Navi Mumbai emerges as major office hub with 23.8 mn sq ft Grade A space, contributing 20% of MMR’s commercial supply

Navi Mumbai currently has 23.8 mn sq ft of office stock; 4 mn sq ft of new supply expected by FY2028, a report by Cushman & Wakefield has said

Navi Mumbai is establishing itself as a major office destination within the Mumbai Metropolitan Region (MMR) with 23.8 million sq ft of Grade A office stock, accounting for about 20% of MMR’s total supply of 120 million sq ft, according to a Cushman & Wakefield’s report.

Navi Mumbai is emerging as a key office hub in MMR with 23.8 mn sq ft of Grade A space, about 20% of the region’s total supply, a Cushman & Wakefield report said. (Representational photo) (Pixabay)

The report notes that Navi Mumbai has an occupancy rate of 87% supported by cost advantages, talent availability, and infrastructure upgrades. An additional 4 million sq. ft. of new office space is projected by FY2028, underscoring steady developer interest and strong demand from occupiers.

“The region benefits from proximity to educational institutions, providing access to a talent pool of nearly 150,000 graduates annually. The presence of modern infrastructure and a variety of residential options- from budget to premium adds to its attractiveness for enterprises considering new office locations. At an average quoted rent of ₹70 per sq. ft. per month, about 57% lower than prime MMR sub-markets, it provides companies with a compelling cost advantage without compromising on quality,” the report said.

Survey findings of over 30 Global Capability Centers (GCCs) highlighted talent availability (91%), cost-effective Grade A space (77%), and infrastructure (73%) as the top factors influencing location strategy. Navi Mumbai aligns closely with these, offering access to nearly 150,000 graduates annually, modern infrastructure, and diverse housing options.

At average rentals of ₹70 per sq ft per month, roughly 57% lower than prime MMR markets, Navi Mumbai provides companies with a cost-efficient alternative. The upcoming Navi Mumbai International Airport, expected to be operational by late 2025 with an initial 20 million passenger capacity, along with projects like the Kharghar Turbhe Tunnel and Palm Beach Road extension, are expected to further strengthen its connectivity, Cushman & Wakefield said.

“India’s GCC sector is expanding rapidly, with its share of leasing projected to rise from 23% in 2023 to 29% by 2025, underscoring the demand for high-quality office space across both established and emerging corridors. Within MMR, Navi Mumbai is gaining traction supported by infrastructure upgrades, cost-effective supply, and a growing talent base, reinforcing its role as part of the region’s evolving office ecosystem,” it said.

“With Mumbai’s infrastructure push unlocking new corridors, Navi Mumbai’s integrated and scalable urban framework is perfectly positioned to absorb the next wave of real estate growth,” said Gautam Saraf, Executive Managing Director, Mumbai and New Business at Cushman & Wakefield.