The fact that Mumbai and Delhi have witnessed the second and third fastest growth in real estate rentals across the world in 2006 should not come as a shock to anyone.
At 50.2% and 33.3%, respectively, they are next only to Me?ouyan Soreq in Israel, which has seen an 87.5% increase. According to Cushman & Wakefield?s annual report on Industrial Space across the World, two other Indian cities, Bangalore and Hyderabad, figure in the top 12 with rental jumps of 25% and 23.1%, respectively.
In terms of industrial rentals, according to the study, New Delhi has moved nine places to the 14th position, a jump which Sanjay Verma, Cushman & Wakefield, Executive MD (South Asia) attributes to the boom in the manufacturing sector.
?Manufacturing is undergoing a renaissance in India. As export volumes are rising rapidly, the sector is becoming increasingly attractive. This is backed by the availability of private capital, strong domestic demand and a large pool of skilled and unskilled labour. The central government is continuing with its legislative reforms and infrastructure improvements,? he says.
Further, the report states, space shortage has pushed up rents in Mumbai and New Delhi, which has led to the shifting of manufacturing and logistics activities to industrial parks outside the main cities. ?Meanwhile, international manufacturers in sectors such as automobile, bio-tech, pharmaceutical and telecoms are, particularly favouring the setting up of operations in the economically flourishing states of Gujarat, Maharashtra, Andhra Pradesh and Tamil Nadu,? adds Mr. Verma.
If, the report, compiled and based on a survey conducted by Cushman & Wakefield across 45-countries is to be believed, the area around London?s Heathrow airport retains the world?s most expensive industrial location tag, followed by Israel?s Me?ouyan Soreq district and Tokyo.
A spokesperson for the real estate consultancy explains how the report is put together: ?The main global ranking is compiled by taking the most expensive location in Euro terms in each of these 45 countries monitored.?
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