Office: The overall gross leasing activity in Mumbai was driven by 1.46 msf. of fresh leasing and 1.38 msf. of renewed leasing. The Captive Sector contributed 23% of quarterly gross leasing volumes, followed by the BFSI and Professional Services with 21%. The sharp decline of COVID cases and lifting of mobility restrictions, office leasing activity is expected to maintain its upward trajectory.
Residential: The residential sector in Mumbai witnessed the launch of 18,861 units in Q1 2022. Due to the sizeable increase in the number of launches in Thane, extended Western Suburbs, and Eastern Suburban sub-market, y-o-y basis launches were up by 43%. Prominent developers such as Lodha Group, Godrej Properties, Kalpataru Group etc. were the most active in this quarter in terms of launches.
Retail: As government restrictions lifted, Mumbai saw an improvement in leasing activity across prominent malls in Q1 2022. Overall city mall vacancy dropped to 9.20% in this quarter from 9.62% in the previous quarter. As the demand for quality retail space remains intact along with significant improvement in footfalls remain, leasing momentum and drop in vacancy is expected to continue.
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