Mumbai has11 lakh square feet of unoccupied office space
It is found that there are no takers for nearly 1.1 million sq ft, or 11 lakh sq ft of ready office space in Mumbai’s commercial property market. The high vacancy in turn, has put pressure on commercial rental rates.
In uncertain economic conditions companies are staying away from leasing space, which leads to the market condition for the commercial properties in Mumbai.
While the average vacancy across the city is 20.5%, it varied in individual business districts. Nariman Point has a vacancy of 10%, Lower Parel, Worli, Andheri, Borivli and Vikhroli have 24% vacancy, Bandra-Kurla Complex has 16% and the Thane-Belapur region has 28% vacancy.
According to property consultants, though rentals are under pressure, many property developers, who are under financial stress, are increasingly opting to selling their office space.
But, developers are selective in selling their office properties. If they have 100% ownership, they will sell 40% and keep the 60% with them; otherwise they will lose control of the building.
Discounted deferred payment scheme are given by different developers for selling their properties in Mumbai
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Source: Indian realty news
commercial properties in Mumbai, Commercial property market, commercial rental rates, office space in Mumbai, Projects in Mumbai, Properties in Mumbai
