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Navi Mumbai witnessed a notable 40% rise in demand for premium office spaces in 2024, reaching 5.8 million square feet, according to CRE Matrix. With its status as one of India's most affordable office destinations averaging INR 65 per sq. ft. the region has drawn major leasing activity, particularly in hubs like Airoli, Ghansoli, Vashi, and Belapur. Gross leasing during the first half of this year surpassed 2.7 million sq. ft., and ongoing infrastructure projects such as the upcoming Navi Mumbai International Airport are expected to further stimulate leasing momentum.
Demand for premium office spaces in Navi Mumbai saw a sharp 40% jump in 2024, touching 5.8 million square feet, driven largely by competitive rentals and increasing corporate interest, according to real estate data analytics firm CRE Matrix. Advertisement
Abhishek Kiran Gupta, Co-founder and CEO of CRE Matrix, pointed out that Navi Mumbai remains one of the most cost-effective office markets among India's top 7-8 cities, with a weighted average rent of around INR 65 per square foot. He noted that corporate occupiers both domestic and international are actively leasing spaces in key micro-markets within the Mumbai Metropolitan Region (MMR), such as Airoli, Ghansoli, Vashi, Juinagar, Belapur, and Turbhe.
Gross office leasing activity in the first half of this year has already surpassed 2.7 million square feet, outpacing new supply, which stood at roughly 2 million square feet during the same period. Gupta highlighted that the surge in demand is largely being driven by interest in Grade A office assets, further boosted by ongoing infrastructure upgrades across Navi Mumbai, including the upcoming Navi Mumbai International Airport and improved road and rail connectivity.
Key developers like Tata Realty & Infrastructure Ltd, Mindspace Business Parks REIT (backed by the K Raheja Group), L&T Realty, and the Hiranandani Group continue to expand their office portfolios in the region, sensing long-term growth potential.
CRE Matrix data also shows that gross office leasing in Navi Mumbai rose from 4.1 million square feet in 2023 to 5.8 million square feet last year. Gupta now projects that the leasing activity could cross 6 million square feet in the current calendar year.
Meanwhile, on a national level, Cushman & Wakefield has projected that office leasing across India?s top eight cities will exceed 90 million square feet in 2025 surpassing the 2024 figure of 89 million square feet indicating a robust recovery in corporate space demand post-pandemic.
Source PTI
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