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THE CITY’S office space will see an increase in rental values in the coming years, says a report by real consultancy firm JLL India.
The research conducted by firm Global Real Estate Outlook says after a dip in rental values in the city last year, an acceleration is expected this year. In Mumbai, the study tracked rents for prime Grade A office spaces in its Central Business Districts. JLL says while Nariman Point in South Mumbai, the original CBD of the city, has lost out to newer micro markets, the specialised, commercial space at Bandra-Kurla Complex has become a ‘de-facto’ CBD. The reason attributed for emergence of newer markets is ‘evolving needs of occupiers’.
The study analysed rents across cities around the globe through ‘rental clocks’. It claims rental values see a cyclical pattern with four stages – rental value growth slowing, falling, bottoming out and accelerating. It says Mumbai is at the acceleration stage right now after ‘bottoming out’ in the past year.
The JLL research also compares Mumbai to various other cities placing it in the company of cities like Sydney, Brussels, Paris, Milan and Amsterdam.
“In 2015, Mumbai’s place on the rental clock was shared by Paris, Brussels, Istanbul and Washington DC. Out of these five, Paris saw a drastic acceleration in rental value growth while both Brussels and Mumbai marched ahead at a slower pace. Washington DC, however, still remains at the same place as last year. Interestingly, Istanbul is now seeing rental values of its prime office spaces falling,” states a statement from the firm.