Mumbai: Industrial property rentals in Mumbai almost doubled last year, recording the fastest pace of growth in the world, a report published by property firm Cushman and Wakefield said.
Annual industrial rents in India's financial capital surged to $127 (nearly 80 euros) a square metre aided by a steady flow of investments into the property sector, Cushman said in its industrial space across the world report.
Istanbul was second with 60 per cent growth while the Colombian capital Bogota ranked third.
"One of the key trends in the industrial market remains the movement of manufacturing operations to cheaper locations such as India, China, South America and central and eastern Europe," the report said.
Global average rents rose by more than 6 per cent, outpacing the 4.5 per cent increase in 2006, with Asia showing the biggest gains, boosted by economic growth in India and China, it said.
London's Heathrow district was the world's most expensive industrial location, with average annual rents of 211 euros per square metre, followed by Hammersmith and Gatwick, both in the UK, Cushman said.
Dublin, the world's most expensive city outside the UK was fourth with an occupancy cost of 159.5 euros per square metre.
Tokyo and Sydney were Asia's most expensive cities for industrial space, were at fifth and seventh places respectively on the global list.