Mumbai’s corporate office space demand is concentrated in four micro markets:
- Nariman Point/Cuffe Parade
- Worli / Lower Parel/Parel
- Bandra-Kurla Complex/Kalina/Sion
- Andheri (East & West)/Andheri-Kurla Road/Sahar Road
Worli/Lower Parel/Parel/Dadar: This micro-market located in Central Mumbai is fast emerging as a hub for the financial services industry of India. The existing stock of office space to be in the range of 4-4.5 mn sqft. Over the next two years (CY08/09) we expect about 5mn sqft to be added. We expect another 1-2 mn sqft to be added post CY09.
Bandra-Kurla Complex/Kalina/Sion: This area is the secondary business district of Mumbai and is highly popular given its central location and good connectivity. We estimate the existing stock of office space to be in the range of 3.5-4 mn sqft. Over the next two years (CY08/09) we expect 4mn sqft to be added
Andheri: Andheri is the new upcoming destination for corporate India with its proximity to the airport and numerous industrial estates that are being converted into office space. The existing stock of office space to be in the range of 4.5-5.5 mn sqft. Over the next two years (CY08/09) we expect about 5mn sqft to be added. We expect another 1-2 mn sqft to come up post CY09.
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