Mumbai_Office_Market_Brief_Q1_09.pdf

1、 For enquiries on this report, please contact: Priyankar Bhikshu, Associate Director- Delhi Tel: +91 99990 05551 E-mail: For leasing or occupier services enquiries, please contact: Anurag Bhatnagar, Associate Director- Corporate Services Tel: +91 98337 33343 E-mail: This report should not be relied upon as a basis for entering into transactions without seeking specific, qualified, professional advice. Whilst facts have been rigorously checked, DTZ can take no responsibility for any damage or los

2、s suffered as a result of any inadvertent inaccuracy within this report. Information contained herein should not, in whole or part, be published, reproduced or referred to without prior approval. Any such reproduction should be credited to DTZ Research. (c) DTZ Research mumbai update office market brief Q1 2009 Grade A office market statistics Note: Base Rents reflect the average warm shell rents. Occupancy cost is rent plus all outgoings where outgoings include fixed maintenance charges applica

3、ble as per local market norms. 1CBD includes Nariman Point and Cuffe Parade 2Off CBD includes Worli and Parel 3Suburban includes Andheri Kurla road and Andheri (W) 4New CBD micro market includes Bandra Kurla Complex, Kalina and Santacruz (East) 5PBD micro market includes Goregaon -Malad, LBS Marg, Powai, Navi Mumbai and Thane. Exchange rate: US$1= INR 51.18 * Reflect occupancy cost changes compared to Q408 (not accounting for exchange rate fluctuations) Market showing signs of resilience Q109 sa

4、w the addition of 3.3 million sq ft (msft) of new supply which was a reduction as compared to the last quarter. Most of this new supply (78%) was in the PBD region, taking the total stock of the PBD submarkets to almost 22 msft which is more than half of the Grade-A commercial stock in the city. Minor additions to the stock were seen in the Off CBD and Suburban micro-markets. The fall in rentals has not been very prominent during this quarter (Q109), with no change in the CBD and PBD rentals. Th

5、e CBD rentals seem to have stabilized for now, while the already low PBD rentals are not offering much scope for further correction. The maximum correction was in the Suburban markets which saw a fall of 13% from last quarter due to immense supply pressure. The Off CBD and New CBD have seen a correction of almost 8% each. According to market participants, the New CBD of BKC is not expected to see much correction from current levels and prices are expected to stabilize at present levels. 0.61 msf

6、t of absorption was reported during Q109. The fall from 0.94 msft recorded in Q408 can be attributed largely to the single 0.25 msft transaction by Standard Chartered bank during the last quarter which was against market currents. Grade A office rentals (2005 - Q1 2009) Some prominent buildings completed in Q109 were 247 Park (900,000 sq.ft.) in Kanjur Marg, Ventura IT Park (500,000 sq.ft.) in Powai, and R Tech Park (400,000 sq.ft.) in Goregaon. The addition of this new supply in the face of fal

7、ling absorption has caused vacancy levels to rise further and a fourth of Mumbais commercial stock now lies vacant. The Brihanmumbai Municipal Corporation (BMC) passed a bill to collect taxes based on the capital value of properties, this will be a change from the rateable value- based collection of property tax, under which tax is assessed on the rent a property can earn. The reforms are expected to finally rationalize property tax collections between South Mumbai (CBD), where rents are frozen

8、by the Rent Control Act, and suburban districts, where property tax was higher than those in South Mumbai. If approved by the BMC, the new rule will come into force by July 09. As per DTZs latest survey, DART-Demand Analysis and Real estate Trends on the strategies being adopted by corporate real estate heads to cope with the current economic slowdown, companies occupying space in Mumbai feel that this city would be the first to bounce back and revival is anticipated over the next 3-4 quarters.

9、According to them, the next 6-12 month period would offer the best time to take up additional space in the city. Supply and take up (Q1 2008 Q1 2009) Source: DTZ Research Recent transactions Etisalat leased 100,000 sq ft at Techniplex, Goregaon(W) JP Morgan leased 100,000 sq ft at KRC Towers, Kalina FirstSource leased 50,000 sq ft at Reliable Plaza, Thane Belapur Road Total stock (sq m) Vacancy (%) Base rent (INR/sq ft/mo) Occupancy cost (US$/sq ft/yr) % change (from Jan 09)* 6 month forecast CBD1 163,509 3.9 425 105.51 0.00 Off CBD2 394,138 20.13 275 68.00 -7.94 Suburban3 747,603 24.97 120 31.65 -12.9 New CBD4 479,840 18.56 275 69.17 -7.81 PBD5 2,033,194 29.61 80 21.10 0.00 Overall 3,818,284 25.23 147 37.66 -4.33 India Source: DTZ Research INR per sq ft pm

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