Office space rental comes down in Mumbai
According to reports of BNP Paribas Real Estate, rental values of office space in Mumbai has witnessed a decline. Sequential decline in the range of 3 per cent to 11 per cent is seen during the quarter ended June 30.
The report shows that rent came down in central business district Nariman Point by 3 per cent to Rs 280 per sq ft a month. While in Ballard Estate prices fell 10 per cent to Rs 180 per sq ft a month.
Similarly, in Bandra-Kurla Complex, the alternate central business district, rentals slipped 7 per cent to Rs 285 per sq ft a month. There has been slowdown in office space transaction activity across Mumbai’s micro-markets in terms of both numbers of deals as well as the amount of space that was absorbed.
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