London-based banking major Barclays Bank created history in May when it took space at Cee Jay House, a landmark office complex in Worli, for Rs 725 a square foot (sq ft) per month.
The building owned by Civil Aviation Minister Praful Patel is fully occupied with the likes of the now-bankrupt Lehman Brothers, Credit Suisse and Societe Generale, among others.
The developers are building 80,000 sq ft of space next to Cee Jay House, and leading brokers said they are getting enquiries for Rs 300-350 per sq ft.
Though property developer Indiabulls Real Estate is leasing office space at One Indiabulls Centre, an upcoming commercial complex at Lower Parel, at Rs 325 per sq ft per month and closed deals with big companies for Rs 275 per sq ft as anchor tenants, property brokers said they are now getting queries for Rs 200-225 a sq ft, 40 per cent less than the quoted price.
Commercial rentals in Mumbai are beginning to crack and deals for office space have slowed over 30 per cent in the last three months. Leading property brokers and consultants in Mumbai say things will be worse with prospective tenants asking for a 50 per cent cut in rates.
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4 comments:
Has anyone done a short sale in Real estate? Let me know what the lenders are looking for. Anyway thanks for this great post.
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I agree with your point that always US Crisis effect on Indian real estate market as well IT hubs.
Commercial Property in Mumbai
The price of Commercial properties in Maharashtra reached towering heights. The international IT giants are in a rush to buy commercial Property in Maharashtra. The top most investment destinations in Maharashtra are Mumbai, Pune and Nagpur.
Property In Navi Mumbai
Thanks for sharing the post.Office space on rent is available at Wardha IT Park.For more details visit us.
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