Navi Mumbai to emerge as MMR's next prime office destination: Report

Cushman & Wakefield report highlights Navi Mumbai's cost advantage, 87 per cent office occupancy, and new infra projects including the upcoming international airport by 2025

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Navi Mumbai is set to become an upcoming office destination within the Mumbai Metropolitan Region (MMR) amid its infrastructure development, cost advantages and access to talent, according to a report by Cushman & Wakefield.

 

MMR’s existing prime micro-markets include Bandra Kurla Complex (BKC), Worli-Parabhadevi, Lower Parel, Nariman Point, Andheri, Goregaon and Powai.

 

According to the report, Navi Mumbai currently offers 23.8 million square feet (msf) of grade A office stock, representing about 20 per cent of MMR’s total 120 msf supply, with an occupancy rate of 87 per cent. A further 4 msf of new supply is expected by the financial year 2028 (FY28), signalling sustained developer interest supported by robust occupier demand amid constrained availability.

 

The report also includes findings from a survey of over 30 Global Capability Centres (GCCs), which identified the top three factors influencing location strategy as talent availability (91 per cent), cost-effective grade A space (77 per cent) and infrastructure (73 per cent).

 

The region benefits from proximity to educational institutions, providing access to a talent pool of nearly 150,000 graduates annually. The presence of modern infrastructure and a variety of residential options — from budget to premium — adds to its attractiveness for enterprises considering new office locations. At an average quoted rental of ₹70 per square foot per month — about 57 per cent lower than prime MMR sub-markets — it provides companies with a compelling cost advantage without compromising on quality.

 

The Navi Mumbai International Airport is expected to become operational by Q4 CY2025, with an initial capacity of 20 million passengers annually and scalable up to 90 million. Once operational, it will position Navi Mumbai as a central node in the MMR. Other infrastructure projects, such as the Airoli-Katai Naka Road, Kharghar-Turbhe Tunnel Link Road and Palm Beach Road extension, are also expected to enhance accessibility within Navi Mumbai in the coming years.

 

India’s GCC sector is also expanding rapidly, with its share of leasing projected to rise from 23 per cent in 2023 to 29 per cent by 2025.

 

Gautam Saraf, executive managing director, Mumbai & new business, said: “With Mumbai’s infrastructure push unlocking new corridors, Navi Mumbai’s integrated and scalable urban framework is perfectly positioned to absorb the next wave of real estate growth.”