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Commercial office

development trends in

MUMBAI

REAL637
Introduction to
Real Estate Sector

SHUBHAM BHUTE [A13558918014]


PRAPUL KUMAR [A13558918021]
Chhatrapati Shivaji Terminus

Mumbai City
About

Mumbai is a megapolis where people come to achieve their In 2017, the biggest office transaction was Samsung Electron-
dreams, so also called as The City of Dreams, Maya nagari, The ics India leased 1.10 lakh SF in Goregaon for 9 year with 15%
city Never sleeps and so on. Population of Mumbai is 2.2 cr. rental escalation every 3 years.
Majority of commuters use metro which covers an area of
4355 sq.km. being the busiest railway in the world. The first The Indian Express media bought the space of 15,645 SF from
railway in India is from Mumbai to Thane. Japanese company Mitsui & Co for ₹34 cr in South Mumbai at
Nariman point. In Q2 2015, a French company ‘Societe Gen-
Mumbai is the commercial, financial and entertainment capital erale’ sold 15,336 SF to Reliance Corporate IT park at Maker
of India. The Chhatrapati Shivaji International Airport (CSIA) Chambers IV.
in Mumbai is considered in the top 10 airports in the world.
However, Mumbai has also the world’s largest slum. WeWork, a New York based company leased whole 16-storey
building ENAM Sambhav at BKC in Mumbai for ₹4.3 cr /MO
Commercial real estate in Mumbai which is of shared working of 190,000 SF.
Again at BKC, another transaction took place that is Bharti
The commercial real estate market in Mumbai begun from Enterprise insurance arm Bharti Axa bought 65,000 SF for
South Mumbai at Nariman Point and Fort which gradual- ₹169 cr office space.
ly expanded to Central Mumbai at Bandra-Kurla Complex,
Bandra, Kalina, Worli, Dadar, Andheri, Kurla and then to the
suburbs like Malad, Goregaon, Powai. The commercial activity
of Mumbai also gave rise to micro-markets like Thane, Vashi, Landmark: Gateway of India
Kalyan-Dombivli and Vasai-Virar.

Mumbai’s footprint on India’s commercial real estate is award-


ed the second largest in India in Q1 2017 at 18% by CBRE.

Major office transactions

The latest largest transaction in Mumbai is Essar Group has


sold it’s Equinox Business park to Brookfield Asset Manage-
ment in Bandra-Kurla Complex for ₹2,400 cr which is of 4
towers with an office space of about 1.25 million SF area.
Source: Google Images

The information produced in this report is compiled from various sources perhaps contains errors or omissions. 1
Hotel Trident

CBD | Central Business Districts


Overview CBD
10%
Central Business District micro-market of Mumbai consists 8%
of commercial activity in Nariman Point, Fort, Churchgate
and Ballard Estate that is most of South Mumbai. The CBD 6%
of Mumbai has been the centre of commercial activity since 4%
year 1940.
The commercial activity begun on a reclaimed land on a sea- 2%
front during World War II. Although Mumbai’s office market 0%
has spread over 4355 sq.km., CBD is still the flagship com- 2017 Q1 2017 Q4 2018 Q1 2018 Q2
mercial centre in Mumbai, perhaps will lose its status to new-
Vacancy rate
er business districts in the macro-market.
• The average rents across CBDs shows similar characteristics
Highights to the growth of vacancy rate however in a positive way. The
average rent has risen to 16% from EoY 2016 to EoY 2017
however, has maintained its value till Q2 2018.
• The vacancy rates have started to rise owing to a relocation
trend of BFSI sector to cheaper and newer Grade A and flexi-
• CBDs average rent is second highest in Mumbai macroma-
ble office buildings in Central and Northern business dictricts.
ket after Bandra-Kurla Complex micro-market.
However, the trends show a stability in vacancy rate though
for an insignificant period of time from Q4 2017 to Q2 2018.
• It is speculated that the CBD status is slowly shifting from
• Currently, the vacancy rate in CBD stands at 9%.
current location towards central Mumbai’s business districts.
Landmark: Air India Building (left), Nariman Point But Nariman Point, Fort and Churchgate will remain
landmark commercial real estate markets due to their lucra-
tive, and high profile location.
CBD
₹ 240.00
₹ 230.00
₹ 220.00
₹ 210.00
₹ 200.00
₹ 190.00
₹ 180.00
₹ 170.00
2016 2017 2017 2018 2018
Q4 Q1 Q4 Q1 Q4
Average rent (₹/SF/MO)
CBD ₹ 193.60 ₹ 195.80 ₹ 225.20 ₹ 224.20 ₹ 228.20
CBD ₹ 193.60 ₹ 195.80 ₹ 225.20 ₹ 224.20 ₹ 228.20
Source: Google Images

