Learn more by clicking our most recent Mumbai MarketBeat reports on the various sectors below.
Mumbai MarketBeat Reports
21/10/2024
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.
CURRENT MARKETBEATS
Mumbai Office Report
Mumbai office market saw gross leasing volume (GLV) of 5.25 MSF, a 10% rise from Q2-24, driven by fresh leases, comprising 63% share followed by renewals (34%). IT-BPM led with 23% share, followed by BFSI (21%) and professional services (13%). Q3 GLV was concentrated in Malad-Goregaon (23%), Powai (20%), and Lower Parel (13%). Net absorption stood at 2.64 MSF, a 54% q-o-q rise. Vacancy rate of 15.8%. was recorded in Q3. City-wide market rentals rose by 8-10% over the year.
Mumbai Retail Report
Mumbai malls saw leasing volumes of 0.16 MSF in Q3-24, a 23% q-o-q and 76% y-o-y growth. Prominent malls in suburban areas contributed ~64% of leasing activity. City-wide mall vacancy dropped to 7.06%. Superior malls maintained tight vacancies of 1-3%. Fashion segment led with 37% share, followed by furniture & furnishing sector (25%). International brands comprised 51% of Q3 mall leasing. Main street leasing stood at 0.06 MSF, led by furniture & furnishing (25%), followed by accessories & lifestyle (17%) and F&B (15%). Rentals in main streets grew by of 5-7% and in malls by 1-4% y-o-y.
Mumbai Residential Report
In Q3-24, Mumbai residential market recorded 18,313 unit launches, a 5% q-o-q increase. Navi Mumbai led with 20% share followed by the eastern suburbs (19%) and the western suburbs (19%). Mid segment dominated new launches, comprising a 47% share. Among mid-segment launches, Thane was most preferred with a 35% share, followed by Navi Mumbai (24%) and the western suburbs (22%). City-wide average rental values have remained range-bound while capital values grew 12% y-o-y.
Mumbai Industrial Report
Mumbai’s warehousing sector saw leasing activity of ~2.87 MSF in H1 2024. Bhiwandi submarket dominated with 98% share. 3PL led with more than 65% of deals, followed by retail (17% share). Large scale deals in Bhiwandi submarket comprised ~ 46% of deals. Industrial sector saw leasing activity of 0.13 MSF. Warehousing rentals in JNPT road, Panvel and Khopoli witnessed steady growth. The land value in Panvel, Taloja and Uran submarkets saw stellar annual growth driven by infrastructure upgrades. Land values in Thane Belapur Road continued to witness an uptrend.
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