Learn more by clicking our most recent Mumbai MarketBeat reports on the various sectors below.
Mumbai MarketBeat Reports
30/09/2024
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 saw gross leasing volume (GLV) of 4.78 MSF, a 75% increase compared to Q2 2023, driven by fresh leases, constituting 59% share. Professional services and engineering & manufacturing segment led with 21% and 16% share respectively. Suburban markets drove majority of Q2-24 leasing activity. Net absorption stood at 1.72 MSF, 2.3x increase from Q2 2023. H1-2024 net absorption was recorded at 4.18 MSF in line with annual activity witnessed in last two years. City level vacancy witnessed an uptick to 17.64% in Q2. City level rentals saw a marginal uptick in q-o-q basis.
Mumbai Retail Report
Mumbai’s witnessed 132,900 SF of leasing in grade-A malls. Fashion segment dominated with 40% share. The F&B and FEC categories followed, with 18% and 17% shares. City-wide mall vacancy rate continued to witness a dip of 65 bps to 7.62%. Superior malls boast a vacancy rate of just 0.65%. About 1.2 MSF of supply is expected to be operational by end of 2024, while 0.45 MSF space is expected in 2025 from expansion of existing malls. Prominent main streets saw sustained leasing activity of 71,200 SF, driven by the fashion segment. City-wide mall rentals saw 2-3% q-o-q growth. Prominent main streets in prime locations also saw 1-3% rental appreciation over Q1 2024.
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.
RELATED INSIGHTS
Research • Workplace
From Flex to Managed: Evolution of the Flex Space Industry
The evolution of the flex segment in India’s office market has been a story of rapid transformation. The flex space operator footprint surged by 23% in 2022 and 18% in 2023, marking the sharpest rise seen in history! With H1-24 already adding about 5 MSF to the total inventory, 2024 continues to maintain this momentum.
03/09/2024
Research • Workplace
REWORKING the Office Asia Pacific
Our ‘REWORKING’ series examines decision-making for occupiers under four key considerations: Cost, Carbon, Culture and Community – under which the changing demands, needs and impacts on office spaces and strategies can be examined.
Khurshed Gandhi • 03/11/2023