The information produced in this report is compiled from various sources perhaps contains errors or omissions. 2
Hotel Trident

CBD | Nariman Point


Table 4.1:Top 5 buildings by rent at Nariman Point
About
Nariman Point, the downtown area of Mumbai city is one Max rent
Sr.no. Building Name
of the most distinguished office areas in the Megapolis. The (₹/SF/MO)
locale is situated on the southernmost end of Mumbai. It is 1 Air India Building 300
currently the 3rd most expensive business districts in India.
Nariman Point was the 7th most expensive space place for 2 Mafatlal Centrea 275
office space in the world in 2006 before the global financial 3 Maker Chambers IV 275
crisis and currently holds the 25th position in 2018.
4 Maker Chambers V 275
Office Buildings 5 Hoechst House 275
Nariman Point is glorified by marine drive and many of the
Source: Propstack
iconic buildings in Mumbai. The Air India building, Mafatlal
centre, Vidhan Bhavan, The Oberoi, SBI headquarters, Express
towers and many more buildings constitute Nariman Point. “Blackstone has included its
The Express Towers having 450,000 SF is the largest build-
ing by area in Nariman Point, followed by Mittal Towers of own commercial asset The
295,000 SF and Air India Building of 267,260 SF. The building
with most floors in Nariman point is again The Express Tow-
Express Tower at Nariman
ers with 1B+G+25 storeys followed by Air India Building with
G+23 storeys and Nirmal Building with G+21 storeys.
Point in the proposed India’s
Landmark: Express Towers, Nariman Point
first Real Estate Inestment
Trust (REIT) portfolio”
- EconomicTimes, Sep 24, 2018, 09.14 AM IST

Table 4.2:Top 5 buildings by area at Nariman Point

Sr.no. Building Name Total Area (SF)


1 Express Towers 450,000
2 Mittal Towers 295,000
3 Air India Building 267,260
4 Maker Chambers IV 232,000
5 Maker Chambers VI 225,000
Source: Google Images Source: PropStack

The information produced in this report is compiled from various sources perhaps contains errors or omissions. 3
Horniman Circle

CBD | Fort & Churchgate


Landmark: Fort House, Fort
About
Back in the eighteenth century, Mumbai was a walled city
which had three gates to the city and the fourth one was
a Church Gate, which is present-day Churchgate CBD in
South Mumbai. Churchgate hosts a number of old and reput-
ed educational buildings in Mumbai like Jamnalal Bajaj Institute
of Management Studies, Government Law College Mumbai,
Jai Hind College and Elphinstone College.
Fort is a central business district in South Mumbai which got
its name from Fort George built by the East India Compa-
ny under British rule. Fort CBD hosts some very important
buildings like Bombay Stock Exchange, Bombay High Court,
Rajabai Clock Tower, Mantralaya, RBI headquarters, Chhatra-
pati Shivaji Terminus, Chhatrapati Shivaji Maharaj Vastu Sangra-
halaya (Museum) and more. Source: Google Images
Also, Ballard Estate is an important CBD in Mumbai and is ing in rentals although being as old. The CBD in Mumbai is
characterised by its terrific neoclassical architecture which slowly shifting from South Mumbai to Central Mumbai due to
gives 18th-century feel of London. good supply of Grade A buildings in Bandra-Kurla Complex
micro-market and since most of the buildings in South Mum-
Current trend bai are over 30-40 years old. Still, the CBD in South Mumbai
The average annual rent of Nariman Point, Churchgate, Fort will benefit from it’s strategic location due to it’s proximity
and Ballard Estate has seen a decline over the last 10 years to important transport termials, government buildings, docks,
whereas New Delhi’s Connaught Place has retained yet grow- historical buildings and existing markets.
Landmark: One Forbes, Fort Table 5:Top office buildings in Fort and Churchgate CBDs
Sr. Rental Total Area
Building Name Location
no. (₹/SF/MO) (SF)
1 One Forbes 200-250 115,000 Fort
2 Fort House 200-250 102,915 Fort
3 Mulla House 200-250 100,000 Fort
4 Apeejay House 200-250 80,000 Churchgate
5 Kodak House 200-250 32,195 Churchgate
6 Hindustan Unilever House 150-200 1,53,000 Churchgate
7 Ramon house 175-225 60,000 Churchgate
Source: Google Images Source: PropStack

