Office: In Q3 2022, Mumbai witnessed the highest gross leasing volume (GLV) in recent times of 4.23 msf, a growth of 41 on q-o-q basis and 34% y-o-y expansion. Fresh leasing was the highest in recent history with 2.45 msf and was the driving factor in this quarter’s GLV. In addition to this term renewals of 1.46 msf were also recorded.
Residential: In Q3 2022, Mumbai’s residential market sector witnessed the launch of 22,368 units, resulting in a growth of 45% on an annual basis. Thane, western suburbs, and extended suburbs contributed to almost 70% of total launches in this quarter. New launches and sales activities are expected to remain strong until the end of the year.
Retail: Mall leasing in Q3 2022 maintained its momentum in Mumbai, backed by a resurgence of consumer demand, rising footfalls, and the festive season. Fashion & apparel and F&B drove a majority of the leasing activity in city malls in this quarter.
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