city report mumbai office market - BNP PARIBAS - Investment ...

PERIPHERY BUSINESS DISTRICT (PBD)
Demand is increasing for large space occupier
Rental Values (in Rs / sq.ft / month)
80
70
60
50
40
30
20
10
0
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Q3
2009
Q4
2009
There as an increase in activity from corporate occupiers in this area
as the cost has become attractive. The activity is more pronounced
in Navi Mumbai than Thane as it is viewed as more organised and
planned area. However, there is still high level of vacancy in this
area. The new commercial developments will kick start only once a
large built-to-suit tenant is signed. It is expected that a few built-tosuit
transactions (100,000 sq.ft.) will get signed in the next 6
months.
RENTALS OVER THE PAST 6 QUARTERS
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Airoli 40 35 35 35
Thane 45 40 40 40
Q3
2009
35
40
Q4
2009
35
40
Vashi Thane Airoli
Vashi 75 70 65 60
Source: BNP Paribas Real Estate, India
60
60
Capital Values (in Rs / sq.ft)
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
—
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Q3
2009
Q4
2009
Vashi Thane Airoli
CAPITAL VALUES OVER THE PAST 6 QUARTERS
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Airoli 4,000 3,500 3,500 3,500
Thane 4,500 4,000 4,000 4,000
Vashi 7,500 7,000 6,500 6,000
Source: BNP Paribas Real Estate, India
Q3
2009
3,500
4,000
6,000
Q4
2009
3,500
4,000
6,000
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009
I10I