For redevelopment in Mumbai, 15,000 acres to be available
According to global realty consultancy Jones Lang Lasalle latest research report ‘Offices 2020,in Mumbai, About 15,000 acres of land will be available for redevelopment which in turn will increase the potential accessibility of quality new supply in the city, Mapping The Future Of The Mumbai Office Market.
It added, in Mumbai grade an office supply over three years will increase by 31 per cent, from current levels of 92 million sq. Ft to 120 million sq. ft by 2017.
The report depicted, The BFSI & IT Industries are expected to contribute over 60 per cent to office space absorption in the city and will continue to drive absorption.
Ramesh Nair, COO – Business, JLL India alleged, by this report we have recognized that high quality, iconic and well-positioned workspaces will be key attractions and the agenda of sustainability will not leave Mumbai’s office stock entirely outdated just yet. The unavoidable fact that limited infrastructure and high commuting time will lead to a number of mini-Central Business Districts in Mumbai have also underscored by us.
Mantra of today is ‘collaborative space’. to produce better results and progressive companies are realising that it is innovative rather than functional office spaces that can help them in the war for talent and therefore campuses are stressing on the need for better environments for the same. He added this is coming out as a different trend in Mumbai.
Nair said on commenting on some of the leading concerns of commercial space stakeholders in Mumbai, in the upcoming time, emphasis by commercial space landlords will be on higher-quality partnerships, based around longer and fairer rental contracts. Not only this decision of corporate’ relocation will depend on capex calculations.
Source: Hindu Business Line
Latest forum discussion on 15000 acres of land for redevelopment in Mumbai
Capex calculations, central business districts, Corporate’ relocation, Global realty consultancy, JLL India, Jones Lang LaSalle’s, Mumbai, office market, Ramesh Nair, Stakeholders