The information produced in this report is compiled from various sources perhaps contains errors or omissions. 4
The Capital, BKC

SBD | Secondary Business Districts


Overview
Mumbai’s secondary business distict spans across Ban-
SBD
da-Kurlla complex (BKC), Bandra East, and Kalina. Although 25%
termed as SBD, these areas are the emerging CBDs of Mum- 20%
bai due to good supply of Front office Grade A spaces and an
age difference of 28 years with the CBDs. 15%
Mumbai’s SBD is mostly driven by BFSI sector as IT sector 10%
is relocating towards the peripheral and suburban business 5%
districts for back-office operations.
0%
Market Summary 2017 Q1 2017 Q4 2018 Q1 2018 Q2
• Steep 11% YoY appreciation in average monthly rent in 5 Vacancy rate
quarters in office spaces across all locales PBD and SBD Central garnered 81% share of the transactions
• Tender fall in vacancy rate in micro-market in H1 2018 and their shares were 33%, 30% and 19%, respec-
• Relocation trend from CBD to SBD and alternate business tively. (KnightFrank, 2018)
districts • Amongst all micro markets, Central Mumbai recorded the
highest rental growth of 5% YoY. (KnightFrank, 2018)
Highlights • Mumbai’s SBD has shown a significant 8% QoQ increase in
• The markets of the suburban business district SBD West, rental values in Q4 2017 and 11% YoY increase in Q2 2018.

SBD • From Q4 2017, the vacancy rates have been steady at 14%
in Q2 2018, unlike the CBDs.
₹ 275.00
• Trendline suggests the average rent to be above 300 /SF/MO
₹ 270.00 in Q4 2019
₹ 265.00

₹ 260.00 “Corporates prefer secondary


₹ 255.00
business districts to CBDs”
₹ 250.00

₹ 245.00
- BusinessLine, Aug 14, 2017

₹ 240.00 “Workplace Realty: With cor-


₹ 235.00

₹ 230.00
porate choice, SBDs emerging
₹ 225.00
2016 Q4 2017 Q1 2017 Q4 2018 Q1 2018 Q2
as new favourite for offices”
Avera ge rent (₹/SF/MO)
SBD ₹ 243.40
- The IndianEXPRESS, August 12, 2017 6.59 AM IST
₹ 243.00 ₹ 263.50 ₹ 266.40 ₹ 270.10

The information produced in this report is compiled from various sources perhaps contains errors or omissions. 5
Bharat DIamond Bourse

