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India- Mumbai- Office- Q1 2019

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India- Mumbai- Office- Q1 2019 MUMBAI OFFICE MARCH 2019 MARKETBEATS 1.4 msf 2.0 msf 7.3 msf NET ABSORPTION NEW COMPLETIONS UPCOMING SUPPLY (Q1 2019) (Q1 2019) (2019) HIGHLIGHTS MARKET INDICATORS OVERALL 12 month Net absorption gets a push from new completions Q1 2018 Q1 2019 Forecast With strong leasing activity headlined by select sub-markets, net absorption for Q1 stood Overall Vacancy 17.9% 20.4% at 1.4 msf; nearly three times higher compared to Q1 2018. Nearly 50% of the net Weighted Average Net Asking CBD Rental (INR/sf/month) 224.2 242.1 absorption was seen on account of new project completions during the quarter. The YTD Net Absorption (sf) 362,488 1,405,774 Thane-Belapur Road sub-market continues to remain a strong performer, holding a 38% share of net absorption, followed by Andheri-Kurla and Central Suburbs sub-markets GRADE A OVERALL RENT which contributed 31% and 22%, respectively to the quarterly net absorption. & VACANCY RATE Professional services most active in Q1 2019 140 25% Professional services occupier category comprising consulting services, advertising and 120 20% 100 PR agencies held a 31% share of leasing activity during the quarter, followed by the 15% 80 Others category with a 24% share which was driven by retail services, hospitality and 10% 60 logistics operators. IT-BPM witnessed lower demand and accounted for a 14% share. 40 5% Key transactions (greater than 100,000 sf) during the quarter included WPP in Andheri – 20 0% 2013 2014 2015 2016 2017 2018 Q1 2019 Kurla micro market, Netflix in SBD (BKC Prime) and CMA CGM in the Thane – Belapur Road sub-market. We expect demand to be driven by key supply additions with occupiers Net Asking Rental (INR/sf/month) Vacancy Rate (%) from IT-BPM, Professional services, telecom & media along with flex space operators to GRADE A PRE COMMITMENT AND NET be most active in future space take-up. ABSORPTION A Cushman & Wakefield Select sub-markets to drive overall demand 8,000 Research Publication Select sub-markets like Thane-Belapur Road, Malad - Goregaon and BKC are expected 6,000 to drive overall demand in future with a supply pipeline of quality assets projected for 4,000 DATA INTO completion during 2019-2021. With vacancies across most sub-markets likely to see a 2,000 ACTION marginal drop, we expect rents to show some growth in key office corridors like BKC, 0 2013 2014 2015 2016 2017 2018 YTD 2019 Andheri – Kurla and Powai. Peripheral locations like Thane and Thane – Belapur Road Pre-commitment (000' sf) Net Absorption (000' sf) www.cushmanwakefield.com where rents have increased earlier, are likely to exhibit stability in the short-term. MUMBAI OFFICE MARKETBEAT MARCH 2019 GRADE A WTD. AVG. RENT* YTD Rohan Sharma PLANNED & UNDER YTD NET INVENTORY VACANCY YTD LEASING CONSTRUCTION CONSTRUCTION^ ABSORPTION Director SUBMARKET (SF) RATE ACTIVITY (SF) COMPLETIONS INR/SF/MO US$/SF/YR EUR/SF/YR (SF) (SF) Research Services (SF) Tel: +91 124 4695555 [email protected] CBD 1,962,800 8.3% 13,500 0 0 15,000 242.1 42.0 37.3 SBD 8,674,700 15.2% 197,400 2,082,000 150,000 77,500 259.9 45.1 40.1 Worli 1,469,000 15.6% 9,600 0 0 8,500 222.7 38.6 34.3 Lower Parel 7,711,700 12.7% 34,500 2,325,000 169,200 7300 183.3 31.8 28.3 Andheri-Kurla 13,390,800 20.4% 470,600 1,800,000 366,600 443,900 129.0 22.4 19.9 Powai 6,325,600 12.1% 2,300 560,000 198,000 (19,200) 130.8 22.7 20.2 Malad/Goregaon 10,851,800 19.6% 61,000 2,553,000 0 (66,300) 99.1 17.2 15.3 Central Suburbs 10,503,300 32.6% 291,500 2,089,000 0 315,600 142.4 24.7 22.0 Vashi 1,619,500 7.5% 61,500 0 0 58,400 94.5 16.4 14.6 Thane-Belapur Road 19,515,900 29.1% 356,000 5,794,200 1,144,000 534,900 65.2 11.3 10.1 Thane 7,179,000 11.2% 20,700 2,786,000 0 17,000 70.9 12.3 10.9 TOTAL# 90,081,400 20.4% 1,572,100 19,989,200 2,027,800 1,405,800 120.0 20.8 18.5 The report highlights Grade A details only. Certain indicators are historically corrected by addition / deletion of older / refurbished projects as per grade A classification and accounting for changes in built-up / leasable area besides adjusting tenant leases to reflect accurate market conditions. ^ Includes planned & under construction projects until 2021 Net absorption refers to the incremental new space take-up; renewals not included in leasing activity statistics *Weighted average asking rental rates for vacant spaces that provide core facility, high-side air conditioning and 100% power back up # Total figures contain submarkets not mentioned above IT-BPM – Information Technology – Business Process Management Key to submarkets: CBD – Ballard Estate, Colaba, Churchgate, Fort & Nariman Point; SBD – Bandra-Kurla Complex, Bandra East, Kalina; Lower Parel includes Lower Parel, Parel and Dadar US$ 1 = INR 69.17 € 1 = INR 77.84 Numbers for the first quarter are based on market information collected until 20th March 2019 DATA INTO ACTION KEY LEASING TRANSACTIONS Q1 2019 PROPERTY SUBMARKET TENANT SF LEASE TYPE Andheri – Kurla WPP 300,000 Consolidation A Cushman & Wakefield ORB Complex Research Publication Godrej BKC SBD Netflix 150,000 Fresh Lease Gigaplex Thane – Belapur Road CMA CGM 100,000 Relocation with Expansion Cushman & Wakefield (NYSE: CWK) is a leading global real estate One Indiabulls Centre - Tower 2B Lower Parel Bloomberg 64,050 Renewal services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices SIGNIFICANT PROJECTS PLANNED & UNDER CONSTRUCTION and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit PROPERTY SUBMARKET MAJOR TENANT SF COMPLETION DATE www.cushmanwakefield.com or follow @CushWake on Twitter. Mindspace 15- Airoli Thane-Belapur Road NA 1,360,000 Q2 2021 TCS Olympus II Thane TCS 1,300,000 Q4 2019 www.cushmanwakefield.com Nesco Phase II – Tower 4 Malad / Goregaon NA 1,200,000 Q4 2019 Copyright © 2019 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources considered to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy..
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