Mumbai turns into hot property for companies looking for office space

Property in Mumbai is currently being considered as one of the best places in the country to operate businesses. Major businesses and corporate houses have begun moving to Mumbai in search of office-space, making the city that never sleeps a sought-after location. “Gradually, major business corporations are returning to the market in most of the key cities across the globe. India is now talking about growth of over 5%, which may be lower than earlier estimates. However, this is a big number if we consider it in the context of Europe and some other markets,” said Alistair Elliott, the senior partner and newly-appointed group chairman of global property consultancy firm Knight Frank.

Office space absorption levels in India are expected to rise from the 33 million square feet mark in 2012 to 34 million square feet in 2013. These numbers are predicted to rise further to 37 million square feet in 2014. Also, as per reports, fewer projects will be completed in this time frame. This will result in fewer vacancies in the future. Vacancies will decrease to 18% in 2014 from the initial 20% recorded at the end of the year 2012. Commercial sectors like manufacturing, banking financial services and insurance, information technology, pharmaceutical and media sectors will cause the increase in demand of office space.
And that isn’t all. Property in Mumbai could also undergo a price correction. Sales could also dwindle if prices aren’t corrected and brought down. This particularly applies to residential property in Mumbai. Quoting Alistair Elliott, “The irony of the situation in India is that while the country has a high housing shortage of 19 million units, we have witnessed a slowdown in residential sales leading to a high quantum of unsold inventory.”

That apart, Mumbai is bound to be the next biggest commercial hub in the world and will soon play home to more corporate houses and companies. To know more about the best commercial property in Mumbai available for rent and purchase, visit www.snapghar.com today!