SBD | Bandra-Kurla Complex


Brief highlights over the years Table 7.1:Top office buildings in BKC by Average
• Pharmaceutical firm Abbott India LTD bought land of Average rent
435,000 SF at Godrej BKC for ₹1,479 cr for the corporate Sr.no. Building Name
(₹/SF/MO)
office in the year 2015. In the same year Godrej properties Maker Maxity (4 North Ave-
sold largest office space of 4.35 lakh SF at BKC for ₹1,480 cr 1 300-400
nue)
for the different firms.
2 Maker Maxity 5 300-400
• In 2018, Google leased a facility of 51,000 SF in First interna- 3 TCG Financial Center 280-350
tional Finance Centre (FIFC) for 7-years and looks to expand
their operations in India. The space has been leased on the 4 Parinee Crescenzo 250-375
Ground floor and 7th floor at FIFC. According to the lease, First International Financial
5 275-325
Google has leased the space at 270 ₹/SF/MO i.e. nearly ₹1.4 Centre
cr/MO. As their current lease for 18,350 SF at Maker Maxity Maker Maxity (3 North Ave-
will expire on Jan 2019, Google is planning to relocate to their 6 275-300
nue)
new headquarters at FIFC.
Maker Maxity (2 North Ave-
7 275-300
nue)
Table 7.2:Top office buildings in BKC by Total Area Maker Maxity (BNP Paribas
Total Area 8 275-300
Sr.no. Building Name House)
(SF)
9 IL & FS Financial Centre 250-300
1 One BKC 15,00,000
10 Platina 250-300
2 Godrej BKC 13,00,000 Source: PropStack

3 The Capital 10,00,000


“For premium front-office
4 Parinee Crescenzo 8,05,000
5 Adani Inspire 8,00,000
space, BFSI occupiers should
6
First International Financial
6,86,743
focus on Bandra Kurla Com-
Centre
7 IL & FS Financial Centre 5,50,000
plex (BKC), while cost-sensi-
8 INS Tower 4,92,302 tive occupiers should evaluate
9 Trade Centre 4,47,760 options in micro-markets such
10 Platina 3,50,000
Source: PropStack
as Lower Parel and Andheri”
(KnightFrank, 2018)

The information produced in this report is compiled from various sources perhaps contains errors or omissions. 6
Bandra-Worli Sealink

SBD | Bandra & Kalina


Key recent transactions in the Bandra-Kalina mi- Landmark: Hallmark business plaza, Bandra East.
cro-market

- Q1 2018
• The executive centre (TEC) leased a 27,000 SF office in
Maker Maxity in BKC for expansion

- Q4 2017
• Essar Oil leased a 60,000 SF facility in Godrej BKC for ex-
pansion
• Novartis leased an office space of 110,000 SF at Adani In-
spire for consolidation/expansion
• TataSky leased 55,000 SF at Windsor for relocation
• Rosneft leased 70,000 SF in Godrej BKC
Source: Google Images

Table 8:Top office buildings in the micromarke by Average Rent at Bandra-Kalina micro-market
Locality Average rent Total Area Floor size
Sr.no. Building Name
name (₹/SF/MO) (SF) (SF)
1 Hallmark Plaza Bandra East 180-240 15,00,000 25,400 - 25,400
2 Windsor Kalina 175-225 13,00,000 44,000 - 44,000
3 Grande Palladium Kalina 175-225 10,00,000 18,000 - 30,000
4 HDIL Tower Bandra East 190-210 8,05,000 31,989 - 31,990
Lotus Mid Town (Edelweiss
5 Kalina 175-200 8,00,000 18,000 - 18,000
House)
6 Orbit Plaza Kalina 150-200 6,86,743 13,750 - 13,750
7 Diamond Square Kalina 150-200 5,50,000 8,333 - 8,333
8 Centrum House Kalina 150-200 4,92,302 8,000 - 8,000
9 Avvashya House Kalina 150-200 4,47,760 15,750 - 15,750
10 Raheja Centre Point Kalina 150-200 3,50,000 14,000 - 14,000
Source: PropStack

The information produced in this report is compiled from various sources perhaps contains errors or omissions. 7
Mahim Bay from Prabhadevi

