Rental Insight Q4 2018 India | Office 20 February 2019 Mumbai 1 Grade A Rental Values Supply, Absorption & Vacancy Trends1 Percentage Micromarkets INR $US2 9.0 16% Change Forecast Per sq ft/Month QOQ YOY 8.0 14% 7.0 CBD 200 - 250 2.9 - 3.6 0.0% 0.0% 12% Andheri East 85 - 130 1.2 - 1.9 0.0% -2.3% 6.0 10% BKC 220 - 350 3.2 - 5.0 0.0% 2.7% 5.0 Lower Parel 140 - 195 2.0 - 2.8 0.0% 0.0% 8% 4.0 Malad 80 - 105 1.2 - 1.5 0.0% 2.8% 6% 3.0 Navi Mumbai 70 - 110 1.0 - 1.6 0.0% 5.9% 4% 2.0 Powai 110 - 145 1.6 - 2.1 0.0% 6.3% 1.0 2% Worli/Prabhadevi 170 - 210 2.4 - 3.0 0.0% 0.0% 0.0 0% Goregaon/JVLR 100 - 130 1.4 - 1.9 0.0% 0.0% 2012 2013 2014 2015 2016 2017 2018 2019F2020F2021F Kalina 140 - 185 2.0 - 2.7 0.0% -1.5% New Supply (In Mn sqft) Absorption (In Mn sqft) Vacancy (In %) Thane 70 - 80 1.0 - 1.2 0.0% 0.0% LBS/Eastern 90 - 125 1.3 - 1.8 0.0% -2.3% Suburbs Market Transactions4 Average Rental Trend1 INR/sq ft/month 160 Building Area Transaction Forecast Client Location Name (sq ft) Type 155 WPP Andheri The Orb 300,000 Lease Group East 150 HDFC Empire LBS 162,000 Lease Bank Plaza Road 145 Netflix Godrej 150,000 BKC Lease Inc. BKC 140 Oberoi 135 WeWork Commerz 122,300 Goregaon Lease 2 130 2012 2013 2014 2015 2016 2017 2018 2019F 2020F 2021F Notes: 1 Data represents both Non IT/ITeS and IT/ITeS Grade A properties 2 $US= INR 69.55 (US Dollar rate as on 31/12/2018) 3 CBD - Nariman Point, Ballard Estate & Fort, JVLR - Jogeshwari-Vikhroli Link Road, LBS - Lal Bahadur Shastri Marg (Rental range adjusted in April 2017 to accommodate Off LBS locations) 4 Indicative transactions concluded during Q4 2018 For research related information For Office Services contact contact Ritesh Sachdev Sangram Tanwar Senior Executive Director | Occupier Megha Maan Senior Director | Office Services | Services | India Senior Associate Director | Mumbai [email protected] Research | India +91 99 3014 6976 [email protected] [email protected] Indiabulls Finance Centre, 17th Floor, Unit No. 1701, Tower 3 Tel: +91 96 6718 8334 Senapati Bapat Marg, Elphinstone (W) | Mumbai - 400013 | India Copyright © 2019 Colliers International. Disclaimer - The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report..