Mumbai figures among top three cities globally that will add the maximum supply of Grade-A office space through 2017, according to a recent finding by JLL.
Shanghai tops the list among major global markets and the city is followed by Mexico City , Mumbai, Beijing, Singapore, Sao Paulo, Tokyo, Moscow, San Francisco and London in the Top 10, as of the first half of 2016. The city's current office stock stands at 106 million square feet; it will add 8% of this stock through 2016 or almost 8.5 million square feet.From the third quarter of 2016 through the fourth quarter of 2017, the financial capital of India will expand its Grade-A office footprint by around 15% or almost 16 million sq ft.
The report said these figures do not factor in construction delays. In the survey that covers all office sub-markets in each city , it is markets from emerging economies that dominate the Top 10 list. Shanghai leads with 42% of its current stock to be added in the next 18 months, followed by Mexico City at 22.5%.Beijing at 14%, Sao Paulo at 10% and Moscow at 7% are the three other cities from emerging economies among the Top 10. Among the mature economies, Singapore will add 11%, Tokyo 9%, San Francisco 6% and London 5% of their current office stock.
The Grade-A supply to co me up in 2018-19 in the city's central business district (CBD) of Bandra-Kurla Complex (BKC) and secondary business district (SBD) of central Mumbai will be just 1.6 million sq ft in an ideal scenario--that is, when delays do not occur in construction work, out of a total expected supply of 11 million sq ft.
Shanghai tops the list among major global markets and the city is followed by Mexico City , Mumbai, Beijing, Singapore, Sao Paulo, Tokyo, Moscow, San Francisco and London in the Top 10, as of the first half of 2016. The city's current office stock stands at 106 million square feet; it will add 8% of this stock through 2016 or almost 8.5 million square feet.From the third quarter of 2016 through the fourth quarter of 2017, the financial capital of India will expand its Grade-A office footprint by around 15% or almost 16 million sq ft.
The report said these figures do not factor in construction delays. In the survey that covers all office sub-markets in each city , it is markets from emerging economies that dominate the Top 10 list. Shanghai leads with 42% of its current stock to be added in the next 18 months, followed by Mexico City at 22.5%.Beijing at 14%, Sao Paulo at 10% and Moscow at 7% are the three other cities from emerging economies among the Top 10. Among the mature economies, Singapore will add 11%, Tokyo 9%, San Francisco 6% and London 5% of their current office stock.
The Grade-A supply to co me up in 2018-19 in the city's central business district (CBD) of Bandra-Kurla Complex (BKC) and secondary business district (SBD) of central Mumbai will be just 1.6 million sq ft in an ideal scenario--that is, when delays do not occur in construction work, out of a total expected supply of 11 million sq ft.
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