Mumbai: Despite the global meltdown,office rentals all over the world are expected to hold firm or increase in 2010,according to global property consultancy firm Knight Franks annual projection for the year.Tokyo continued to command the highest office rents in the world during 2009. Although Mumbai does not figure in the top ten global office rentals,its rentals are sometimes twice those of Manhattan.For instance if space opposite the Grand Central Station in Manhattan is in the vicinity of $3 to $4 (Rs 138 to Rs 184) a square foot a month,some of the commercial space in the Bandra-Kurla Complex command as much as $7 (Rs 322) a square foot every month,according to Knight Frank.Prices in the central business district of Nariman Point are also in the same range. According to the Knight Frank survey,despite substantial rental falls during 2009,eight of last years top 10 still remained there.These are London (West End) at the second spot,Paris (3),Moscow (4),St Petersburg (5),Abu Dhabi (6),Dubai (7),Singapore (8) and Hong Kong (9) Londons City Market (10).St Petersburg and Londons City Market returned to the top 10,moving up from their 2008 positions of 13 and 12 respectively. Joe Simpson,head of commercial international research,Knight Frank,said,A quarter of the cities surveyed are expected to see a fall in rents in 2010,but in most cases the degree by which rents will decrease will be marginal in comparison to the negative movement seen in 2009.The remaining 75% will,at worst,see rents holding firm with approximately half expected to show positive rental growth in the year ahead. Londons West End witnessed falls of more than 20% in Euro terms and Hong Kong,Dubai and St Petersburg saw rental falls in excess of 30%;Singapore saw rents more than halve in 2009. Source:http://lite.epaper.timesofindia.com/getpage.aspx?edlabel=TOIM&pubLabel=TOI&pageid=3&mydateHid=23-02-2010 Filed under: Mumbai , Serviced apartments/offices Tagged: Knight Frank , Mumbai , Office Rentals
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