Key Highlights:
- Mumbai witnessed net absorption increase from 0.28 mn sq. ft in Q3 2020 to 0.96 mn sq. ft in Q4 2020
- East Suburbs accounted for 85% of the net absorption during the quarter, backed by pre-commitments in new completions
- The last quarter of 2020 recorded new completions of 1.46 million sq. ft.
- In sync with net absorption, East Suburbs accounted for a major chunk of the new completions. Moreover, even on an annual basis, new completions in Mumbai increased in 2020
- Sub-markets like BKC, Eastern and Western suburbs with low to moderate vacancy levels and quality assets enjoyed sturdy rentals
Mumbai office absorption sees healthy growth
|
2019 |
2020 |
Q1 2020 |
Q2 2020 |
Q3 2020 |
Q4 2020 |
Growth Q4 2020 over Q3 2020 |
Net absorption (mn sq. ft) |
5.85 |
3.83 |
2.14 |
0.45 |
0.28 |
0.96 |
241% |
New completions (mn sq. ft) |
3.59 |
4.05 |
0.84 |
1.45 |
0.30 |
1.46 |
387% |
Vacancy (%) |
13.8 |
13.6 |
12.7 |
13.4 |
13.4 |
13.6 |
- |
Rent (INR/sqft/month) |
123.9 |
125.1 |
124.4 |
124.3 |
124.6 |
125.1 |
- |
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