Office demand in Navi Mumbai rises 40% in 2024, to grow further: CRE Matrix

Demand for premium office spaces in Navi Mumbai rose 40 per cent in 2024 to 5.8 million square feet, and the leasing activities are expected to increase further on affordable rent, according to CRE Matrix.

Real estate data analytics firm CRE Matrix Co-founder and CEO Abhishek Kiran Gupta noted, "Navi Mumbai is one of the most affordable office markets across major 7-8 cities, with a weighted average rental of around ₹65 per square feet."  He said the demand has been rising in the key office micro-markets of the Mumbai Metropolitan Region (MMR).

In the first six months of this calendar year, he said the gross leasing of office space in Navi Mumbai exceeded by nearly 0.8 million (8 lakh) square feet.

"There is a huge demand for Grade A office space in Navi Mumbai from global and domestic corporates," he said.

The demand will further rise because of the infrastructure development in this part of MMR, including the new airport, Gupta observed.

Tata Realty & Infrastructure Ltd, K Raheja Group sponsored- Mindspace Business Parks REIT, L&T Realty and Hiranandani Group are some of the major players which have an office space portfolio in the Navi Mumbai region.

As per the CRE Matrix data, the gross leasing of office space in Navi Mumbai rose to 57.93 lakh square feet in 2024 from 41.37 lakh square feet in the preceding calendar year.

During January-June this year, the gross leasing stood at 27.72 lakh square feet while the new supply was 20.07 lakh square feet.

The major office hubs in Navi Mumbai are -- Airoli, Ghansoli, Vashi, Juinagar, Belapur and Turbhe among others.

Gupta estimated that the gross leasing of office space in Navi Mumbai could cross 6 million (60 lakh) square feet in the current 2026 calendar year.

According to Cushman & Wakefield, the gross leasing of office spaces across the top 8 cities is expected to cross 90 million square feet during 2025, beating last year's record demand.

In 2024, the gross leasing of office space stood at 89 million square feet across the top eight cities.