Worli - Prabhadevi Micro-market


Highlights Worli
• There is a 7% YoY incease in vacancy rate from Q1 2017 to 25%
Q1 2018 and is stable at around 20% since Q4 2017 perhaps
may decrease gently exponentially. 20%
• The rents show an upward trend as Worli-Prabhadevi 15%
micro-market is one of the localities preferred due to sup-
10%
ply of flexible office spaces.
• Worli-Prabhadevi micro-market witnessed 9% rise in rental 5%
incomes in 2017
0%
• The average rent is stable at 223 ₹/SF/MO since 3 quarters 2017 Q1 2017 Q4 2018 Q1 2018 Q2
in Q2 2018
Vacancy rate
Key recent transactions in the micro-market
• Mahindra & Mahindra purchased two floors of 26,000 SF
- Q4 2017
each in the 13-storeyed building Mahindra towers in Worli
• CoWorks leased 95,000 SF office space in Birla Centurium
approximately at 150-200 ₹/SF/MO.
in Worli.

- Q2 2018
- Q1 2018
• WeWork, a co-working commercial estate company leased
the whole building Vaswani Chambers of 75,000 SF, 1B+G+3
Worli and approximately at 200-250 ₹/SF/MO.
₹ 225.00
Table 9:Top office buildings by Average Rent
Average rent
₹ 220.00 Sr.no. Building Name
(₹/SF/MO)
₹ 215.00 1 Sarjan Plaza 210-250
2 Cnergy 200-250
₹ 210.00
3 Ceejay House 200-250
₹ 205.00 4 Avantha House 200-250
5 Vaswani Chambers 200-250
₹ 200.00
6 Century Greenspan 200-225
₹ 195.00 7 Rational House 200-225
2016 Q4 2017 Q1 2017 Q4 2018 Q1 2018 Q2
Avera ge rent (₹/SF/MO) Shah House (Shiv Sagar
8 200-210
Worli ₹ 205.50 ₹ 204.50 ₹ 223.10 ₹ 223.00 ₹ 223.00 Estate)
Source: PropStack

The information produced in this report is compiled from various sources perhaps contains errors or omissions. 8
Peninsula Business Park

Lower Parel - Dadar Micro-market


Highlights Lower Parel
• The vacancy rate trend in Lower Parel - Dadar mi- 16%
cro-market has shown a exponential decrease since Q1 14%
2017. 12%
• Rents have maintained between the bracket of 170-177 ₹/SF/ 10%
MO with a YoY change of a trivial 2%. 8%
• The average rent in Q2 2018 was 174.2 ₹/SF/MO 6%
4%
Key recent transaction in the micro-market 2%
0%
• Deloitte leased 50,000 SF in IndiaBulls finance centre in
2017 Q1 2017 Q4 2018 Q1 2018 Q2
Lower Parel in Q2 2018
Vacancy rate

Table 10.1:Top office buildings by Average Rent


Sr.no. Building Name Total Area (SF) “Financial services majors
1 One Indiabulls Centre 16,00,000 Societe Generale and Fidelity
2 Peninsula Business Park 12,94,737
moved from Nariman Point to
3 The Ruby 10,00,000
4 Kohinoor Square 7,60,000
Lower Parel in 2018”
5 Kohinoor Square Phase 1 7,36,878 - The Economic Times, Sep 08, 2018, 11.27 AM IST

Source: PropStack
Table 10.2:Top office buildings by Average Rent
Lower Parel Average rent
Sr.no. Building Name
₹ 178.00 (₹/SF/MO)
₹ 177.00
₹ 176.00 1 Naman Midtown - Wing A 230-250
₹ 175.00
₹ 174.00 2 Naman Midtown - Wing B 220-250
₹ 173.00
₹ 172.00 3 Trade World-Kamala Mills 200-250
₹ 171.00
₹ 170.00 Peninsula Plaza- Peninsula
₹ 169.00 4 200-250
₹ 168.00 Corporate Park
2016 Q4 2017 Q1 2017 Q4 2018 Q1 2018 Q2
Welspun House (Trade
Avera ge rent (₹/SF/MO) 5 200
Lower Parel ₹ 172.00 ₹ 171.50 ₹ 177.20 ₹ 177.20 ₹ 174.20
Centre)
Source: PropStack

