NEW DELHI: Navi Mumbai currently offers nearly 24 million square feet of prime office space, accounting for around 20% of the total supply in the Mumbai Metropolitan Region (MMR), according to a report by real estate consultancy Cushman & Wakefield (C&W).
Released on Thursday, the report titled “Navi Mumbai – The Next Growth Corridor” highlights that occupancy levels in the city are high at 87%, reflecting strong demand. C&W noted that Navi Mumbai is increasingly emerging as a key office destination in the MMR, driven by infrastructure development, cost advantages, and access to talent.
Gautam Saraf, Executive Managing Director – Mumbai and New Business at C&W, said, “With Mumbai’s infrastructure push unlocking new corridors, Navi Mumbai’s integrated and scalable urban framework is ideally positioned to absorb the next wave of real estate growth.”
According to the report, Navi Mumbai’s 23.8 million square feet of Grade A office stock represents about 20% of the MMR’s total 120 million sq ft supply. The consultancy projects an additional 4 million square feet of office space will come online in Navi Mumbai by 2027-28.
The report also drew insights from a survey of over 30 Global Capability Centers (GCCs), which highlighted talent availability, cost-effective Grade A space, and robust infrastructure as the top factors influencing location decisions. C&W noted that Navi Mumbai aligns well with these priorities, positioning it as an attractive destination for GCCs—a key driver of office space demand across India’s seven major cities.
Currently, average quoted rentals in Navi Mumbai stand at Rs 70 per square foot per month, roughly 57% lower than prime MMR sub-markets. On the infrastructure front, the Navi Mumbai International Airport is expected to become operational by the end of this year, while other projects—including the Airoli-Katai Naka Road, Kharghar-Turbhe Tunnel Link Road, and Palm Beach Road extension—are expected to significantly improve city-wide connectivity in the coming years.
