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Mumbai added 8L sq ft office space this year TIMES NEWS NETWORK

The city’s office market witnessed transactions totalling 8,27,105 sq ft during the first three months of 2011, according to a Jones Lang LaSalle (JLL) India report.
Five buildings completed this year added 7,95,562 sq ft of office space and brought total operational stock to 29.4 million sq ft. However,the overall vacancy level has been pegged at 13%.
According to the report, major completions included Urmi Estate (lower floors), which has a built-up area of 3,00,000 sq ft, located in Lower Parel; Supreme Chambers, which has a built-up area of 2,50,000 sq ft, located in Andheri (W) and Pranik Chambers, which has a built-up area of 1,20,000 sq ft, located in Andheri (E).

o “In addition to banking, financial services and insurance (BFSI) sectors, demand for office space in Mumbai came from the consulting, aviation, IT/ ITES and other industries. The IT sector’s recovery from the financial meltdown has shifted activity towards the suburban precincts of the city where significant IT supply is in the pipeline,” said JLL head of research Abhishek Kiran Gupta.
The leasing activity, said the report, has been moderate this year after significant leasing in the fourth quarter of 2010. “Mumbai witnessed moderate transaction activity in first quarter of 2011 as major office occupiers of India Inc awaited the impact of Budget on their corporate real estate strategy for the next fiscal year,” it said.

Rental values, too, showed signs of improvement over the past three quarters. Rents are expected to continue to rise in the near term. “Improving confidence among office occupiers and investors on the back of India’s economic resurgence is expected to drive transaction volumes in 2011. However, with diverse supply conditions prevailing across different submarkets in Mumbai, the rises in rentals and capital values are expected to vary according to location,” it said.

Rental values in the commercial business district (Nariman Point) and secondary business district of Bandra-Kurla Complex showed a marginal increase in 2011 compared to the second half of last year due to the latent demand for office space.

Mumbai is also expected to witness about 4.8 million sq ft of new operational mall space by end-2011 and 6.9 million sq ft by 2013. “Major completions expected are Infiniti Mall at Malad, Viva City Mall at Thane, RCity Mall Phase II at Ghatkopar and Magnet Mall at Bhandup.”

Since the beginning of 2011, the Dattani Square Mall commenced operations in the suburbs, adding 7,00,000 sq ft and bringing the total operational mall space of the city to 14.33 million sq ft.

Big Buys
t Milestone Group purchased 66,000 sq ft in Patel Corporate Park t Black Gold Holdings purchased 25,000 sq ft in Lodha Supremus, Worli Naka
On A Tight Lease
t Viacom rented 1,25,000 sq ft in Zion Business Park t Reliance Hyper Market rented 78,000 sq ft in Market City Mall, Kurla t KidZania rented 75,000 sq ft in R-City Mall Phase-II, Ghatkopar t Marks & Spencer rented 22,000 sq ft in Viva City Mall, Thane t Geoffreys Fund rented 11,000 sq ft at Maker Maxity, BKC t TPG Group rented 12,000 sq ft in Platina, BKC

Source: April 27, 2011, TNN