Mumbai MarketBeat Reports

Mumbai recorded gross leasing volumes (GLV) of ~4.3 MSF in Q4‑25. Flexible workspace operatorsled the leasing activity with a 38% share, BFSI and Engineering & Manufacturing contributed another 12% each. Central Suburbs emerged as the most active submarket with 24% share, followed by Andheri–Kurla Road (15%) and Lower Parel (14%). For 2025, GLV touched a robust 16.9 MSF. Net absorption remained steady at 2.0 MSF for the quarter, helping bring citywide vacancy down to ~10%. Rentals continued to firm up, rising 1.9% q‑o‑q amid sustained demand for quality Grade A space.

Mumbai recorded retail leasing volumes of ~0.53 MSF in Q4-25, maintaining strong momentum and taking annual leasing to 2.22 MSF, nearly double of last year. Fashion led with ~50% share, followed by F&B at 27%, highlighting robust demand for lifestyle formats. Suburban corridors captured 44% of leasing activity, ahead of core precincts at 35%.  Grade A mall vacancy tightened further to 4.4%, supported by incremental new supply at Phoenix Palladium, which was fully absorbed. Mall rentals grew 10–12% y-o-y, while high-street rents rose 6–8%, with select locations posting double-digit growth. Strong leasing activity and rising rentals underscore sustained demand for quality retail spaces across Mumbai’s prime and emerging corridors.

Mumbai achieved a record 19,775 residential unit launches in Q1 2026, reflecting robust 25% q-o-q and 7% y-o-y growth. Western Suburbs led the new launches with a 25% share, followed by strong contributions from Eastern Suburbs (20%), Navi Mumbai (17%), and Thane (15%). The mid-segment dominated new supply at 48%, alongside healthy shares for high-end and luxury (27%) and affordable housing (25%). Driven by premium launches in prime submarkets, capital values surged to INR 27,009 per sq. ft., appreciating 10% q-o-q and 32% y-o-y. Rentals also grew steadily by 1-2% q-o-q and 5-6% y-o-y, underscoring excellent market fundamentals.

Mumbai’s warehousing market hit a record 9.6 MSF in H2 2025, up 55% over H1, led overwhelmingly by Bhiwandi (91%). 3PL operators drove over half the demand, followed by Engineering & Manufacturing (17%), with strong large‑format deals shaping activity. Industrial leasing surged to 0.6 MSF, led by Bhiwandi and Taloja, with Engineering and FMCG firms driving momentum. Warehouse and industrial land values rose sharply, reflecting strong demand and limited supply across prime logistics corridors.

Cushman & Wakefield India Capital MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.