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Mumbai Drops Off From Top 10 Most Expensive Office Spaces Worldwide

Declining rentals are affecting the Mumbai real estate to a large extent. Recently, Mumbai’s central business district, Nariman Point has fallen off from being the top 8th to top 15th position on the list of the top rent rankings globally, Office Space Across the World 2012 by Cushman & Wakefield.

The decline is due to the fall of rentals by approximately 8% in 2011. This could be due to decreasing interest in customers and due to high prices, low quality and increasing age of construction along with more distance from residential hubs.This happened to Nariman Point for the first time in 6 years while other micro markets like BKC and Lower Parel registered a notable rise.

However as opposing to Nariman Point, places like Bandra-Kurla Complex (BKC), Worli, Lower Parel and Andheri-Kurla Road have seen significant growth of real estate market as they offer occupiers larger floor plates, better construction quality and are closer to where the working population lives.

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