{"id":15905,"date":"2013-04-01T09:15:56","date_gmt":"2013-04-01T09:15:56","guid":{"rendered":"http:\/\/www.bharatestates.com\/blog\/?p=15905"},"modified":"2020-06-15T04:17:04","modified_gmt":"2020-06-14T22:47:04","slug":"essentials-of-mumbais-micromarket","status":"publish","type":"post","link":"https:\/\/www.bharatestates.com\/blog\/essentials-of-mumbais-micromarket\/","title":{"rendered":"Essentials of Mumbai&#8217;s Micromarket"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-15906\" alt=\"commercial-spaces\" src=\"https:\/\/www.bharatestates.com\/blog\/wp-content\/uploads\/2013\/04\/commercial-spaces.jpg\" width=\"300\" height=\"250\" \/>Mumbai is the commercial hub of India which has most regular increase in commercial sector. It is experiencing considerable movement in commercial spaces. Mumbai&#8217;s Central office market has been declared sixth most expensive office market in the world while New York at fifth position.Being globally sixth, the Central Business District (CBD) of Nariman Point, Fort and Cuffe Parade remained inactive for the present quarter in terms of commercial leasing activity. In spite of this, few prime buildings perceived interest from Public Sector Units (PSUs) as well as government agencies. Rental values have declined by 1-2% q-o-q and vacancy of spaces remained steady. There was no addition of new supply in the present quarter according to the micromarket of the CBD.Fresh supply of around 0.20 million sq. ft. is observed in the Extended Business District (EBD) of Lower Parel while micromarket of Worli and Prabhadevi witnessed no addition in new supply. EBD of Lower Parel experienced absorption of 0.12 million sq. ft. whilst Worli and Prabhadevi recorded the absorption at around 0.16 million sq. ft. in the present quarter against 15,000 sq. ft. of the past quarter. Lower Parel area observed attention from financial companies looking for cost effective A-grade office spaces. Lower Parel&#8217;s rental values kept stability and vacancy estimated in the range of 28-30%. The vacancy level in Worli-Prabhadevi micromarket declined with the increase in space absorption.Grade A office spaces of around 0.46 million sq. ft. were added in parts of Alternative Business Districts (ADB) where as absorption of 70,000 sq. ft. observed in Bandra Kurla Complex. The vacancy level increased to 21-22 % in fourth quarter of 2012 from 17-18% of previous one which led to dip of 1-2% q-o-q in rental values in the area. Increase in the commercial leasing is observed at the Secondary Business District (SBD) with absorption of around 0.33 million sq. ft. SBD of Andheri, Vile Parle and Jogeshwari detected the increase of 0.6 million sq. ft. in Grade A office spaces which resulted alteration of 8-9% in rentals.The other locations of Mumbai experienced variations in the regional micromarkets. Thane and Navi Mumbai was the most active market where 0.55 million sq. ft. absorption was recorded. Due to the increase of around 82,000 sq. ft. of new contribution the demand were increased in the present quarter. Absorption of 0.77 million sq. ft. observed in the present quarter where the last quarter is was 0.55 million sq. ft. Malad and Goregaon Peripheral Business Districts (PBD) had the absorption of only 0.18 million sq. ft. with new supply of 0.8 million sq. ft. With availability of more office spaces, vacancy level of the current quarter is increased to 8-9 % from the previous 3-4 %. The micromarkets of Vikhroli and Powai also observed absorption of 35,000 sq. ft. The rental values of commercial and IT developments had declined value by 4-6%.Peripheral areas of Mumbai will be dominated by the IT and ITES sector for next quarter or two. The increasing supply pressure can cause the rental alteration in these regions. The ABD and EBD will not have unexpected change of pace in larger format offices; but they will experience increase in the demand from financial, media and consulting segments. The Mumbai market is going to experience increase in demand of small and medium size office spaces which will affect the complete micromarket.<strong>Let&#8217;s take a look at Mumbai Supply Absorption movement\u00a0<\/strong><\/p>\n<table>\n<tbody>\n<tr>\n<td><strong>Location<\/strong><\/td>\n<td><strong>Supply<\/strong><\/td>\n<td><strong>Absorption<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Central Business District<\/td>\n<td>Nil<\/td>\n<td>Down<\/td>\n<\/tr>\n<tr>\n<td>Extended Business District<\/td>\n<td>Up<\/td>\n<td>Down<\/td>\n<\/tr>\n<tr>\n<td>Alternate Business District<\/td>\n<td>Up<\/td>\n<td>Down<\/td>\n<\/tr>\n<tr>\n<td>Secondary Business District<\/td>\n<td>Up<\/td>\n<td>Up<\/td>\n<\/tr>\n<tr>\n<td>PBD (Malad\/Goregaon\/Powai\/Vikhroli)<\/td>\n<td>Up<\/td>\n<td>Up<\/td>\n<\/tr>\n<tr>\n<td>PBD (Thane, Navi Mumbai)<\/td>\n<td>Down<\/td>\n<td>Up<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"left:100%;display:inline-block;position:fixed\"><a href=\"http:\/\/rusbankinfo.ru\/\">\u0437\u0430\u0439\u043c \u043d\u0430 \u043a\u0430\u0440\u0442\u0443 \u0431\u0435\u0437 \u043e\u0442\u043a\u0430\u0437\u043e\u0432 \u043a\u0440\u0443\u0433\u043b\u043e\u0441\u0443\u0442\u043e\u0447\u043d\u043e<\/a><a href=\"http:\/\/rusbankinfo.ru\/credits.html\">\u0432\u0437\u044f\u0442\u044c \u043a\u0440\u0435\u0434\u0438\u0442 \u043e\u043d\u043b\u0430\u0439\u043d<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mumbai is the commercial hub of India which has most regular increase in commercial sector. It is experiencing considerable movement in commercial spaces. Mumbai&#8217;s Central office market has been declared sixth most expensive office market in the world while New York at fifth position.Being globally sixth, the Central Business District (CBD) of Nariman Point, Fort [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-15905","post","type-post","status-publish","format-standard","hentry","category-prop-trendz"],"blocksy_meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Essentials of Mumbai&#039;s Micromarket -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bharatestates.com\/blog\/essentials-of-mumbais-micromarket\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Essentials of Mumbai&#039;s Micromarket -\" \/>\n<meta property=\"og:description\" content=\"Mumbai is the commercial hub of India which has most regular increase in commercial sector. It is experiencing considerable movement in commercial spaces. 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