Everyone is aware of the high property prices and high rental rates in Mumbai but a recent study has shown that Mumbai holds the 15th rank in the list of world’s prime office skyscrapers on rent. The study was conducted by the Global Real Estate Consultants Company- Knight Frank.The study was conducted for office skyscrapers in 18 prime property markets throughout the world.
The study was based on different criteria including the trend of rental yields, the growth prospects, the number of new high rises built in the cities, etc. The rank one of the world’s highest rented office skyscrapers is bagged by Hong Kong. On an average, the city earns a rental yield of $250.50 per square feet annually. Though the city earns the highest rent yields, the report reflects a constrained CBD area and a low vacancy rate.
The other property market that is catching fast after Hong Kong is that of New York. The city witnessed a 20% increase in the rental yields. The value rose to $150 per square feet since July 2014, which is higher than the increase witnessed by the commercial property market of Hong Kong. The report suggests that London and New York are the fastest developing property markets and are outperforming the Asian urban cities like Tokyo and Hong Kong. In the year 2009, the number of buildings with heights over 1000 feet was only 19 and now we have 79 such structures, most of them being in UAE and Tokyo.