Office vacancy level going up in Lower Parel
Mumbai’s real estate market has been going through a dim phase. According to property consultant CBRE’s latest report on office space, vacancy levels in Mumbai’s extended business district Lower Parel have risen to an estimated 46-48 per cent as demand supply gap continued to widen in April-June.
Data shows that around 1.1 million sq ft of grade A office space was released in Lower Parel. However, absorption level was only around 80,000 sq ft.
Rental values in Lower Parel continued to be around Rs 150 per sq ft a month, while the rate fell to Rs 260 from Rs 265 per sq ft in Worli and Prabhadevi.
absorption for office places, business district, CBRE, Grade A office space, Lower Parel, Mumbai's real estate market, Office space, Prabhadevi, rental values, vacancy levels, Worli
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