The commercial property market in Mumbai

The commercial property market in Mumbai

Mumbai has always had a thriving commercial property market and even during the slump period, you could always find multiple options available with regard to commercial property for sale in Mumbai. The Mumbai real estate market offers innumerable options in terms of properties for the commercial sector. Mumbai, as we all know, is regarded as the financial and entertainment capital of India and hence the steady demand for corporate office space here. Almost every noted company in the country and several global multinationals have a steady presence in Mumbai. This has kept the office space and commercial market alive to a large extent. In the year 2014’s last quarter, the commercial realty market in Mumbai nearly crossed the 100 million sq ft mark. The biggest markets in this case were Navi Mumbai, Western Suburbs, SBD North and Thane.

The sheer volume of commercial property for sale in Mumbai trumps heavyweight markets like Delhi NCR and Bangalore by a good margin! Absorption of quality commercial office space has been decent enough in Mumbai, thereby justifying the huge inventory created by developers. Absorption rates are the highest in Mumbai as compared to other major markets and the economy is steadily improving and several multinationals are on the fast track to recovery. This will lead to more focus on the office and commercial space market in Mumbai which is anyway the preferred destination for several banks, financial institutions, multinationals and other organizations. However, supply will eventually be a little limited in several prime commercial destinations in Mumbai owing to steady and rapid absorption and growing demand.

Yet, all commercial property for sale in Mumbai will be good deals for tenants and there are several new choices available for buyers in this regard. There are several high quality commercial premises that are offered to prospective buyers and occupancy costs have also come down a little in comparison to yesteryears. Rentals in several micro markets in Mumbai have stabilized to some extent but consolidations will definitely add wings to the already burgeoning commercial space market in Maximum City. Grade A office stock is however dwindling in prime locations of the city and prices are expected to go up by anything between 6-10% as a result. As a result, this is the best time to invest in securing commercial and office spaces in Mumbai as the rise in prices will definitely lead to you paying a sizeable amount from your pockets.

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