Sunday, August 25, 2019
News
NEWS HOME
»
PRN INDIA
Old vs New: State of Central Business Districts in Mumbai
  SocialTwist Tell-a-Friend  
   

BKC's emergence as city's prime central district reflects a shift in occupiers' preference  - a study by  JLL India

MUMBAI, July 12, 2019 /PRNewswire/ -- Much has changed in Mumbai when it comes to offices. And the change is impacting the real estate market in more than one way. With improved connectivity, travel time for those going to work every day has now reduced as compared to their commute couple of years ago. Swankier offices, located around a well-fortified retail zone and chic restaurants are to be blamed. Over the past years, the city seemed to have shifted its focus to new age modern buildings and offices. Bandra-Kurla-Complex (BKC), is one such alternative business district (ABD), which is now the de-facto central business district (CBD). Original CBDs comprise the city's prime business locations such as Fort, Nariman Point, Cuffe Parade and Colaba.  

JLL Logo

BKC is clearly witnessing major development. Moreover, its office buildings now seem to be towering over its counterparts in CBDs like Nariman Point. With its location around trendy ecosystem, BKC has managed to maintain its charm.

This transition is further reflected in rent escalation and office space growth. In a span of 15 years, since BKC's formation, the average per month rent in this marquee area has more than doubled. It has jumped to Rs 260 (approx.) per sq ft per month in Q1 2019 as compared to Rs 100 per sq ft per month in Q4 2003. During the same period, the total office space area of BKC has increased manifold to 9.9 million sq ft in Q1 2019 from 1.2 million sq ft in Q4 2003. While rentals in both CBD and BKC remained stable over the last one year, BKC still leads the pack.

Office Market

CBDs

BKC

Qtr /Year

Rents (INR per sq ft per month)

Rents (INR per sq ft per month)

1Q19

199.0

260.0

1Q18

199.0

258.0


Source: JLL, REIS

 

What's pushing the rents up?

Strategic location: Strategic location of BKC, placed equidistant from south/central Mumbai and all suburbs draws regular employees from all across the city. In turn, this also offers ease of connectivity and attracts big corporates, especially from the banking, consultancy firms and financial institutions. BKC is connected to other parts of Mumbai via roads and train network. The swarming number of immigrants in the city living in far-off suburbs too finds BKC convenient.

As a result, major corporates such as Bank of America, Citibank, Macquarie and Swiss RE have shifted their base to BKC. The diamond merchants of Mumbai have also moved from Charni Road area to BKC.

Data from https://property.jll.co.in, an office space listings site, corroborates the trend. Maximum number of prospective office occupiers look for space in BKC.  

'Your own slice of office in suburbia within city limits' is a concept that the developers, the retailers and the corporates across the city have been pitching a lot recently. The rapid change in demographics and socio-economics of the city called for a major transformation. The target audience comprised top management, living around BKC in areas such as Bandra, Worli, Juhu and Andheri. Add to this, the increasing number of high-end residential buildings in these areas catering to these senior professionals -- BKC serves as an office area closer to their homes.

Modern, energy efficient offices: Moreover, the design and retail aspects are also a major draw for today's young professionals. Most offices in this micro-market are ergonomically designed and serve the needs of the new age workforce.

Developed retail & entertainment zones: In addition to work, the retail and entertainment options in and around offices in BKC offers people an option to indulge in leisure after office hours - a trend that has kept the youth hooked up to the location. The place is filled with restaurants such as Yauatcha, Boteco and Hitchki and pubs like True Tramm Trunk BKC, Drinkery 51, among others.

And it is a global trend

Similar trends have transformed some other global cities. World over, from Sydney to Hong Kong, companies are increasingly looking for offices in such alternate business districts which have now emerged as the de-facto central districts.

These districts offer real estate that is accessible to a majority of the workforce living in the city or suburbs. As a result, these urban complexes are breaking the pull of the traditional city centres. Factors such as government investments, improving transport infrastructure are adding to the development of such districts. Also, the fondness among businesses wanting to be closer to where their employees adds to this attraction. And the story is being replicated across cities.

In the long run, such shifts will impact the development of our cities and contribute to the overall growth of the markets.

About JLL India

JLL is India's premier and largest professional services firm specialising in real estate. With an estimated revenue for FY 2018-19 expected to be approx. INR 4,000 crore, the Firm is growing from strength to strength in India for the past two decades. JLL India has an extensive presence across 10 major cities (Mumbai, Delhi NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata, Ahmedabad, Kochi and Coimbatore) and over 130 tier II & III markets with a cumulative strength of close to 11,000 professionals.

The Firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services. This includes leasing, capital markets, research & advisory, transaction management, project development, facility management and property & asset management. These services cover various asset classes such as commercial, residential, industrial, retail, warehouse and logistics, hospitality, healthcare, senior living and education.

JLL India won the Five Star Award for 'Best Property Consultancy at the International Property Awards Asia Pacific 2018 -19. The Firm was also recognised amongst the 'Top 100 Best Places to Work in India' in 2017 & 2018 in the annual survey conducted by Great Place to Work ® and The Economic Times. It has also been acknowledged as 'Property Consultant of the Decade' at the 10th CNBC-Awaaz Real Estate Awards 2015.

For further information, please visit jll.co.in

Media Contact:

Devesh Srivastava
Head - Public Relations & Content
JLL India
+91-99104-31445
devesh.srivastava@ap.jll.com
Head-Public Relations & Content, JLL

Logo: https://mma.prnewswire.com/media/678101/JLL_Logo.jpg

More News by PR Newswire India

ZOYA - A Tata Product Introduces 'Rhapsodie'

Consumer Activist Shiv Shankar Gupta Urges People to be Wary of Premium Salt Brands

Ted and Amauri Paraskakis - two foodies showing the world another side of loving foods

VeChain Attends Shanghai International Blockchain Week 2019

Redefine Travel Data Intelligence: Airsavvi Launches as VariFlight's Data Arm for Corporate Clients

Xinhua Silk Road: Haier builds responsible brand worldwide

'Sounds That Bring You Peace', Ĺ KODA INDIA'S All-new Social Experiment

Chitkara University Goes Ethnic, Replaces 'Colonial Gown' With Traditional Wear

Cyril Amarchand Mangaldas Advises Indifi Technologies on 'Series C' Funding Round led by CDC Group and Existing Investors

Dr. Amrita Vohra Recognised as 'Future 50 Leader Shaping Success'

HGC completes acquisition of Macroview, a leading digital technology and IT infrastructure solutions provider

LONGi Solar achieves top-performing AA-rating status in new PV ModuleTech Bankability rankings

In Mind Cloud Appoints Karan Sood as Chief Technology Officer

Glenmark Pharmaceuticals Receives ANDA Approval for Fulvestrant Injection, 250 mg/5 mL (50 mg/mL)

Country Garden releases 2019 H1 results report

MCRA Hires Reimbursement Leader Tonya N. Dowd, MPH, as Vice President of Reimbursement, Health Economics, and Market Access

A grain of truth: The Cambodian Rice Federation (CRF) appeals to the European Union to save the livelihoods of half a million families

/C O R R E C T I O N -- EW Healthcare Partners/

EW Healthcare Partners Raises Over $745 Million Fund 2a

The International Dota 2 Championships 2019 Kicks off in China

Casio to Release Second Set of EDIFICE Collaboration Models With Honda Racing & Scuderia Toro Rosso F1 Team

Digital Banking Solution Provider, Clayfin Technologies Relocates to a Bigger 'New-age Open Office' to Reflect its Brand Promise and Meet the Growing Demand for its Expertise in Digital Transformation

Kokoon Global, Per Jacob Solli Welcome Bodø Nu Media Redaction, Clarification

Apptio Opens First Center of Excellence in India to Recruit Top Talent and Help Companies Fuel Digital Transformation

VeChain Attends the 1st Important Product Tracing Expo (Shanghai) And Showcases Multiple VeChain ToolChain-Based Solutions

Perfetti Van Melle India Expands Center fresh Brand Portfolio With Launch of Center fresh 3 Layer Gum

ValueLabs Wins big at Asia's Best Employer Brand Awards 2019

Low-Code Is the Future - OutSystems Named a Leader in the 2019 Gartner Magic Quadrant for Enterprise Low-Code Application Platforms

GIIS Hosts Fourth Edition of Model United Nations 2019

QAD Prepares for 5G Connected Factories

Alliance to End Plastic Waste Appoints Jacob Duer As President And Chief Executive Officer

TO THE NEW Develops 'Performance Smartboard' for the Ministry of External Affairs

Frost & Sullivan: Tighter Border Security Measures Increases Growth Opportunities for Biometrics in the Public Segment

