BKC office rental market defies cash crunch woes

MUMBAI: Demonetisation has not slowed down the commercial property market, at least in Bandra-Kurla Complex (BKC). Consider this fact: In the past one month, several office lease transactions have been concluded in the business district. Most of these deals have taken place in Maker Maxity, the 18-acre office complex which is a joint venture between Mukesh Ambani and Maker Group.

Apple, the American technology giant, will shift its offices to Maker Maxity complex in BKC; it recently concluded a lease deal for 12,000-square-foot space on two floors of the complex.

The Cupertino-headquartered MNC is believed to be paying Rs 325 a sq ft a month as lease rent (Rs 4.7 crore a year). Apple is currently housed in the FIFC building in BKC. “It could not expand its corporate office here so the company decided to shift to another property in BKC,” said sources.

Australian analytics and data management software firm SAS is expected to sign a lease deal in the same complex this week. Market sources said it plans to occupy around 24,000 sq ft space on an annual rent of approximately Rs 8 crore.

Two middle eastern banks, too, have signed lease agreements over the past month in BKC. The Qatar national bank will move into an 8,000-sq-ft office on the ground floor of Maxity, paying a rent of Rs 375 a sq ft a month. Last week, Emirates Bank concluded a deal in the same complex, taking on lease 16,100 sq ft on the ground and first floor at Rs 330 a sq ft a month.

American consultancy firm Gerson Lehrman Group recently signed a lease deal for an 8,000 sq ft office here on a monthly rental of Rs 330 a sq ft.

Credits The Times of India

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