DTZ: 1Q15 – demand outstrips supply in Mumbai office market
DTZ noted in its Property Times report for Mumbai in 1Q15 that demand for office space was 11% higher y-o-y. The vacancy rate fell by 2pp q-o-q to 18.8%. Financial services and IT-related companies accounted for nearly half of the uptake of new property in 1Q15. DTZ estimates new supply at 15mn square feet in the remainder of 2015 and of about 10mn square feet in 2016. DTZ is looking for rentals to rise slightly over the coming year.
Source : 30 April 2015/DTZ/Mumbai/OFF