The information produced in this report is compiled from various sources perhaps contains errors or omissions. 9
Satellite Gazebo, Andheri East

Andheri - Kurla Micro-market


Highlights Andheri-Kurla
Anderi-Kurla micro-market is dominated by back-office 30%
and front-office demands by the BFSI sector such that a Col-
25%
liers report states that 70% of the new supply in Mumbai
20%
office market is in Andheri East in this micro-market.
The net absorption being driven by leasing transactions by 15%
co-working firms. 10%
5%
Highlights
0%
• The vacancy rate trend in Andheri-Kurla micro-market has 2017 Q1 2017 Q4 2018 Q1 2018 Q2
shown a significant rise in vacancy rates prominently due to
Vacancy rate
new supply which is highest in this micro-market.
• Rent has witnessed a 6% appreciation since Q4 2016. The Key recent transactions in the micro-market
average rent of Andheri-Kurla micro-market is comparitively -Q4 2017
less than half of than the SBDs and CBDs due to BFSI sector • Ajanta Pharma Ltd leased half floors of 45,000 SF each in the
relocating and consolidating to cheaper spaces for back-office 8- storeyed building Satellite Gazebo in Andheri East.
operations. Lately, front-office operations are reported to be -Q1 2018
relocating to similar micro-markets as well. • WeWork, a co-working commercial estate company leased
• The average rent in Q2 2018 was at it’s peak at 120.3 ₹/SF/ the whole building K Raheja Platinum Chambers of 250,000
MO SF, 1B+G+8 in Andheri East.
• Andher-Kurla is speculated to be next SBD in 10 years afte -Q2 2018
CBD status is shifted from Nariman Point micro-market to • Tablespace leased 2 floors of 55,000 SF each in the 8(1B+G+
Bandra-Kurla Complex. 7)-storeyed building Logitech Park in Andheri East.
• Quest Offices leased 1 floors of 55,000 SF each in the
5(G+4)-storeyed building Technopolis in Andheri East.
Andheri-Kurla Table 11:Top office buildings by Total area in
₹ 122.00
Andheri-Kurla micro-market
₹ 120.00 Sr.no. Building Name Total Area (SF)
₹ 118.00
1 The Centrium 1,200,000
₹ 116.00
₹ 114.00 2 Boomerang 1,200,000
₹ 112.00
₹ 110.00 Logitech Park Phase-I &
3 1,200,000
₹ 108.00 II(Raiskaran Tech Park)
2016 2017 2017 2018 2018
Q4 Q1 Q4 Q1 Q2 4 Solitaire Corporate Park 1,000,000
Avera ge rent (₹/SF/MO)
5 Kanakia Wallstreet 1,000,000
Andheri-Kurla ₹ 113.20 ₹ 113.40 ₹ 118.00 ₹ 116.60 ₹ 120.30
Source: PropStack

The information produced in this report is compiled from various sources perhaps contains errors or omissions. 10
Powai lake

Powai - Malad - Goregaon Micro-market


Key recent transactions in the Powai-Malad-Goregaon Powai
micro-market 10%
-Q1 2017
8%
• Citibank leased 1 floors of 30,000 SF each in the 10 storeyed
building Nirlon - IT Park 6%
-Q2 2017 4%
• Apotex Research leased 50,000 SF in Godrej IT Park, Block
2%
A Powai
• ShareKhan leased 30,000 in Jolly Board Tower (Wing 0%
2017 Q1 2017 Q4 2018 Q1 2018 Q2
D),Powai.
-Q1 2018 Vacancy rate

• WeWorks leased 125,000 SF in Commerze II, Goregaon in


Q1 2018 Powai
• GPRO 2 floors of 30,650 SF each in the 7(G + 6) storeyed ₹ 118.00
building Prudential House ₹ 116.00
₹ 114.00
• Schindler commercial estate company leased the whole ₹ 112.00
₹ 110.00

