Low occupancy at Nariman Point, South Mumbai for commercial spaces

bkcBy Accommodation Times Research

The total commercial space in Nariman Point is 2.32 million sq. feet and presently the occupancy in Nariman Point is 65%. The office spaces mostly occupied by service sector and professionals. Due to commute time, people do not prefer Nariman Point. Most of the population travel from north or central Mumbai to Nariman Point. Office spaces have lowest occupancy level since November 2014. Till date the rentals have seen as low as Rs 65/-.

The total commercial space in Cuffe Parade is close to 0.6 million sq. feet and presently the occupancy in Cuffe Parade is 65%. Cuffe Parade office areas are mostly occupied by Banks and NBFC. Most of the Nationalised Banks have shifted their headquarters in BKC, giving huge vacancy for commercial spaces. The rates for commercial lease is almost touching Rs90/- per sq ft per month.

Fort enjoys nearly 100% occupancy. The occupancy levels in Worli are close to 70%. Andheri East, the rentals have fallen to Rs50/- per sq ft for good corporate parks and commercial buildings.

Naturally, CBD area of Mumbai is changing. New CBD areas are Kurla West, Kandivali East, Goregaon E, Malad Link Road and Vileparle near Airport and station road.

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