Mumbai has slipped to the fourth position from the second slot in February though rentals are at an high of $210.97.
The rentals in Mumbai are higher than cities like Paris, Dubai and Singapore.
"The drop is not due to rentals in Mumbai falling, but because of a significant increase in rentals in London and Moscow," said Anshuman Magazine, chairman and managing director, CB Richard Ellis, South Asia.
The demand for office spaces continue to be high in the Indian metro cities.
Image: Mumbai's skyscrapers | Photograph: AFP/Getty Images
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