Office space rents in prime Mumbai locations bottoming out

Mar 15 2014, 12:47 IST
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The average rentals for office space in central business district of Nariman Point, Fort, Cuffe Parade, have seen a nearly 13% year-on-year dip. The average rentals for office space in central business district of Nariman Point, Fort, Cuffe Parade, have seen a nearly 13% year-on-year dip.
SummaryThe rents have seen a y-o-y fall in the previous three quarters of 2013 as well.

CBRE data shows.

“Going forward, demand is likely to be concentrated mostly in peripheral markets, owing to abundant availability of cost-effective Grade A office space options. Around 3 million sq ft of office space is likely to be released in these peripheral region by the first half of 2014... Owing to large anticipated supply addition, rental and capital values are likely to remain under stress in most micro-markets in the short to medium term,” says CBRE’s India office market view for Q4 2013.

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