University of York Expands in Mumbai: 37,602 Sq Ft Leased in Powai

The University of York, a renowned institution based in the United Kingdom, has taken a significant step in expanding its presence in India by leasing 37,602 sq ft of office space in Powai, Mumbai. This strategic move is set to strengthen the university's footprint in one of India's most vibrant commercial districts.

The leased area is part of a commercial property owned by Kairos Properties Pvt Ltd, an affiliate of Brookfield Company. The agreement covers the 3rd and 4th floors of the building and is valid from December 1, 2025, to November 30, 2030. The lease terms include a starting monthly rent of ₹75.2 lakh, with a 5% annual escalation. The rent for the first month is waived, and the security deposit is ₹4.51 crore for the first three years, increasing to ₹5.18 crore for the final two years.

Powai, located in Navi Mumbai, is a rapidly growing commercial hub with a total Grade A office stock of 23.8 million sq ft. The submarket's appeal lies in its strong connectivity, cost advantages, and access to a talented workforce. These factors have attracted numerous global firms, making it a preferred location for expanding businesses.

The transaction reflects the robust positive sentiment in India’s commercial office real estate market. According to a recent report by Cushman & Wakefield, Powai continues to demonstrate steady office market fundamentals. With a total inventory of 7.66 million sq ft, the submarket has an overall vacancy rate of 8.0%, indicating healthy occupancy levels. During the current quarter, net absorption stood at 279,950 sq ft, with YTD net absorption reaching around 0.43 million sq ft. The YTD leasing activity of 1.14 million sq ft highlights Powai’s appeal to technology, BFSI, and corporate occupiers seeking quality space outside traditional CBD locations.

Grade A weighted average rents in Powai average ₹174 per sq ft per month, positioning it as a competitive mid-rent micro-market with good infrastructure, campus-style developments, and improving connectivity. This makes it an attractive location for organizations looking to establish a strong presence in the region.

India’s commercial office real estate market is currently experiencing a very robust period. According to a report published by real estate consultant JLL, India registered a gross leasing volume of 83.3 million sq ft in 2025, marking a 7.8% increase compared to the previous year. Major contributors to lease transactions in 2025 included Bengaluru, Delhi NCR, Hyderabad, and Mumbai. While Bengaluru was the largest market for office space leasing at 24.1 million sq ft, Mumbai achieved a record growth rate of 13% y-o-y, registering a lease of 11.6 million sq ft.

Record leasing of space amounted to 26.8 million square feet in the fourth quarter of 2025, driven by demand from global firms, expanding GCCs, and a pick-up in flexible workspace absorption. At the city level, Pune recorded the highest growth in terms of expansion at 18.2% y-o-y, registering a lease of 8.1 million sq ft.

The University of York's lease in Powai serves to reinforce the continued interest and attractiveness of Mumbai as a location for global players and organizations, especially in well-developed micro-markets that offer good quality office space. This move is expected to enhance the university's operational capabilities and support its strategic goals in the region.

In addition to the office space, the lease agreement includes 27 parking spaces, with any additional spaces costing ₹8,500 per month. The transaction also involves a lock-in period of three years, and a stamp duty exceeding ₹14 lakh and a registration fee of ₹1,000 were paid to formalize the contract.

This strategic expansion by the University of York in Mumbai's Powai demonstrates the growing importance of India in the global education and business landscape. It is a clear indication of the region's potential and the confidence of international organizations in its future prospects.