Mumbai Commercial Real Estate Market Overview – Q3 2026

Mumbai's office leasing activity is driven by several major business sectors, with BFSI accounting for the largest share.

The sector-wise leasing distribution recorded in the Q3 2026 report is:

• BFSI: 31%

• IT-BPM: 16%

• Flexible Workspace: 11%

The presence of these sectors reflects Mumbai's position as an important destination for businesses seeking commercial office spaces.

Mumbai's commercial office market is spread across established business districts, suburban locations and emerging commercial hubs. Each micro-market offers different levels of office stock, new supply, vacancy and absorption.

1. Central Business District (CBD)

The CBD includes Ballard Estate, Colaba, Churchgate, Fort and Nariman Point.

• Office Stock: 2.1 million sq. ft.

• New Supply: 0 million sq. ft.

• Vacancy: 2.5%

• Absorption: 0.002 million sq. ft.

2. SBD – BKC

The Secondary Business District includes Bandra-Kurla Complex, Bandra East and Kalina.

• Office Stock: 11.09 million sq. ft.

• New Supply: 0 million sq. ft.

• Vacancy: 3.1%

• Absorption: 0.01 million sq. ft.

3. Worli

Worli is another established commercial office micro-market in Mumbai.

• Office Stock: 3.2 million sq. ft.

• New Supply: 0 million sq. ft.

• Vacancy: 2.1%

• Absorption: 0.02 million sq. ft.

4. Central Suburbs

The Central Suburbs cover Bhandup, Kanjurmarg, Vikhroli, Kurla and Wadala.

• Office Stock: 13.4 million sq. ft.

• New Supply: 0 million sq. ft.

• Vacancy: 6.8%

• Absorption: 0.05 million sq. ft.

5. Lower Parel

The Lower Parel micro-market includes Lower Parel, Parel and Dadar.

• Office Stock: 12.31 million sq. ft.

• New Supply: 0.21 million sq. ft.

• Vacancy: 8.2%

• Absorption: 0.13 million sq. ft.

6. Andheri-Kurla

Andheri-Kurla includes Andheri East, Chandivali, Marol and MG Road.

• Office Stock: 19.38 million sq. ft.

• New Supply: 0.38 million sq. ft.

• Vacancy: 11.1%

• Absorption: 0.21 million sq. ft.

7. Powai

Powai is one of the commercial micro-markets covered in the report.

• Office Stock: 8.5 million sq. ft.

• New Supply: 1.03 million sq. ft.

• Vacancy: 12.4%

• Absorption: 0.08 million sq. ft.

8. Malad-Goregaon

This micro-market includes Malad, Goregaon, Jogeshwari and Borivali.

• Office Stock: 18.9 million sq. ft.

• New Supply: 0 million sq. ft.

• Vacancy: 8.1%

• Absorption: 0.01 million sq. ft.

9. Vashi

Vashi is an established commercial location within Navi Mumbai.

• Office Stock: 1.7 million sq. ft.

• New Supply: 0 million sq. ft.

• Vacancy: 4.1%

• Absorption: 0.008 million sq. ft.

10. Thane-Belapur Road

This commercial corridor covers Airoli, Ghansoli, Mahape, Juinagar, Seawoods and Dombivli.

• Office Stock: 24 million sq. ft.

• New Supply: 0 million sq. ft.

• Vacancy: 8%

• Absorption: 0.14 million sq. ft.

11. Thane

The Thane micro-market includes Thane, Kapurbawdi, Ghodbunder Road and Wagle Estate.

• Office Stock: 12.4 million sq. ft.

• New Supply: 0 million sq. ft.

• Vacancy: 9.1%

• Absorption: 0.41 million sq. ft.

Mumbai recorded several notable commercial office leasing transactions across different business locations.

Some of the major transactions highlighted in the market report include:

• WNS: 365,100 sq. ft. – Hiranandani Centaurus, Thane.

• Accenture: 272,300 sq. ft. – Centaurus, Thane.

• Lubrizol Global: 115,770 sq. ft. – Genome Valley Pharma Park, Navi Mumbai.

• Tata AIA: 98,670 sq. ft. – Hiranandani Centaurus, Thane.

• Apollo India: 88,650 sq. ft. – Nesco IT Park, Goregaon.

• Julius Baer Global: 74,000 sq. ft. – Waterstones Business Park, Andheri.

• Infosys: 69,300 sq. ft. – Reliable Tech Park, Navi Mumbai.

• HDFC: 64,100 sq. ft. – Indiabulls Finance Centre, Central Mumbai.

These transactions highlight leasing activity across Mumbai, Thane and Navi Mumbai.

Improving metro and suburban railway connectivity is an important infrastructure feature of Mumbai's commercial real estate landscape.

Explore the Mumbai commercial real estate market in greater detail with the Address Advisors Mumbai Market Report Q3 2026. Access detailed insights into office market performance, micro-market trends, leasing transactions, upcoming commercial developments and infrastructure connectivity.

Download the complete report to explore the data and gain a deeper understanding of Mumbai's commercial real estate landscape.