TECH5 Becomes the First ABIS Vendor to Fully Integrate Its Biometric Technologies With MOSIP® Identity Management Platform

NDB obtains AAA rating from Japan Credit Rating Agency

Wefast via its Parent Company Dostavista, the Leading Crowdsourced Same-Day Delivery Service, Secures $15 Million in Series B Funding

Ferns N Petals' Contribution Towards Society

World's Largest Youth Run Organisation - IIMUN's National Championship Conference Helps Bring the World Closer, the Indian Way

Smiths Detection Opens State-of-the-Art Service, Training and Experience Centre in India

SRKay Ropes in Yet Another Industry Veteran to Head its European Business

Acronis True Image 2020 Automates 3-2-1 Backups as the Only Personal Solution to Replicate Local Backups in the Cloud

Growth Opportunities in the Global Animal and Pet Nutrition Ingredients Market Look Promising

Super Antioxidant Ergothioneine Achieves GRAS Status from FDA

Pneuma Respiratory, Inc. Announces New Chairman of the Board

Biotech Conagen Acquires Production Platform of Therapeutic Proteins

Metallix Refining Announces New Asia Location

Weddingz.in Witnesses 480% Revenue Growth 12 Months Post-OYO Acquisition; Expands to Over 30 Cities in India

Autodesk University India 2019 to Showcase the Potential of Automation to Design and Make a Better World

Shell's IT-Day Charts Course for Industry-wide Digital Transformation

Robert Redford Joins HSH Prince Albert II of Monaco In His Fight for the Future of the Ocean

Thailand BOI, University Network to Spur R&D Linkage with Industry

86% of Users Quit Shopping Apps After 4 Weeks: New Research From CleverTap

3M India Awards the Winners of '3M-CII Young Innovators Challenge Awards 2019'

Gavin Bambury named OANDA(R) CEO

A Power-packed OPPO Reno2 to Feature Qualcomm Snapdragon 730G Processor and the Advanced VOOC 3.0 Flash Charge Technology

Quantela to Roll Out Smart City Services in the Opportunity Zones of the City of Erie, PA

Astral Pipes Join Hands With Prabhas Starrer Saaho

IMC Group: Singapore Ranks Among the Easiest and Best Places to do Business Worldwide

ASCENT Foundation to Host Ascent Conclave 2019 - The Fourth Edition of Their Annual Flagship Event

68% Data Scientists use Python Programming Language, 56% Prefer Tableau for BI: Data Science Skills Study 2019

GPX India Expands its Cloud Ecosystem by Supporting Linode's Launch of Cloud Services in India

MINDBODY Acquires Software Consulting Firm Simplicity First

With a printing solution for all, Pantum strives to meet diverse consumer needs in the growing Indian market

D-Link Showcases Industrial Solutions at the 2019 Taipei Automation Exhibition

Versa Networks Partners with Tangible Technology to Offer Software-Defined Managed Services for Australia Enterprises

IBM Commended by Frost & Sullivan for its Software-defined Storage Platform, IBM Cloud Object Storage

UPDATE: Venture Global Announces Final Investment Decision and Financial Close for Calcasieu Pass LNG

Brazilian Telcos Upgrade their B2B and B2C Offerings to Become One-stop ICT and Digital Solution Providers

Clinical Decision Support Systems Revolutionize the EMR to Become the Leader for Patient Empowerment

Smarten Augmented Analytics: Sophistication and Simplicity

NCCN Updates Spanish Adaptations of NCCN Guidelines to Enable Better Cancer Prevention, Diagnosis, and Treatment in Spain

IMKAN Awards China's CNTC as Main Contractor for Pixel Project in Makers District on Reem Island

AntWorks is recognised as a Leader in NelsonHall's NEAT for Intelligent Automation Platforms

Hisense Launched First Social TV With Exclusive Hi Table Interactive System in Chinese Market

Nexteer and Dongfeng Components Joint Venture Begins Steering Systems Production

Rajshri Entertainment Forays Into the Fiction Genre With Marathi Web-series 'U Turn'

EagleView CEO Returns to his Roots With Opening of New R&D Center in Bengaluru, India

Cybershoes®: The Next Leap Into Virtual Reality

Henley & Partners: Rising Anxiety Over Impact of No-Deal Brexit on Britain's Passport Power

LifeCell Launches 'PrepaCyte-CB®' Cord Blood Processing Technology as a First in India

