Navi Mumbai Sees 40% Leap in Office Space Demand to 5.8 Million Sq Ft in 2024
Navi Mumbai's demand for premium office spaces surged by 40% in 2024 to 5.8 million square feet, driven by affordable rents and robust infrastructure development.
Navi MumbaiOffice SpaceReal EstateDemandInfrastructureReal Estate MumbaiJul 16, 2025
Abhishek Kiran Gupta, Co-founder and CEO of CRE Matrix, highlighted that Navi Mumbai stands out as one of the most affordable office markets among the top 7-8 cities in India. The weighted average rental in Navi Mumbai is around Rs 65 per square foot, making it an attractive location for both global and domestic corporations. Gupta noted that the demand has been particularly strong in key office micro-markets within the Mumbai Metropolitan Region (MMR).
In the first half of 2024, Navi Mumbai witnessed a notable gross leasing of office space, exceeding 0.8 million square feet. This robust activity is a clear indicator of the growing preference for Grade A office spaces in the region. Gupta emphasized that the demand will continue to rise, driven by the development of critical infrastructure, including the new Navi Mumbai International Airport.
Several major players have significant office space portfolios in Navi Mumbai, including Tata Realty & Infrastructure Ltd, K Raheja Group-sponsored Mindspace Business Parks REIT, L&T Realty, and Hiranandani Group. These developers are capitalizing on the city's strategic location and the increasing demand for high-quality office spaces.
According to CRE Matrix data, the gross leasing of office space in Navi Mumbai increased to 57.93 lakh square feet in 2024 from 41.37 lakh square feet in the previous year. During the first six months of 2024, the gross leasing stood at 27.72 lakh square feet, while the new supply was 20.07 lakh square feet. The major office hubs in Navi Mumbai include Airoli, Ghansoli, Vashi, Juinagar, Belapur, and Turbhe.
Gupta projects that the gross leasing of office space in Navi Mumbai could exceed 6 million square feet in the current 2026 calendar year. This optimistic outlook is supported by data from Cushman & Wakefield, which forecasts that the gross leasing of office spaces across the top 8 cities will surpass 90 million square feet in 2025, surpassing last year's record demand of 89 million square feet.
The combination of affordable rents, robust infrastructure, and strategic location positions Navi Mumbai as a key player in the Indian real estate market, attracting a diverse range of businesses and driving the city's economic growth.
Frequently Asked Questions
What is the current demand for office space in Navi Mumbai?
The demand for office space in Navi Mumbai rose by 40% in 2024 to 5.8 million square feet.
What makes Navi Mumbai an attractive location for office spaces?
Navi Mumbai is one of the most affordable office markets in major Indian cities, with a weighted average rental of around Rs 65 per square foot.
Which major players have office space portfolios in Navi Mumbai?
Major players in Navi Mumbai's office space market include Tata Realty & Infrastructure Ltd, K Raheja Group-sponsored Mindspace Business Parks REIT, L&T Realty, and Hiranandani Group.
What infrastructure developments are expected to boost office space demand in Navi Mumbai?
The development of the new Navi Mumbai International Airport and other critical infrastructure projects are expected to further boost office space demand in the region.
What is the projected gross leasing of office space in Navi Mumbai for the current year?
The gross leasing of office space in Navi Mumbai is projected to exceed 6 million square feet in the current 2026 calendar year.
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