Moving up by one position this year, Mumbai has become the world’s fifth most expensive office space location, according to a report by Cushman & Wakefield. Mumbai’s Nariman Point’s has a per sq ft rate of $107 surpassing those of New York Midtown, Moscow and Paris CBDs (commercial Bussiness districts). These are the findings of.

A report released by Cushman & Wakefield comparing office occupancy costs in 132 key locations in 63 countries around the world. Tokyo which has a takes the top slot has a per sq ft rate of $190 followed by London West End, Hong Kong CBD and Dubai CBD. Besides Nariman Point, Worli in Mumbai and the New Delhi CBD also figure in the top ten expensive locations in Asia.

“Most micro-markets across India started to record stable rentals indicating a gradual revival in demand. This trend is likely to remain constant in 2010, where we expect rental values to remain stable with a strengthening bias across established markets. Locations with a surfeit of IT/ITeS development may however, experience further softening of rentals in early 2010, albeit at a much lower rate than before,” said Arvind Nandan, Executive Director, Occupier Services at Cushman & Wakefield India.