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Office space sees major correction

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According to the sources saying @ the www.propertykhazana.com, Mumbai’s Nariman Point has come down to 5th place for about USD 180 per Sq.ft per annum, London’s West End for about USD 250 and Moscow for about USD 240, these two stays as the world’s most costlier office markets. Mumbai was 2nd in 2007, but dropped to 4th place in 2008 and New Delhi’s CBD was in 8th place and came down to 13th place by drop of about USD 123.
Chairman and MD of Anshuman Magazine said to www.propertykhazana.com that, “India’s commercial market reduction is pondering of the global economic drop as most of the tenants of quality commercial space are multinational conglomerates. Commercial supply has also witnessed a large hike from last couple of years. Even though, Mumbai and New Delhi carried on to be in top 15th world’s expensive commercial markets.” CBRE’s global chief economist also said that, “Our present ideas are largely impacted by the recent economic depression and we likely won’t remember how quickly rents and tenancy costs rose.” For more and latest realty updates follow www.propertykhazana.com.
Source: NBTVLIVE

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