city report mumbai office market q4 2009

CITY REPORTMUMBAI OFFICE MARKET

Q4 2009

CITY REPORTMUMBAI OFFICE MARKET - Q4 2009

Summary p. 3

Macroeconomic Context p. 4

Mumbai Office Market p. 5

Central Business District (CBD) p. 6

Extended Central Business District (ECBD) p. 7

Alternate Central Business District (Alternate CBD) p. 8

Secondary Business District (SBD) p. 9

Periphery Business District (PBD) p. 10

Key Projects

p. 12Capital Values

p. 13Key Transactions

p. 14

SUMMARY

Prime Rents p. 11

Glossary p. 15

3I I

SUMMARY

The Q4 of 2009 saw an increase in enquiries from corporate

occupiers in the Mumbai region. In fact, many corporates are also

evaluating buy verses lease scenarios which is good news for real

estate developers and owners who are keen to sell to corporate end

users. It must be specifically noted that the conversion rates of these

enquiries into sales remain low. The peripheral areas are showing

signs of revival with strong leasing activity especially in the Powai

area. However, many large ticket transactions, especially in excess of

100,000 sq. ft, which were anticipated to conclude in this quarter has

been postponed to the next quarter. Overall, the lease rents and

capital values are under pressure due to the increasing new supply

for the commercial office space. As a result, competition to win

occupiers is becoming more and more intense among property

owners & developers.

On a positive note, this is leading to better development practices

across the region. The “green concept” in new buildings is gaining

grounds and is becoming a key “influencer” in the occupiers' decision

making process. As supply will overrun demand by an increasing

margin, the prices are expected to fall to 5% from the current levels,

by end of March 2010.

More enquiries from corporate occupiers, though low conversion rate


11-1

2-07

0

5,000

10,000

15,000

20,000

25,000

12-1

2-07

01-1

2-08

02-1

2-08

03-1

2-08

04-1

2-08

05-1

2-08

06-1

2-08

07-1

2-08

08-1

2-08

09-1

2-08

10-1

2-08

11-1

2-08

12-1

2-08

01-1

2-09

02-1

2-09

03-1

2-09

04-1

2-09

05-1

2-09

06-1

2-09

07-1

2-09

08-1

2-09

09-1

2-09

10-1

2-09

11-1

2-09

12-1

2-09

Jan-

09

Feb-

09

Mar

-09

Apr-

09

May

-09

Jun-

09

Jul-

09

Aug-

09

Sept

-09

Oct-

09

Nov

-09

Dec-

09

4I ICITY REPORTMUMBAI OFFICE MARKET - Q4 2009

MACROECONOMIC CONTEXT

Rising inflation. Interest rates hike imminent

With the rising inflation, there is a growing concern among the government authorities to arrest the escalating food prices across all segments. It is expected that by January 2010, the Reserve Bank of India will raise the Cash Reserve Ratio by 50 – 100 basis point. The industry leaders and experts are lobbying with the government to continue with the fiscal & monetary reforms. At the same time, the Government is expecting GDP rate to touch 8% which probably will be the highest growth rate in the world. The FDI inflows are at 50% higher than corresponding quarter of 2009 thus further boosting industry confidence. The real estate industry is expecting a lot of fiscal benefits and clarity especially on indirect taxes in the ensuing budget which will be tabled in the last week of February 2010.

Wholesale Price Index (WPI)

Sensex Nifty

Sensex & Nifty

Source: Confederation of Indian Industries



Gross Domestic Product (GDP)

Q12008

Q22008

Q32008

Q42008

Q12009

Q22009

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

9.30%9.70%

9.20%9.30%

8.80% 8.80%

7.90%7.60%

5.30%5.80%

6.10%

Q42006

Q12007

Q22007

Q32007

Q42007

Q32009

7.90%

Real Estate

The developer community expects a revival for commercial real estate in 2010 However, a lot is dependent on the global occupier confidence especially in the IT / ITES sector. Most of the development companies showed healthy growth in sales. This is due to better consumer sentiment especially on residential real estate market. It is expected that some of the development companies will try to sell land in Q1 of 2010 (Jan - March) so as to show better performance to its shareholders for the Indian financial year (April 2009 - March 2010).

