Office space in Bandra-Kurla Complex to grow 30% this year,says report

Ramesh Nair,JLL managing director (West),said while the Banking,Financial Services and Insurance (BFSI) sector has been hit in Europe and the United States due to the economic instability,in BKC the segment still continues to be one of the major absorbers of space with leasing and buying activity picking up during the last two quarters.

Already several banks and financial institutions have their office in BKC including IDBI,SBI,Oriental Bank of Commerce,SEBI,Dena Bank,PNB,ING,NSE,NABARD,ILFS,ICICI,UTI,Canara Bank and Bank of Baroda. The present vacancy level at BKC stands at 16 per cent. “Over the last 24 months,it has become a landlord-favouring market. The change in sentiments have come earlier than expected and can be attributed to the large deals by Citibank,Deutsche Bank and First Rand Bank and also the lack of new quality supply in the market in 2013 and 2014,” Nair said.

Over the next four years some of the major projects expected to be completed in the alternative business district of BKC include luxury hotels such as The Bellagio and MGM Grand,Reliance headquarters-cum-convention centre,Jet Godrej office project,Wadhwa’s C66,Kotak’s headquarters and a luxury mall by Maker Group.