Mumbai Commercial / Office Rentals

Mumbai, the aspiring financial capital of Asia which had rentals comparable to New York and Tokyo is now witnessing corrections. Excerpts from CB Richard Ellis

In CBD, rentals across premium buildings have witnessed a correction and this trend is likely to continue over the next quarter. In BKC, new enquiries have slowed and some developers are showing more flexibility in structuring commercial terms. Andheri-Kurla Road, Powai and Malad have not seen substantial activity in the office sector in the current quarter while Thane and Navi Mumbai remain the preferred locations for IT and back office operations are the only locations in Mumbai that have not witnessed a correction in rentals so far.

Mumbai Grade A Office Space Rentals Jun-08 and Sept-08 [INR / SFT / Month]

• Nariman Point, Fort, Cuffe Parade - Down from Rs 475 to Rs 415
• Worli, Lower Parel, Prabhadevi - Down from Rs 375 to Rs 315
• BKC, Kalina - Down from Rs 415 to Rs 375
• Andheri, Vile Parle, Jogeshwari - Down from Rs 220 to Rs 200
• Malad, Powai - Down from rs 100 to Rs 80
• Thane, Navi Mumbai - Stable around Rs 50