0.00%

4.00%

8.00%10.00%

2.00%

6.00%

14.00%16.00%

12.00%

Q42009

8.00%

DLF Limited 202,577 175,09.4 16% 46,789 43,974 6%

Major Real EstateCompanies in

India

Sales (In INR / In Million) Profits (In INR / In Million)Q4 2009 Q3 2009 Q on Q

Change %Q4 2009 Q3 2009 Q on Q

Change %

Unitech 77,446 50,94.9 52% 13,953 17,601 -21%

India Bulls 33,013 29,65.9 11% 6,400 7,113 -10%

Sobha Developers 30,700 22,360 37% 4,080 2,750 48%

Peninsula Land 25,176 16,87.2 49% 8,888 7,287 22%

ParsvnathDevelopers 30,364 16,847 80% 2,491 6,143 -59%

Pheonix 3,018 2,639 14% 1,019 1,754 -42%

Omaxe Limited 28,020 22,392 25% 2,846 2,251 26%

MahindraLifespaces 10,891 6,352 71% 2,793 1,734 61%

Ananthraj 8,262 8,713 -5% 6,704 7,12.7 -6%

Ackruti City 21,928 7,829 180% 7,777 2,979 161%

Ansal Properties 27,104 17,684 53% 2,644 3,160 -16%

MUMBAI OFFICE MARKET


N

TulsiLake

ViharLake

PowaiLake

DomesticAirport

Sahar Airport(International Airport)

Sanjay Gandhi National Park

Western Express Highw

ay

knilaeS ilroW ar dnaB

Ar

ab

ia

n

S

ea

1

2

3

4 567

8

12

34

5

9

6

7

8

1

2

3

45

67

8

910

11

12

13

14

15

16

9

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32 33

1

2

3

9

10

11

12

13

1415

16

17

18

1920

21

45

6

7

8

12 3

4

1. Girgaon2. Grant Road3. Mumbai Central4. Tardeo5. Mahalakshmi6. Lower Parel7. Worli8. Prabhadevi9. Pedder Road

b) Extended CentralBusiness District

c) Alternate CentralBusiness District

1. Bandra2. Bandra East3. Bandra Kurla

Complex4. Santacruz East

(Kalina)

d) Secondary District (SBD)

Business

1. Byculla2. Sewri3. Parel4. Dadar5.6.7.8.9.10.11.12.13.14.15.16.17.18.19.20.21.22.23.24.25.26.27.28.29.30.31.32.33.

WadalaKings CircleMatunga EastMatunga RoadMahimBandra WestSantacruzJuhuVile ParleAndheriJogeshwariGoregaonMaladMalad WestKandivaliBorivaliDahisarMira RoadBhayanderMulundBhandupKanjurmargPowaiVikhroliGhatkoparKurlaChemburSionMankhurd

e) Periphery BusinessDistrict (PBD)

1. Thane2. Kalwa3. Dighe4. Mumbra5. Diva6. Dombivali7. Thakurli8. Kalyan9. Airoli10. Rabale11. Ghansoli12. Koper Khairne13. Turbhe14. Sanpada15. Vashi16. Jui Nagar17. Nerul18. Belapur19. Kharghar20. Khandeshwar21. Panvel

a) Central BusinessDistrict

1. Colaba2. Cuffe Parade3. Nariman Point4. Churchgate5. Fort6. Chatrapati Shivaji

Terminus (CST)7. Marine Line8. Malabar Hill9. Breach Candy

6I I

CENTRAL BUSINESS DISTRICT (CBD)

The corporate occupiers continue to shift to lower occupancy cost building which also offer modern infrastructure and services. The landlords and building associations / condominiums are responding by bringing cosmetic changes to the old stock by revamping the lifts and lobbies. However, a lot more needs to be done in terms of providing higher level of services to the corporate occupiers so as to retain them in these old buildings.

