Mumbai MarketBeat Reports
Suvishesh Valsan • 03/07/2025
Cushman & Wakefield Mumbai MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.
CURRENT MARKETBEATS
Mumbai Office Report
Mumbai office market saw gross leasing volume (GLV) of ~4 MSF in Q2-25, reflecting a strong demand from Flexible workspaces, followed by BFSI (23% share) and IT-BPM (16% share). Fresh leases comprised a significant 64% share of Q2 GLV. Net absorption stood at 2.6 MSF, the highest recorded in the city during Q2. The city witnessed new supply of 0.9 MSF, a 4X q-o-q increase. Stock-weighted average rents saw a 0.6% q-o-q increase.
Mumbai Retail Report
Mumbai saw retail leasing volumes of 0.52 MSF in Q2-25, a 2.6x increase compared to Q2-24. The fashion segment led with 37% share, followed by entertainment and F&B, comprising 19% each. Domestic brands dominated with a 70% share. Malls contributed an ~88% share, while main streets accounted for the remaining 12%. Despite no new supply, headline vacancies grew slightly to 7.9% as select retailers relocated to new spaces. High street rentals grew by 6-7% y-o-y while mall rentals increased by 7-10% y-o-y.
Mumbai Residential Report
Mumbai residential market recorded 19,044 unit launches in Q2 2025, up by ~3% q-o-q, surpassing the average quarterly launches recorded over the past seventeen quarters. Navi Mumbai and Thane submarkets cumulatively accounted for almost 50% share. Mid-segment dominated new launches, comprising 70% share, followed by the luxury and high-end segments (15% share). The city's weighted average capital values registered a 5% q-o-q growth while rents increased by 1-2% q-o-q.
Mumbai Industrial Report
Mumbai’s warehousing sector saw leasing activity of ~3.8 MSF in H2 2024, a 31% increase from H1-24. Bhiwandi submarket dominated with 86% share. 3PL led with more than 50% deals, followed by FMCG (16% share). Industrial leasing of 0.3 MSF was recorded, which was more than 2X the volume for H1-24. Engineering & Manufacturing led with ~45% share, followed by FMCG (~22% share). Overall vacancy rates grew 3% from H1-24. Land values in Thane-Belapur Road, Panvel and JNPT& Uran Road submarkets grew 8-9% y-o-y.
India Capital Market Report
Cushman & Wakefield India Capital MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.
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