Navi Mumbai's Office Space Boom: A 40% Surge in Demand
Demand for premium office spaces in Navi Mumbai surged 40% in 2024, reaching 5.8 million square feet. Leasing activities are anticipated to rise due to affordable rents and infrastructure developments. Major players like Tata Realty and L&T Realty are expanding their portfolios in expectation of continued growth in this sector.
- Country:
- India
The demand for premium office spaces in Navi Mumbai increased by 40% in 2024, reaching 5.8 million square feet, according to CRE Matrix. This growth is projected to continue due to affordable rental rates and infrastructure developments.
Abhishek Kiran Gupta, Co-founder and CEO of CRE Matrix, highlighted Navi Mumbai as one of the most cost-effective office markets in major cities, with average rental rates around Rs 65 per square feet. This rise in demand is particularly evident in key office micro-markets within the Mumbai Metropolitan Region (MMR).
Leading companies like Tata Realty & Infrastructure Ltd, and L&T Realty are strategically expanding in this area, anticipating further demand driven by developments like the new airport. Experts estimate gross leasing could surpass 6 million square feet in 2026.
(With inputs from agencies.)
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