Q32008

Q42008

Q12009

Q22009

0

100

200

300

400

500

Nariman Point Ballard Estate

Cuffe Parade Fort

600

Rent

al V

alue

s (in

Rs

/ sq.

ft /

mon

th)

Q32008

Q42008

Q12009

Q22009

—

10,000

20,000

30,000

40,000

50,000

60,000

Nariman Point Ballard Estate

Cuffe Parade Fort

Capi

tal V

alue

s (in

Rs

/ sq.

ft)


The shift to lower cost occupancy continues

Source: BNP Paribas Real Estate, India


70,000

Q32009

Q32009

Q42009

Q42009 Ballard Estate 400 300 275 250

Nariman Point 450 375 350 325

Fort 250 170 150 150

Cuffe Parade 280 250 225 200

Q32008

Q42008

Q12009

Q22009

RENTALS OVER THE PAST 6 QUARTERSQ3

2009Q4

2009

250

325

150

200

250

325

150

200

Q32008

Q42008

Q12009

Q22009

Ballard Estate 42,000 38,000 35,000 35,000

Nariman Point 50,000 45,000 40,000 40,000Fort 27,500 25,000 22,500 22,500

Cuffe Parade 32,000 32,000 30,000 30,000

CAPITAL VALUES OVER THE PAST 6 QUARTERSQ3

2009Q4

2009

35,000

40,000

22,500

30,000

35,000

40,000

22,500

30,000

EXTENDED CENTRAL BUSINESS DISTRICT(ECBD)

Most of the large space occupiers are preferring to settle in Extended CBD as there is lot of new integrated commercial space available. There are new enquires in the region of 50,000 sq. mts and above and our estimate is that most of them will be absorbed in the coming quarter in this micro market. There is a lot of up coming supply in this region as well which will keep the leasing and capital values under pressure.

7I I

Rent

al V

alue

s (in

Rs

/ sq.

ft /

mon

th)

Q32008

Q42008

Q12009

Q22009

0

100

200

300

400

Worli Prabhadevi

Lower Parel Mahalaxmi

Capi

tal V

alue

s (in

Rs

/ sq.

ft)

Q32008

Q42008

Q12009

Q22009

—

10,000

30,000

40,000

Worli Prabhadevi

Lower Parel Mahalaxmi

50,000

60,000


The favourite micro market for large space occupier.

Mahalaxmi 225 200 150

Lower Parel 280 250 180

Worli 400 375 300 300

Prabhadevi 325 280 250 250

150

180

Q32008

Q42008

Q12009

Q22009

RENTALS OVER THE PAST 6 QUARTERS

Q32008

Q42008

Q12009

Q22009

Mahalaxmi 22,500 20,000 15,000

Lower Parel 28,000 25,000 18,000

Worli 40,000 37,500 30,000 30,000

Prabhadevi 32,500 28,000 25,000 25,000

15,000

18,000

CAPITAL VALUES OVER THE PAST 6 QUARTERS



500

600

20,000

Q32009

Q32009

Q32009

Q32009

Q42009

Q42009

Q42009

Q42009

300

250

150

180

30,000

25,000

15,000

18,000

300

250

150

180

30,000

25,000

15,000

18,000

ALTERNATE CENTRAL BUSINESS DISTRICT(ALTERNATE CBD)

The Q4 of 2009 saw lesser activity in this region in terms of leasing but some sales have been reported between 2,000 - 5,000 sq.ft of space. A number of new developments are expected to be completed and will add to new modern stock in the area. Overall, there will be a lot of supply in this region and will put downward pressure on rents and capital values..

8I I

Bandra - Kurla ComplexKalinaBandra East

Rent

al V

alue

s (in

Rs

/ sq.

ft /

mon

th)

Q32008

Q42008

Q12009

Q22009

0

50

100

150

200

250

300

350

400

Capi

tal V

alue

s (in

Rs

/ sq.

ft)

Q32008

Q42008

Q12009

Q22009

—

5,000

20,000

25,000

40,000

10,000

15,000

30,000

35,000

Bandra - Kurla ComplexKalinaBandra East


Activity pick up in sales only



450

500

50,000

45,000

Q32009

Q32009

Q42009

Q42009

Q32008

Q42008

Q12009

Q22009

Bandra - KurlaComplex

350 350 250 250

Bandra East 230 225 175 175

Kalina 275 250 200 200


2009Q4

2009

250

175

200

250

175

200

Bandra - KurlaComplex

35,000 35,000 25,000 25,000

Bandra East 23,000 22,500 17,500 17,500

Kalina 27,500 25,000 20,000 20,000

Q32008

Q42008

Q12009

Q22009


2009Q4

2009

25,000

17,500

20,000

25,000

17,500

20,000

SECONDARY BUSINESS DISTRICT (SBD)

