: London West End.

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Rank 3: Tokyo
Occupancy Cost: $166/square foot/year

Tokyo was described by Saskia Sassen as one of the three 'command centres' for the world economy, along with New York City and London.

This city is considered an alpha+ world city, listed by the GaWC's 2008 inventory and ranked third among global cities by Foreign Policy's 2010 Global Cities Index.

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Image: Tokyo.

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Rank 4: Rio de Janeiro
Occupancy Cost: $120/square foot/year

There was a huge rental boost in Brazil, reflecting the fast recovery of its economy.

Rio de Janeiro knocked New York off the top spot in the Americas -- the first South American location to do so.

Rio de Janeiro has the second largest gross domestic product among all cities in Brazil.

With newer employment and business opportunities rising in Rio, the city has been growing at a breakneck pace.

Brazil is the largest national economy in Latin America, the world's 10th largest economy at market exchange rates and the ninth largest in purchasing power parity, according to the International Monetary Fund and the World Bank.

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Image: A carnival participant in Rio de Janerio.
Photographs: Reuters
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Rank 5: New York Midtown
Occupancy Cost: $115/square foot/year

New York Midtown is an area of Manhattan, New York City and is home to world-famous commercial zones such as Rockefeller Center, Broadway, and Times Square. Midtown Manhattan is home to the city's tallest and most famous buildings such as the Empire State Building and Chrysler Building.

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Image: Times Square.

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Rank 6: Mumbai
Occupancy Cost: $114/square foot/year

Along with the neighbouring urban areas, including the cities of Navi Mumbai and Thane, Mumbai is one of the most populous urban regions in the world.

Mumbai was named an Alpha world city.

Mumbai is also the richest city in India and has the highest GDP of any city in South, West or Central Asia.

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Image: The Taj Mahal Hotel in Mumbai.
Photographs: Reuters
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Rank 7: Moscow Central Business District
Occupancy Cost: $108/square foot/year

A global city, Moscow is the most populous city on the continent of Europe and the seventh largest city proper in the world.

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Image: MI-24 military helicopters fly over the Moscow city.
Photographs: Igor Rudenko/Reuters
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Rank 8: Paris
Occupancy Cost: $104/square foot/year

In 2009 and 2010 Paris was ranked among the three most important and influential cities in the world, among the first three 'European cities of the future' -- according to research published by the Financial Times --  and among the top ten cities in the world in which to live according to the British review Monocle (June 2010).

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Image: Eiffel Tower, Paris.

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Rank 9: Zurich
Occupancy Cost: $98/square foot/year

Zurich is the largest city in Switzerland. The Zurich metropolitan area is an urbanised area of international importance constituted by a population of nearly 2 million inhabitants. Zurich is a mixed hub for railways, roads, and air traffic.

Both Zurich Airport and railway station are the largest and busiest in the country.

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Image: Zurich.

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Rank 10: Milan
Occupancy Cost: $91/square foot/year

Milan is a city in Italy and the capital of the region of Lombardy and of the province of Milan.

The city proper has a population of about 1,315,000, while the urban area is the largest in Italy and the fifth largest in the European Union with a population of 4,345,000 over an area of 2,370 km2 (915 sq mi).

The Milan metropolitan area, by far the largest in Italy, is estimated by the OECD to have a population of 7,400,000.


Image: A hotel in Milan.

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