Mumbai's Soaring Office Rents

India is the second-fastest-growing major economy in the world. India Merrill Lynch's top revenue earner in Asian emerging markets with $64 billion of merger-and-acquisition volumes. Mumbai is its prime city and financial capital, which is recently ranked as 10th among worldwide centers of commerce on "financial flow," ahead of Shanghai, Hong Kong, Sydney and Singapore, according to MasterCard, the credit card company.IHT reports that Mumbai's soaring office rents limit its ambition of becoming global financial center. At Sakhar Bhavan in Mariman Point, Mumbai's main business district, there is a huge supply cruch of quality office space and rents are sky-high - highest ever for India, double of Singapore or Dubai. Deutch Bank recently signed a $12 a month per square feet. This problem led planners to develop a brand new financial district with new iconin architecture. See this article in IHT.