This region is witnessing increase in activity from corporate occupiers. The leasing and capital values however are under extreme pressure as more and more supply is being added. It is estimated that 60% of total new supply of the Mumbai Metropolitan area will fall in this region.

9I I

Rent

al V

alue

s (in

Rs

/ sq.

ft /

mon

th)

Q32008

Q42008

Q12009

Q22009

0

100

150

200

Vile Parle

Andheri East

Andheri WestPowai

Malad

Vikhroli

Borivali

50


Pressure on rents and capital values



Capi

tal V

alue

s (in

Rs

/ sq.

ft)

—

5,000

25,000

20,000

Vile ParleAndheri EastAndheri WestPowai

MaladVikhroliBorivali

10,000

15,000

Q32008

Q42008

Q12009

Q22009

250

Q32009

Q32009

Q42009

Q42009

Q32008

Q42008

Q12009

Q22009

Vile Parle 160 160 120 120

Andheri W 130 120 110 110

Andheri E 150 130 120 120

Powai 130 100 90 90Vikhroli 95 80 65

Malad 110 100 90Borivali 60 50 50

65

9050


2009Q4

2009

120

110

120

9065

9050

120

110

120

9065

9050

Vile Parle 16,000 16,000 12,000 12,000

Andheri W 13,000 12,000 11,000 11,000

Andheri E 15,000 13,000 12,000 12,000

Powai 13,000 10,000 9,000 9,000Vikhroli 9,500 8,000 6,500 6,500

Malad 11,000 10,000 9,000 9,000Borivali 6,000 5,000 5,000 5,000

Q32008

Q42008

Q12009

Q22009


2009Q4

2009

12,000

11,000

12,000

9,0006,500

9,0005,000

12,000

11,000

12,000

9,0006,500

9,0005,000

PERIPHERY BUSINESS DISTRICT (PBD)

There as an increase in activity from corporate occupiers in this area as the cost has become attractive. The activity is more pronounced in Navi Mumbai than Thane as it is viewed as more organised and planned area. However, there is still high level of vacancy in this area. The new commercial developments will kick start only once a large built-to-suit tenant is signed. It is expected that a few built-to-suit transactions (100,000 sq.ft.) will get signed in the next 6 months.

10I I

Q32008

Q42008

Q12009

Q22009

0

10

20

30

40

50

60

70

80

Vashi Thane Airoli

Rent

al V

alue

s (in

Rs

/ sq.

ft /

mon

th)


Demand is increasing for large space occupier

Q32008

Q42008

Q12009

Q22009

—

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Capi

tal V

alue

s (in

Rs

/ sq.

ft)

Vashi Thane Airoli

Thane 4,500 4,000 4,000 4,000

Airoli 4,000 3,500 3,500 3,500

Vashi 7,500 7,000 6,500 6,000

Q32008

Q42008

Q12009

Q22009

CAPITAL VALUES OVER THE PAST 6 QUARTERS



Q32009

Q32009

Q32009

Q42009

Q42009

Q42009

4,000

3,500

6,000

Thane 45 40 40 40

Airoli 40 35 35 35

Vashi 75 70 65 60

Q32008

Q42008

Q12009

Q22009


2009Q4

2009

40

35

60

40

35

60

4,000

3,500

6,000

PRIME RENTS



Central Business District (CBD)

Extended Central BusinessDistrict (Extended CBD)

Alternate Central BusinessDistrict (Alternate CBD)

Secondary Business District (SBD)

Periphery Business District (PBD)

