Learn more by clicking our most recent Mumbai MarketBeat reports on the various sectors below.
Mumbai MarketBeat Reports
16/04/2024
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.
CURRENT MARKETBEATS
Mumbai Office Report
Mumbai office sector saw a steady gross leasing volume (GLV) of 4.78 MSF in Q1 2024, a 57% jump from the same period last year. Within sectors, BFSI, professional services and engineering & manufacturing drove quarterly GLV activity, contributing 28%, 24% and 20% share, respectively. The first quarter recorded net absorption of 2.47 MSF, a 2.4x jump from the same period last year. Moreover, Q1 saw project completions of 1.35 MSF, 30% higher than Q4 2023. Despite the new supply, overall office vacancy saw a 17.23% drop. Rentals saw a slight uptick of 4.3% q-o-q.
Mumbai Retail Report
Mumbai leasing activity in grade-A malls for Q1-2024 decreased by ~45% y-o-y, with a total of 86,950 SF mainly from renewals of smaller stores, following a strong previous quarter that included the opening of a luxury retail mall. The fashion segment dominated the quarterly leasing activity (~71% share). City's overall vacancy rate was maintained at 8.3%. City-wide mall rentals witnessed a quarterly uptick of 2-5% and main streets in prime locations witnessed a rental appreciation of 2-3% from last quarter.
Mumbai Residential Report
A 21% growth in Mumbai’s residential launches in the first quarter of 2024 was marked by the Eastern and Western suburbs driving Q1 launches with 21% share each. Western suburbs prime submarket witnessed a 20x jump compared to the last four quarter average due to growth in high-end & luxury segment launches (60-80%). Mid segments dominated quarterly launches (61%). Re-development projects boosted rental housing demand, leading to 5-6% rental growth along western suburbs. The capital values grew by 3-6% across all sub markets from the previous quarters.
Mumbai Industrial Report
Mumbai’s warehouse sector witnessed strong growth of 60% in H2 2023 in comparison to H2 2022 with Bhiwandi submarket dominating 90% of total warehousing deals. More than 58% of H2 2023 deals were driven by 3PL. Rentals witnessed an upstick of 4-5% over H1 2023 on the back of strong leasing demand. With improving connectivity infrastructure and numerous projects in the pipeline ,JNPT-Uran corridor is likely to become a prominent manufacturing hub in the near-to-medium term.
India Investment Report
The investment activity recorded in Q2 was INR 158.5 bn (USD 1.92 Bn) which was 63% higher than the previous quarter’s activity and 60% higher than the activity recorded in Q2-22.
RELATED INSIGHTS
MarketBeat • Investment / Capital Markets
India’s real GDP grew at 8.4% y-o-y as of the quarter ending December 2023, a 5-quarter high value as against 8.1% seen in the previous quarter.
25/04/2024
Insights • Government / Public Sector
Telangana 2050: Envisioning Infrastructure and Real Estate for the Future
This white paper explores the intricate relationship between infrastructure development and real estate growth in Telangana, drawing inspiration from Chief Minister Sri A Revanth Reddy’s vision for the state's future.
02/04/2024
Research
West Bengal-The Gateway to New Growth for Corporate India
The report highlights the level of development in West Bengal and how various reforms are being formed by the state government to attract investors. The report delves into various industrial reforms, and realty reforms that will help in the economic activity of the state.