Delhi is world's 10th costliest city for businesses

NEW DELHI: The national Capital Delhi has moved two notches up and has re-entered the top 10 list of the world's most expensive office market,

while the financial capital Mumbai has slipped one notch down, even as globally demand for

has been softening, says a report.

The Capital has moved up to the 10th slot, from the 12th position it held six months ago, whereas Mumbai dropped from the 6th slot to the 7th, says the semi-annual survey 'Global

Rents', by real estate consultancy CB Richard Ellis.

While Mumbai commanded a rent of $121.11 per square feet, Delhi was lower at $ 88.92 per square feet as on September 30, 2009, says the report released today.

"While Mumbai continues to remain in the top 10 list, Delhi has re-joined the top 10 rankings of the most expensive office markets globally," the CB Richard Ellis Chairman and Managing

for South Asia, Anshuman Magazine, said.

"Although the rentals in the Delhi CBD (central business district) have remained stable for the past six months, it has moved up to the 10th position primarily because other global cities saw a significant decline in office rentals," he added.

According to the survey, markets worldwide are experiencing declines in prime office occupancy costs.

The year-on-year change in the prime office occupancy costs of the 179 markets monitored, reveals an average drop of 7.7 per cent worldwide over the past 12 months ending September 30, 2009.