Mumbai, India's business capital, has been ranked as the fourth most expensive market in terms of office space rentals in the world by global real estate consultant CB Richard Ellis. New Delhi is placed at the 11th spot in the list, which is topped by London (West End), according to CBRE's semi-annual Global Office Rents survey.

"While the rankings of Mumbai and Delhi have not changed globally since May this year, what is notable is that rentals of prime office space have risen... as across most of the markets in the world," CB Richard Ellis (South Asia) Chairman and Managing Director Anshuman Magazine said.

Other places in the top five are Hong Kong (Central CBD) at the second spot followed by Tokyo (Inner Central). At the fifth position is Moscow. The rankings are based on occupancy costs for prime office space in 175 cities worldwide. Occupancy costs represent rent, local taxes and service charges.

As per the survey, Mumbai has an occupancy cost per square feet per annum of $130.41 while that of New Delhi is $101.21. The report noted that global rents have started to stabilise and so far, have seen a fall of 1.3 per cent from a year ago.