Mumbai Sees Historic High On Office Leasing, Residential Sales In 2024

Mumbai: Be it office leasing or residential demand, Mumbai witnessed historic high among all metros last year, driven by sustained demand for premium housing and transformative infrastructure developments, a recent report showed.

The financial capital recorded a historic high in office transaction volumes in 2024, reaching 10.4 million square feet, marking a 40 per cent annual increase from 7.4 million square feet in 2023, according to the report by Knight Frank India.

In the second half of 2024, Mumbai saw office space transactions totalling around 4.6 million square feet, reflecting a 9 per cent growth. India-facing business accounted for most transactions in Mumbai, contributing around 77 per cent to the overall share in 2024. In 2024, Mumbai saw the addition of 5.8 million square feet of new office supply, reflecting an 89 per cent year-on-year growth compared to 2023.