Mumbai, Nov 21 (UNI) Mumbai is the second most expensive market in the world for high quality office space, while London retains the top spot in terms of average annual office rentals, stated a latest survey by C B Richard Ellis.
According to the listing of the world's top commercial property markets, Mumbai ranks third in terms of the growth in average annual office rentals, following Singapore and Moscow.
Singapore's rentals grew the fastest, at 82.6 per cent in the year ended September 30, followed by Moscow 65.4 per cent. Mumbai's rents rose 55 per cent in the year ended September 30.
Rents in the oil hub of Edmonton, Canada, rose 43 per cent, the ninth-fastest worldwide. Edmonton did not rank in the top 50 markets for rental prices.
The survey says that 85 percent of the 171 cities featured in the study saw rental increases in the year ended September 30. This bodes well for investment returns, according to C B Richard Ellis.