Mahalaxmi 150 0%Lower Parel 180

Worli 300Prabhadevi 250 0%

Region RentINR/ sq.ft/ month

0%

0%

Q on QChange

Q4 2009

Bandra - KurlaComplex 250 0%

Bandra East 175 0%Kalina 200 0%


Q on QChange

Q4 2009

Vile Parle 120 0%

Andheri W 110Andheri E 120

Powai 90

Region

Vikhroli 65

Malad 90Borivali 50

RentINR/ sq.ft/ month

0%0%

0%

0%0%

0%

Q on QChange

Q4 2009

RentINR/ sq.ft/ month

Ballard Estate 250

Nariman Point 325Fort 150

Cuffe Parade 200

Region Q on QChange

Q4 2009

0%0%

0%

0%

Thane 40 0%Airoli 35 0%

Vashi 60


Q on QChange

Q4 2009

0%

CAPITAL VALUES

Central Business District (CBD)

Extended Central BusinessDistrict (Extended CBD)

Alternate Central BusinessDistrict (Alternate CBD)

12I I

Secondary Business District (SBD)

Periphery Business District (PBD)



Thane 4,000 0%Airoli 3,500 0%

Vashi 6,000

Region Q on QChange

Q4 2009

Vile Parle 12,000 0%

Andheri W 11,000Andheri E 12,000

Powai 9,000Vikhroli 6,500

Malad 9,000Borivali 5,000

0%0%

0%

0%0%

0%

Region Q on QChange

Q4 2009

Bandra - KurlaComplex 25,000 0%

Bandra East 17,500 0%Kalina 20,000 0%

Region Q on QChange

Q4 2009

Mahalaxmi 15,000 0%Lower Parel 18,000

Worli 30,000Prabhadevi 25,000 0%

0%

0%

Region Q on QChange

Q4 2009

Ballard Estate 35,000 0%

Nariman Point 40,000 0%Fort 22,500 0%Cuffe Parade 30,000 0%

RegionQ4 2009

INR / sq.ft Q on QChange

INR / sq.ft

INR / sq.ft

INR / sq.ft

INR / sq.ft

0%

13I I

KEY TRANSACTIONS


Building Tenant Space(in sq.ft)

Type Location

Q4 2009

Ventura JP Morgan 2,17,000 PowaiSBD

One Indiabulls Centre Marsh 25,000 Lower ParelExtended CBD

One Indiabulls Centre Morgan Stanley 70,000 Lower ParelExtended CBD

Hallmark Plaza Unitech Wireless 27,000 Bandra East (Kalanagar)Alternate CBD

Oberoi Towers Verizon 15,000 GoregaonSBD

Crisil 212,000 Hiranandani PowaiSBDCrisil House

Nirlon KnowledgePark

ICICI Prudential AMC 20,000 GoregaonSBD

Hallmark Plaza Abbott Healthcare 17,000 Bandra East (Kalanagar)Alternate CBD

Nirlon KnowledgePark

Xerox 3,000 GoregaonSBD

Knowledge Park Nokia Siemens 70,000 SBD Hiranandani, Powai

Essar Tech Park ATL 108,880 SBD Kurla

Kalpataru Square Indofill 35,000 SBD Andheri (East)

G Corp Tech Park Birla Sun Life 150,000 PBD Thane

14I I

KEY PROJECTS


Building Type of Location Location Space (in sq.ft.) Completion date( expected )

