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 recorded 15,771 residential unit launches in Q4-25, maintaining strong quarterly momentum. Extended Eastern Suburbs led with 27% share, followed by Eastern Suburbs (17%), Navi Mumbai and Extended Western Suburbs (14% each), and South Central with 10%. The mid-segment dominated with 62% share, supported by healthy demand, while high-end and luxury accounted for 26% and affordable for 12%. Weighted average capital values surged 25% q-o-q and 14% y-o-y, driven by premium launches, while rentals grew 1–2% q-o-q and 3–4% annually, underscoring robust market fundamentals.

Mumbai saw warehouse leasing of 6.2 MSF in H1 25, a 114% rise over H1 24. Bhiwandi submarket dominated with over 80% share. 3PL operators led with a 53% share. Industrial segment recorded 0.8 MSF of leasing, a 2.7X jump from H2 24. Khalapur led with 86% share. Warehouse land rates grew in Thane Belapur Road (17%), Rasayani-Patalganga (17%), Taloja Industrial Estate (25%) and Pen Khopoli Road (36%), compared to H2-24.

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.