Friday, 29 January 2021

Mumbai witnesses net absorption up 241% in Q4 2020 vs Q3: JLL

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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