New Delhi: Mumbai, a city of dreams, is at sixth position in the list of the world's most expensive office locations in 2011, according to global realty consultant Cushman & Wakefield.

The list was topped by Hong Kong while London and Tokyo came second and third in the rankings. It valued Mumbai's office occupancy cost at USD 114 per square foot a year. India's financial capital occupied the fifth position in 2010, Cushman & Wakefield (C&W) said.

"Apart from being overtaken by Rio de Janeiro, Mumbai CBD (Central Business District) lost one position on the global ranking because of the fact that it has not seen any change in the rental values over the previous year," the consultant said.

As per C&W's estimates, the Brazilian city moved up to fifth position from 13th in 2010 as rental values rose very sharply. The average rental for an office in Rio de Janeiro has been estimated at USD 120 per square foot a year.

New York, which was a place below Mumbai in the 2010 list, moved up by a single notch to fifth place this year.

Hong Kong topped the list of the world's 10-most expensive office locations this year with an average rental of USD 241 per sq foot every year. It jumped up two places in the list from third position last year.

The other cities that found place in the list are Moscow, Paris, Zurich and Milan, the survey said.

"Asian markets have been recovering and growing at a much faster rate than their European or North American counterparts, an aspect that is reflected in the Indian markets as well," C&W India Executive Director Arvind Nandan said.

 

(With Agency inputs)