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A new report by Cushman & Wakefield, "Navi Mumbai - The Next Growth Corridor," highlights Navi Mumbai's rise as a prime office hub within the Mumbai Metropolitan Region (MMR). The city currently holds 23.8 million sq ft of Grade A office stock-20% of MMR's total-with an occupancy rate of 87%. Offering average rentals of INR 70 per sq ft, nearly 57% lower than prime MMR markets, Navi Mumbai is attracting Global Capability Centers and enterprises with its talent pool and infrastructure. With the upcoming Navi Mumbai International Airport and major road projects boosting connectivity, another 4 million sq ft of new office supply is expected by 2027-28.
In a new report titled 'Navi Mumbai - The Next Growth Corridor,' real estate consultant Cushman & Wakefield highlights the city's emergence as a premier office destination within the Mumbai Metropolitan Region (MMR). The report confirms that Navi Mumbai currently offers 23.8 million square feet of Grade A office stock, which accounts for approximately 20% of the total 120 million square feet supply in the MMR. Advertisement
The high occupancy level of 87% is attributed to several key factors that make Navi Mumbai an attractive location for businesses. The report's survey of over 30 Global Capability Centers (GCCs) identified talent availability, cost-effective Grade A space, and robust infrastructure as the top three factors influencing location choices. At an average quoted rental of INR 70 per square foot per month, Navi Mumbai offers a substantial cost advantage, being about 57% lower than the prime sub-markets of MMR. This affordability, combined with access to a large pool of qualified talent, makes the city a perfect fit for a growing number of enterprises.
Navi Mumbai is also benefiting from a massive infrastructure push. The upcoming Navi Mumbai International Airport, expected to be operational by the end of this year, along with projects like the Airoli Katai Naka Road, Kharghar Turbhe Tunnel Link Road, and Palm Beach Road extension, are set to significantly improve connectivity and position the city for future growth. The consultant projects that an additional 4 million square feet of new office supply is expected to come online by 2027-28, catering to sustained occupier demand and further solidifying Navi Mumbai's role as a major business hub.
Source- PTI
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