Nariman Point in Mumbai area is the fifth most expensive office location in the world with an average annual rental of $107-per sq ft, according to survey conducted by Cushman & Wakefield realty services firm.

This business area in the financial capital scored over the Russian capital Moscow to gain the one point and is preceded by Tokyo, London West End, Hong Kong and Dubai in the survey conducted in 123 key locations in 63 countries across the world.

Cushman & Wakefield, however, said the rental rates in the heart of India’s financial capital has dipped by around 20 per cent in 2009 compared with the year-ago period.

Tokyo CBD is the most expensive office location in the world with an average annual rental rate of USD 190 per sq ft.

In the Asia Pacific region, India retained its last year’s position in the top ten capturing three slots – Mumbai CBD, Mumbai Worli and New Delhi CBD at third, fourth and fifth position respectively.

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