Mumbai has been ranked the 15th most expensive city in the world for office rentals while Delhi ranks 32nd, according to the latest global survey by real estate consulting firm CB Richard Ellis.

While Mumbai moved up two ranks from the last quarter ranking of 17, Delhi moved up six positions from 38 in CBRE's global market survey of office occupation costs in 158 cities. 

London's West End is the most expensive office location in the world followed by London (city) and Tokyo (inner central), it said.

"The real estate market in India is looking up and is on track to achieve the expected space take-up of 20 million sq ft by 2004-end," Anshuman Magazine, managing director of CBRE in South Asia, said on Monday.

The occupation cost stands at $56.83 per square ft per annum in Mumbai and $40.62 dollar in Delhi, the release said.

Technically, occupation cost represents rent plus local taxes and service charge. The highest occupation cost was recorded at $177.39 in London's West End followed by London (city) at $119.39 and Tokyo (inner central) at $116.23.

The most expensive US location now is midtown Manhattan, which ranks 20th at $52.04 per sq ft per annum.