Mumbai’s office property market has recorded the highest-ever lease rental in the country. A major multinational technology firm has leased 6,526 sq. ft. of office space in the Bandra Kurla Complex (BKC) at a monthly rate of ?738 per sq. ft., surpassing the previous benchmark of ?700 per sq. ft.

The leased space, located on the 10th floor of a premium commercial tower, also includes an open terrace of 2,126 sq. ft. When the terrace is factored at one-third of the usual rate, the effective rental works out to ?666 per sq. ft., making it one of the most expensive office lease deals in India. The lease was registered in December, with the agreement starting on January 1.

In 2024, India’s top office markets saw a 23% growth in total gross leasing, reaching 77.22 million sq. ft., while total net absorption increased by 18% to 49.56 million sq. ft. The Indian office sector has become an important destination for global companies expanding their workforce and real estate footprint, highlighted by record net absorption during the year.

The multinational firm has increased its focus on India, recognizing its potential as one of the fastest-growing economies and a key consumer market. The company is also investing in local manufacturing and assembly, aligning with national initiatives to promote domestic production while reducing import costs and enhancing competitiveness.

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