Malad-Goregaon ₹ 108.00
₹ 106.00
21% ₹ 104.00
₹ 102.00
20% 2016 Q4 2017 Q1 2017 Q4 2018 Q1 2018 Q2
Avera ge rent (₹/SF/MO)
19%
Powai ₹ 108.40 ₹ 108.40 ₹ 113.40 ₹ 115.70 ₹ 117.30
18%
17% Table 12:Top office buildings by Total area in Powai-
2017 Q1 2017 Q4 2018 Q1 2018 Q2 Malad-Goregaon micro-market
Vacancy rate Sr.no. Building Name Total Area (SF)
1 Supreme Business Park 12,00,000
Malad-Goregaon Nirlon Knowledge Park
₹ 104.00 2 Phase I (B1+B2+B3)and 10,75,000
₹ 103.00 II(B7)
₹ 102.00
₹ 101.00 3 Kensington 7,83,315
₹ 100.00
2016 2017 2017 2018 2018 Infinity Park - Building No.
4 7,83,000
Q4 Q1 Q4 Q1 Q2 4
Avera ge rent (₹/SF/MO)
5 TRIL IT 4 7,82,160
Malad-Goregaon ₹ 101.80 ₹ 101.40 ₹ 103.50 ₹ 103.60 ₹ 102.00
Source: PropStack

The information produced in this report is compiled from various sources perhaps contains errors or omissions. 11
Navi Mumbai Nagar Palika

Thane - Vashi Micro-market


Key recent transactions in the Thane-Vashi mi-
Vashi
cro-market
-Q1 2017 12%
• Tata Bss leased 25,000 SF in Reliable tech park at Thane Be- 10%
lapur road in Q1 2017. 8%
-Q1 2018
6%
• Maersk leased 80,000 SF facility in Empire Tower, Thane for
expansion in Q1 2018. 4%
• WeWork leased 250,000 SF facility in Hiranandani Xenia, 2%
Thane for expansion in Q1 2018. 0%
-Q2 2018 2017 Q1 2017 Q4 2018 Q1 2018 Q2
• Kotak Mahindra Bank leased 70,000 SF in Neptune Elements, Vacancy rate
Thane in Q2 2018

Thane Vashi
₹ 100.00
25%
₹ 80.00
20%
₹ 60.00
15%
₹ 40.00
10%
₹ 20.00
5%
₹ 0.00
0% 2016 Q4 2017 Q1 2017 Q4 2018 Q1 2018 Q2
2017 Q1 2017 Q4 2018 Q1 2018 Q2 Avera ge rent (₹/SF/MO)
Vacancy rate Vashi ₹ 73.10 ₹ 73.10 ₹ 88.70 ₹ 83.70 ₹ 83.70

Thane
₹ 59.00 Table 13:Top office buildings by Total area
₹ 58.50 Sr.no. Building Name Total Area (SF)
₹ 58.00
1 Vishwaroop IT Park 6,20,000
₹ 57.50
₹ 57.00 2 Haware Infotech Park 6,00,000
₹ 56.50 3 International Infotech Park 6,00,000
₹ 56.00
2016 Q4 2017 Q1 2017 Q4 2018 Q1 2018 Q2 4 Satra Plaza 5,25,000
Avera ge rent (₹/SF/MO)
5 Platinum Technopark 2,50,000
Thane ₹ 56.90 ₹ 57.00 ₹ 57.80 ₹ 58.40 ₹ 57.90
Source: PropStack

The information produced in this report is compiled from various sources perhaps contains errors or omissions. 12
Bibliography
KnightFrank, 2018. India Real Estate - January - June 2018 | Knight Frank Research. [Online]
Available at: https://www.knightfrank.co.in/research/india-real-estate-january-june-2018-5716.aspx?search-id=&re-
port-id=659&rank=4
[Accessed June 2018].

Abbreviations
SF - Square feet
₹/SF/MO - Rupees per square feet per month
/MO - per month
BKC - Bandra Kurla Complex
CBD - Central Business District
SBD - Secondary Business District
PBD - Peripherial Business District
BFSI - Banking, Financial services and Insurance sector
YoY - Year on year
QoQ - Quarter on Quarter
EoY - End of Year