Novotel Kolkata Hotel & Residences Reframes MICE in Eastern India

Ex-Aon Hewitt CEO Sandeep Chaudhary Joins Recruitment Firm Taggd on Advisory Board

Star Air Customers can Now Book Tickets From MakeMyTrip and Other OTAs

Caribbean Citizenship by Investment Tops New 2019 CBI Index Yet Again, FT Publication Shows

Team Chandigarh University Makes India Proud at Dance World Cup 2019: Lifts 1st Runners-up Trophy Beating Teams From 19 Countries

Scaled Agile Launches Core Working Group for SAFe® in India

Venture Global Announces Financial Close for Calcasieu Pass LNG

2019 CC Awards - Kahuna Winners Announced

"Evidence Based Legislative Interventions Required to Make Indian Road Safer," say Experts in Workshop Organised by ThinkNiti on Motor Vechicle Amendment Act 2019

21st CBD Fair (Guangzhou) in China Attracts Nearly 200,000 Visitors, New Exhibition Announced for 2020

'Full-Scenario Retail' Approach Boosts Suning.com 818 Shopping Festival

World For All Partners With TikTok to Launch its Animal Welfare Campaign #PetBFF

If You Were Injured By A Malfunctioning Takata Airbag, You May Still Be Eligible For Compensation Through The Special Master's And Trustee's Claim Process For Personal Injuries Or Wrongful Death

Energy EXCH Launches Economic Calendar for Oil Traders

Nixplay Signage and PCCW Global to collaborate on IoT and digital signage

Merck Granted Seven Additional CRISPR Patents, Bringing Total to 20 Worldwide

Microland Names Ashish Mahadwar as President for Global Sales & Marketing

Gryphon Investors Agrees to Invest in Enthusiast Hand-Protection Brand, Mechanix Wear

Sri Sri Received by Venezuelan Delegation Amidst Social and Political Logjam

Glenmark Receives Approval for Combination of Remogliflozin Etabonate and Metformin Hydrochloride for Adults With Type 2 Diabetes in India

LUI Che Woo Prize Reveals 2019 Laureates

Mekosha Ayurveda Spasuites Retreat Kerala Launches New Wellness Programs

Pennar Industries Bags Orders Worth INR 538 Crore

TrackMyPhones Founder Srihari Karanth Feted With 'Top 50 tech Visionaries Award' for Pioneering Development in Remote Tracking Safety Apps

Drive Technology Holland Launches Gearless Drive System

US Court Refuses To Halt Discovery Against Kazakh State Assets Held Around The World

OPPO Reno2 Series Set to Redefine Creativity

Media Members Tee Off At Forest City Classic Golf Course

Xinhua Silk Road: North China's Alxa League to hold autocross festival in Oct.

Beijing's Green Belt & Road Forum Draws Global Lenders

Second Edition of TechLaw.Fest Addresses Challenges Surrounding Data Access and Control, Data Security, 5G, and the Role of Data in Commerce

BloombergNEF Awards Sungrow a 100% Bankability Rating

"Borderline" Becomes Southeast Asia's First Contemporary Artwork to be Acquired by France's Guimet Museum

Global market of dietary supplement is welcoming a rising star GLYMATE

Artprice by Art Market: Latest Auction Records in Photography

Sungrow Supplies Argentina's Largest Solar Plant with 1500Vdc Central Inverter Solutions

Over 120 Exhibitors From 10 Countries to Participate in Food & Hotel India 2019

SOTC Launches Holidays to Western Australia

Sonata Software Limited Announces Partnership With Agastya International Foundation to Support Creativity and Innovative Thinking in Rural Schools

Garuda Mall Presents Bengaluru's Biggest Doll and Book Festival August 2019

IIHM Initiative for 'Freedom From Hunger' on Independence Day

 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
Assam: Drug racket busted, around 1 kg h...
J-K administration refutes reports of sh...
Rahul pens down condolence letter to Jai...
Gujarat: VHP organises 'Rath Yatra' on J...
Southwest monsoon active over Coastal Ka...
Monsoon fury: Onion prices double in par...
More...    
 
 Top Stories
BSNL landline turns lifeline for co... 
Trump slams media for G7 friction, ... 
India needs single corporate tax ra... 
'Breaking Bad' movie to release in ... 
PM completes Bahrain visit, leaves ... 
Indian mission in Dubai repatriates... 
Oppn leaders, media got taste of dr... 
General Bipin Rawat visits Eastern ...