New Supply – Year 2010

Lodha Excelus Extended CBD Lower Parel 4,00,000 Ready

One India Bulls Centre Lower Parel Q1 2010Extended CBD 7,00,000

India Bulls FinancialCentre Extended CBD Lower Parel 5,00,000 Q1 2010

Cresenzo Alternate CBDBandra KurlaComplex

Phase I - 5,77,000Phase II - 2,28,000

Ackruti Star SBDAndheri East(MIDC) 4,00,000 Q2 2010

Ackruti Iris Alternate CBD Andheri East 7,00,000 Q1 2011

Rustomjee Aspire SBD Sion 1,24,000 Q1 2010

Supreme Chambers SBD Andheri West 2,40,000 Q1 2010

Bandra KurlaComplexAckruti Gold Alternate CBD 66,000

Hiranadani KnowledgePark

SBD Powai 3,00,000

Western Edge SBD Borivali 4,50,000

Silver Uthopia SBD Andheri East 4,00,000 Q2 2010

IT Park, Ajmera SBD Andheri East 11,00,000 Q1 2010

City Park SBD Marol 1,40,000 Q1 2010

Universal Majestic SBD Chembur 5,00,000

Asher IT Park PBD Thane 7,00,000

Urbania Alternate CBD Ghatkopar 90,000 Q2 2010

Rustomjee Natraj SBD Andheri East 2,86,000 Q1 2010

R Tech Park SBD Goregaon 4,00,000

The Chambers SBD Vile Parle 1,00,000 Q1 2010

Reliable Tech Park PBD Airoli 10,00,000 Q2 2010

Corporate Tech Park PBD Thane Ready

HCC 247 IT Park SBD Vikhroli Ready18,00,000

10,60,000

Q1 2011

Ready

Ready

Ready

Ready

Ready

Ready

Ready

GLOSSARYQ4:

Absorption:

Bare Shell:

BPO:

BUA:

CBD:

ECBD:

ACBD:

SBD:

PBD:

Completed Stock:

DU:

EPIP:

FAR:

Grade A:

Ground Coverage:

Hard Option:

INR:

Rs:

Pre-lease:

Speculative Stock:

Stock:

Supply:

Tier I Cities:

Tier II Cities:

Transaction Volumes:

Vacancy:

Warm Shell:

Q on Q:

y-o-y:

IT:

ITES:

NCR:

ORR:

Repo Rate:

Reverse Repo Rate:

SEC A, B, C & D Socio:

Sq.ft:

Stamp Duty:

Quarter 4 of the financial year

Occupied Stock (n) – Occupied Stock (n-1); Where “n” is the specified period (quarter, year etc.)

Premises consisting of basic structure with lifts, power supply to junction box, water supply line, toilets

Business Process Outsourcing

Built up area

Central Business District

Extended Central Business District

Alternate Central Business District

Secondary Business District

Periphery Business District

Either the building has received occupancy certificate or the client has moved in and occupied space and started working in a particular premises

Dwelling Unit

Export Promotion Industrial Park

Floor Area Ratio (BUA/ Plot Area)

Space Office Space with efficiency in excess of 75%, floor plate in excess of 15,000 sq. ft., Car Parking ratio of atleast 1 per 1000 sq. ft., Floor-to-ceiling height in excess of 3.75 m, Power provision of 1.25KVA per 100 sq. ft. with 100% power-backup wherever applicable and professionally managed facilities

It is the total covered area on ground by the built component and is expressed as a percentage of the plot area

Real estate space reserved by the lessee for future occupation within a particular time frame and at a pre-decided rental

Indian National Rupees

Rupees

Space committed for lease before completion of construction

The stock which can be leased and excludes Built-to-Suit (BTS) and Campus facilities.

Cumulative Supply

New construction in a particular specified period

NCR, Mumbai and Bangalore

Chennai, Hyderabad, Pune, Kolkata

Total number of transaction in a particular specified period

Total vacant space in the completed stock

Premises consisting of power backup, high side A.C., common area fit outs and fitted out toilets

Quarter on Quarter

year-on-year (All growth figures in this report are y-o-y unless otherwise mentioned

Information Technology

Information Technology Enabled Services (includes various services ranging from call centres, claims processing, medical transcription, e-CRM, SCM to back-office operations such as accounting, data processing, and data mining)

National Capital Region (includes urban agglomeration of Delhi, Gurgaon, Faridabad, Noida, Gaziabad etc.)

Outer Ring Road

Rate that an eligible depository institution (such as a bank) is charged to borrow short term funds directly from the central bank through the discount window

Interest rate that a bank earns for lending money to the Reserve Bank of India in exchange for government securities

Economic Classification; SEC A represents the highest propensity to spend and SEC D represents the lowest propensity to spend.

Square Feet

Form of tax charged on instruments (written documents) requiring a physical stamp (for government legality) to be attached to or impressed.

Sq.mt: Square Meter

New: Building built within the last 5 years.

