About 15,000 acres of land will be available for redevelopment in Mumbai, increasing the potential availability of quality new supply in the city, according to global realty consultancy Jones Lang Lasalle's latest research report ‘Offices 2020 - Mapping The Future Of The Mumbai Office Market.’

It further adds that grade A office supply in Mumbai will increase by 31 per cent over three years to 120 million sq. ft by 2017 from current levels of 92 million sq. ft.

“The BFSI & IT Industries will continue to drive absorption and are expected to contribute over 60 per cent to office space absorption in the city,” the report noted.

Ramesh Nair, COO - Business, JLL India said, “With this report, we have established that high quality, iconic and well-positioned workspaces are going to be a key attraction and that the sustainability agenda will not render Mumbai’s office stock entirely obsolescent just yet. We have also underscored the inevitable fact that limited infrastructure and high commuting time will lead to a number of mini-Central Business Districts in Mumbai.”

“Today’s mantra is definitely ‘collaborative space’. Campuses, in particular, are stressing the need for better environments to produce better outputs and progressive companies are realising that it is innovative rather than functional office spaces that can help them in the war for talent. This is becoming a distinct trend in Mumbai”, he added.

Commenting on some of the leading concerns of commercial space stakeholders in Mumbai, Nair said, “In the future, commercial space landlords will look at higher-quality partnerships, based around longer and fairer rental contracts. Also, corporates’ relocation decisions will mainly be based on capex calculations.”

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