Mumbai slipped by one place to sixth in the list of the world's most expensive office locations in 2011, according to global realty consultant Cushman & Wakefield.
The 2011 list was topped by Hong Kong, while London and Tokyo came second and third in the rankings, which valued Mumbai's
office occupancy cost at $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 also 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.
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