Major Refurbishment:

Recent:

Renovated:

Modern:

Old:

CCI (Cost of construction index):

Demand:

For the occupier:

New Supply:

Completed new supply:

Planning permission granted:

Planning permission submitted:

Pre-letting:

Headline rent:

Average headline rent:

Underlying rent:

Prime rents:

Top rent:

Second hand premises:

Renovated:

Very good condition:

Existing state of repair:

To be renovated:

Supply available within 1 year:

Take-up:

Vacancy rate:

Building which has undergone structural alteration less than 5 years ago, subject to planning permission.

Building less than 10 years old.

Building which has undergone renovation work not requiring for planning permission less than 5 years ago.

High-performance building over 10 years old.

Low-performance building over 10 years old.

Index that makes quarterly measurements of construction prices for new house building. It is the price after VAT paid by the owner to construction companies. It excludes land-related prices and costs (site development, special foundations, etc.), fees and financial costs.

A search for premises expressed to BNP Paribas Real Estate. The analysis pertains only to the flow of new demand expressed.

Operation undertaken by an occupier for its own purposes.

Any new building and/or heavily refurbished building that adds to the existing stocks. These are analysed according to progress.

Buildings on which construction work is finished.

Under construction: Buildings on which construction has effectively begun. Prior demolition work is not taken into account.

Authorisation to build obtained, generally booked after settlement of third party claims.

Planning permission requested, being processed.

Transaction by an occupier more than 6 months before the delivery of the building.

Annual rent per square meter, featured on the lease, and expressed excluding taxes and charges. Does not include attached premises such as parking areas, archives, staff canteens, etc. If the rental is progressive, the value applied is the average for the first 3 years or the fixed term of the lease.

Weighted average of rented area. The average featured is a moving average over 3 quarters, to smooth out the changes.

Annual rent per square meter expressed free of tax and charges and excluding advantages agreed by the owners (rent incentive building works, etc).

Represents the top headline rent (excluding non significant transactions) for an office unit:- of standard size, of the highest quality and specification, in the best location in each market.

Represents the top headline rent for an office unit. It is not necessarily a prime rent.

Premises that have been previously occupied by an occupier for vacant for more than 5 years.

Premises that have been renovated for the new occupier.

High-performance premises of high quality.

Low-performance premises that can be rented as they are.

Low performance premises that need renovation.

All premises and buildings available within 1 year including the supply available immediately, new supply that has not been pre-let and second hand supply that will be vacated definitively (notable terminated leases).

Rental or sale of a property asset, finalised by the signature of a lease or a bill of sale including turnkey transactions and owner-occupier. The transaction is only taken into account once any existing conditional clauses have been lifted.

Ration measuring the relationship between the supply immediately available and the existing stock.

BNP Paribas Real Estate cannot be held responsible if, despites its best efforts, the information contained in the present report turns out to be inaccurate or incomplete. This report is released by BNP Paribas Real Estate and the information in it is dedicated to the exclusive use of its clients. The report and the information contained in it may not be copied or reproduced without prior permission from BNP Paribas Real Estate.


ALBANIADanos & AssociatesBoulevard Deshmoret e KombitTwin Towers - Tower 211th FloorTiranaTel: +355-4-2280488Fax: +355-4-2280192

AUSTRIADr. Max Huber & PartnerDr. Karl-Lueger-Platz 51010 ViennaTel: +43-1-513 29 39 0Fax: +43-1-513 29 39 14

BULGARIADanos & Associates28, Hristo Botev BoulevardSofiaTel: +359-2-9532314Fax: +359-2-9532399

CANADACresa PartnersTel: +1-612-767 12 78Fax: +1-612-337 8459

CYPRUSDanos & Associates35, I. Hatziosif Ave2027, NicosiaTel: +357-22 31 70 31Fax: +357-22 31 70 11

GREECEDanos & Associates1, Eratosthenous Str.11635 AthensTel: +30-210 7 567 567Fax: +30-210 7 567 267

JAPANRISA Partners5F Akasaka Intercity 1-11-44Akasaka, Minato-ku107-0052 TokyoTel: +81-3-5573 8011Fax: +81-3-5573 8012

PORTUGALFenaluAv. Duarte PachecoEmpreendimentos dasAmoreirasTorre 2, 14° - Sala H1070-102 LisbonTel: +351-21-3833106Fax: +351-21-3833107

