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Dow Chemicals has leased 2.56 lakh sq ft at Mindspace SEZ in Airoli, spanning five floors for a 10-year term at INR 1.64 crore monthly rent (INR 64 per sq ft). The deal includes 5% annual escalation, a security deposit of INR 14.77 crore, and a fit-out deposit of INR 82.09 crore refundable in installments, alongside a fixed fit-out rent of INR 29.45 per sq ft. The move highlights strong multinational demand for premium offices in Greater Mumbai. Mindspace REIT recently reported 1.7 million sq ft of leasing across major cities, driven by GCCs, BFSI, and tech firms, underscoring India's robust office market momentum.
Dow Chemicals has taken on lease over 2.56 lakh sq ft at Mindspace SEZ in Airoli. The agreement covers floors two through six of a tower in the IT hub and will remain in place for 10 years. Advertisement
The monthly rent has been set at INR 1.64 crore, translating to about INR 64 per square foot. The agreement also features a 5 percent annual escalation, a security deposit of INR 14.77 crore, and a separate fit-out security deposit of INR 82.09 crore refundable in annual installments of 10 percent. Additionally, a fixed fit-out rent has been stipulated at INR 29.45 per square foot per month, with no escalation throughout the term.
This deal signifies enduring confidence in greater Mumbai's commercial real estate momentum. It mirrors strong interest from multinational occupiers in securing sizable, high-quality office space amid evolving work paradigms. Experts suggest that such long-term, high-value leases indicate a broader belief in India's economic trajectory and growth potential.
More broadly, Mindspace Business Parks REIT reported leasing over 1.7 million sq ft across Mumbai, Hyderabad, Pune, and Chennai in the last quarter, with GCCs and data centers driving demand. Office demand in India has been increasingly anchored by global capability centers, technology majors, BFSI firms, and co-working operators, who together account for the majority of Grade-A leasing activity.
In Navi Mumbai itself, significant lease commitments have included an eight-floor, 3.87 lakh sq ft long-term lease by a leading IT firm at a Mindspace SEZ tower. This trend reflects strong local appetite for premium corporate space within well-connected and amenity-rich business districts.
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