Mumbai MarketBeat Reports
Suvishesh Valsan • 10/04/2025
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 4.3 MSF, interestingly, the highest volume recorded in Q1 in the city’s commercial real estate history. Net absorption stood at 2.9 MSF. BFSI led with ~44% share, followed by IT-BPM (~13% share), engineering & manufacturing and professional services, contributing ~9% share each. Malad-Goregaon dominated leasing activity with ~22% share. Vacancies dipped to 12.75% in Q1 2025 while stock-weighted average rents witnessed a notable rise of 9-10% q-o-q.
Mumbai Retail Report
Mumbai retail market saw leasing volumes of 0.58 MSF in Q1-25, an 41% rise from Q4-24. Malls accounted for ~ 55% in overall leasing, reflecting a 3.5X y-o-y growth while main street leasing comprised the remaining. Within malls, superior grade malls comprised 90% share. The fashion segment led with 39% share, followed by CDIT & F&B, contributing a 15% share each. The city witnessed new supply of 1.3 MSF. Prominent mainstreets witnessed rental growth of more than 10% y-o-y while mall rentals increased 2-3% q-o-q.
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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