Mumbai, November, 16, 2018 – Mumbai recorded gross absorption of 1.9 million sq ft in Q3 2018, a QoQ increase of 11%. This take-up was concentrated in micromarkets including Andheri East (25%), Navi Mumbai (18%), LBS/Eastern Suburbs (15%), and Goregaon/JVLR (12%).

Flexible workspace operators continued to drive leasing activity, accounting for nearly 36% of gross absorption in Q3 2018, followed by BFSI occupiers representing 28% and consulting occupiers accounting for 15%. The remaining proportion was contributed by occupiers across varied sectors including IT/ITeS, manufacturing, media and pharmaceuticals. In Q3 2018, three of the top five deals were recorded by flexible workspace operators. These deals were in the micromarkets of Andheri East, Navi Mumbai and Goregaon/JVLR.

“The cost-conscious occupiers considering consolidation and relocation should investigate micromarkets such as Lower Parel and Andheri East for their front-office operations, and Navi Mumbai and Thane for their back-office operations. Multi-National Corporations (MNCs), for which cost is not the first priority, should consider Bandra-Kurla Complex (BKC) as their first choice, for it being the BFSI hub characterized by superior quality developments”, says Varghese Abraham, Director, Office Services (Mumbai) at Colliers International India.

As per Colliers Research, the gross absorption by the BFSI sector through H1 2019 to be robust due to steady enquiries by occupiers looking to consolidate.

Mumbai witnessed no major new completions in Q3 2018. Developments that we expected to be completed were deferred because of delays with regulatory approvals. We expect about 9.0 million sq ft of new supply from Q4 2018 to 2021. Most of the planned supply is concentrated in the Andheri East and Navi Mumbai micromarkets.

                                                                                              - End –

About Colliers International Group Inc.

Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $25 billion of assets under management from the world’s most respected institutional real estate investors.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.

Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.

For the latest news from Colliers India, visit http://www.colliers.com/en-gb/india. To follow us on twitter, simply click on this twitter handle @Colliersintlind and to follow us on LinkedIn, simply click here.

For further information, please contact:

Sukanya Dasgupta, General Manager

Marketing & Communications, Colliers International India

Phone: +91 9811867682/ 8826377335

Email: Sukanya.dasgupta@colliers.com

India
Colliers International | Mumbai, Indiabulls Finance Centre, 17th Floor, Unit No. 1701, Tower 3, Senapati Bapat Marg, Elphinstone (W), Mumbai 400 013, Maharashtra, India | Tel: +91 022 4924 9780