Mumbai Sees Unprecedented Surge in Industrial Space Rentals
Global Rankings Redefined
Mumbai has recorded the world's highest increase in industrial space rentals, soaring by 94.4% in 2007. This remarkable jump, from ₹18 per square foot per month to ₹35 per square foot per month (approximately $10.88 per square foot per annum), propelled Mumbai to the 26th most expensive industrial location globally, a leap of 11 positions.
Regional Hotspots
- Ranjangaon, Pune: Witnessed the fourth highest increase in the world, with rentals rising from ₹12 per square foot per month in December 2006 to ₹18 per square foot per month in December 2007.
- IMT Manesar, NCR: Saw the sixth highest global increase, with a 30% surge to ₹13 per square foot per month from ₹10 per square foot per month.
National Trends
- Delhi's Okhla Industrial Area: Experienced a 28.57% increase in rentals, reaching ₹45 per square foot per month from ₹35 per square foot per month ($14 per square foot per annum).
- Hinjewadi, Pune: Rentals grew by 18.75% to ₹38 per square foot per month.
- Sriperumbudur, Chennai: Saw an 18.5% increase to ₹32 per square foot per month.
Asia-Pacific Standing
Within the Asia-Pacific region, the top five for annual rent growth were:
- Mumbai
- IMT Manesar
- Singapore
- Pune
- Chennai Additionally, Bangalore-Bommasandra ranked sixth, while Bangalore-Jigani saw the ninth biggest rental rise in the region.
Global Leaders
- London retained its position as the world's most expensive industrial location, with a total occupancy cost of $28.91 per square foot per annum.
- Dublin jumped to second place, with an occupancy cost of $21.81 per square foot per annum, followed by Tokyo at third, with $19.51 per square foot per annum. Notably, Okhla Industrial Area ($14.50 per square foot per annum) surpassed industrial spaces in Moscow, Frankfurt, Hong Kong, and Beijing ($7.31 per square foot per annum).