When it comes to purchasing office space in Mumbai¸ there are some new growth zones that promise to prosper in tandem with regular hotspots like Lower Parel, Ghatkopar, Andheri, Bandra-Kurla Complex and the traditional Central Business District (CBD). According to market experts, office space demand should also be rising in emerging and peripheral hotspots like Navi Mumbai and Thane which are also witnessing huge levels of interest from companies. Most consultants forecast a steady growth of these two neighboring zones along with Maximum City itself. More than 3 million of sq ft should be occupied in this entire suburban zone by year end as per views offered by leading property experts in Mumbai. Who are buying these spaces? Experts estimate most of the demand as coming from pharmaceutical giants and financial institutions which make up the biggest chunk of Mumbai’s business fraternity. Capital values of office space in Mumbai should show healthy growth owing to high demand and growing rentals. Corporates are looking for several options in the Thane-Navi Mumbai belt as subsidiary centres to main Mumbai offices or head offices.
Several IT companies and multinationals like Bayer have also been snapping up office space in Mumbai, more particularly in Navi Mumbai and Thane. Bayer has constructed its own head office at Thane while Cognizant and other IT giants have been favoring Airoli in Navi Mumbai for expansion in Mumbai. Apart from Thane and Navi Mumbai, places like Ghatkopar, Andheri, Goregaon and Malad have also been witnessing steady growth in terms of overall demand for office space in Mumbai and expected future returns. Supply levels have been growing in all these areas owing to greater interest from investors and developers like. Additionally, Vikhroli and Powai are two other areas which are witnessing huge movement in the office space segment.
Several developers are now constructing modern day buildings and commercial complexes in order to boost demand for commercial space in Mumbai. Not that they are falling short of takers though; several corporates and multinational companies have been showing huge interest in shifting base to Mumbai or its suburban frontiers. Mumbai has always been a major financial and business destination and the office space market is on an expansion spree that is encompassing both traditionally favored and hot destinations in addition to those areas which are yet untapped. The latter category includes Navi Mumbai and Thane which are set to witness huge growth along with selected zones in Mumbai.