NETHERLANDSHolland Realty PartnersJ.J. Viottastraat 33, 1071 JPAmsterdam,Tel: +31-20-305 97 20Fax: +31-20-305 97 21

NORTHERN IRELANDWhelan Property Consultants44 Upper Arthur StreetBelfast Bt1 4GJTel: +44-28-9044 1000Fax: +44-28-9033 2266

SLOVAKIAModesta (Dr. Max Huber &Partner Group)Heydukova 12-14811 08 BratislavaTel: +421-2-3240 8888Fax: +421-2-3214 4777

Bangalore403, The Estate,121, Dickenson Road,Bangalore - 560 042Tel: +91 80 4050 8888Fax: +91 80 4050 8899

Contact: Anuj [email protected]

Mumbai704, Level 7, MMTC House, C-22,Bandra Kurla Complex, Bandra (E),Mumbai - 400 051Tel: +91 22 6138 8088Fax: +91 22 6138 8089

Contact: Raja [email protected]

DelhiLevel 4, Wing B, Statesman House,Barakhamba Road,New Delhi - 110 001Tel: +91 11 3044 6406Fax: +91 11 3044 6507

Contact: Ankit [email protected]

INDIA

LOCATIONS ALLIANCESRUSSIAAstera10, b.2 Nikolskaya Str.Moscow, 109012Tel/Fax: +7-495-925 00 05

SERBIADanos & Associates6, Vladimira Popovica StreetBelgrade 11000Tel: +381-11-2600 603Fax: +381-11-2601 571

UKRAINEAstera2a Konstantinovskaya Street04071, KievTel: +38-044-501 50 10Fax: +38-044-501 50 11

USACresa Partners200 State Street13th FloorBoston, Massachusetts 02109Tel: +1-612-767 12 78Fax: +1-612-337 8459

BAHRAINBahrain Financial HarbourWest Tower16th FloorP.O. Box 5253ManamaTel: +971-505 573 055Fax: +971-44 257 817

BELGIUMBlue TowerAvenue Louise 326B14 Louizalaan1050 BrusselsTel: +32-2-646 49 49Fax: +32-2-646 46 50

DUBAIEmmar SquareBuilding No. 1, 7th FloorP.O. Box 7233Dubai, EAUTel: +971-505 573 055Fax: +971-44 257 817

FRANCE13 boulevard du Fort de Vaux75017 ParisTel: +33-1-55 65 20 04Fax: +33-1-55 65 20 00

GERMANYGoetheplatz 460311 FrankfurtTel: +49-69-2 98 99 0Fax: +49-69-29 29 14

IRELAND40 Fitzwilliam PlaceDublin 2Tel: +353-1-66 11 233Fax: +353-1-67 89 981

ITALYCorso Italia, 15/A20122 MilanTel: +39-02-58 33 141Fax: +39-02-58 33 14 39

JERSEY4th Floor, Conway HouseConway StreetSt HelierJersey Je2 3NTTel: +44-15 34-62 90 01Fax: +44-15 34-62 90 11

ABUDHABIAl Bateen AreaPlot No. 144, W-11New Al Bateen MunicipalityStreet 32P.O. Box 2742Abu Dhabi, UAETel: +971-505 573 055Fax: +971-44 257 817

LUXEMBOURGEBBC, Route de Trèves 6Bloc D2633 SenningerbergTel: +352-34 94 84Fax: +352-34 94 73

ROMANIAUnion International Center11 Ion Campineanu StreetSector 1Bucharest 010031Tel: +40-21-312 7000Fax: +40-21-312 7001

SPAINMaría de Molina, 5428006 MadridTel: +34-91-454 96 00Fax: +34-91-454 96 04

UNITED KINGDOM90 Chancery LaneLondon WC2A 1EUTel: +44-20-7338 4000Fax: +44-20-7430 2628

USA787 Seventh Avenue31st FloorNew York, NY 10019Tel: +1-917-472 4970Fax: +1-212-471 8100

www.realestate.bnpparibas.com

city report mumbai office market q4 2009

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