# Mumbai office vacancy drops to 16-year low of 10.8% in Q2

- **Source:** Real Estate Asia
- **Published:** 2026-08-21T00:10:43.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/commercial-office/news/mumbai-office-vacancy-drops-16-year-low-108-in-q2
- **Topics:** Commercial & Industrial

## Featured rationale

Tight availability signals resilient occupier demand despite slower quarterly leasing, potentially supporting rents and capital values across key office clusters.

## AI summary

Mumbai office vacancy fell 10 basis points quarter-on-quarter to a 16-year low of 10.8% in Q2 2026 as net absorption exceeded new supply.

## Original article

Net absorption continued to outpace new supply.

Mumbai's office leasing activity moderated sharply in the second quarter of 2026, although first-half volumes remained ahead of the same period last year, according to JLL.

Gross leasing fell 59.7% quarter-on-quarter to 1.69 million sq ft in Q2. However, leasing for the first half reached 5.88 million sq ft, up 17.8% from H1 2025. JLL attributed the quarterly moderation to occupiers pausing decisions amid uncertainty and supply constraints.

The BFSI sector remained the largest source of demand, accounting for 29.5% of quarterly leasing, followed by flexible workspace operators at 23.8% and IT and ITeS companies at 20.3%.

Net absorption continued to outpace new supply during the quarter. Mumbai added 1.11 million sq ft of office space, primarily across the Eastern Suburbs and SBD North, taking total stock to 163.8 million sq ft. Overall vacancy fell 10 basis points quarter-on-quarter to 10.8%, its lowest level in 16 years.

Tight availability also supported rental growth. Gross rents increased 1% quarter-on-quarter and 3.4% year-on-year. The Eastern Suburbs led quarterly rental growth at 1.71%, followed by SBD BKC at 1.41% and the Western Suburbs at 1.38%.

JLL said capital values continued to track rental growth, increasing the attractiveness of both core and value-added investment opportunities, as well as under-construction assets in key office clusters.

Looking ahead, JLL expects occupier demand to be supported by significant pre-commitments in new developments. However, some ongoing transactions are seeing delayed decisions as companies assess the impact of geopolitical uncertainty and AI on their operations and workforce requirements.

The consultancy estimates annual office supply of around 8 million sq ft in the medium term, against expected annual net absorption of 7.5 million to 7.7 million sq ft. BFSI, IT/ITeS, flexible workspace and consulting firms are expected to remain key demand drivers.

## Chinese translation

> Translation model: openai_codex_cli

### 孟买办公空置率在第二季度降至16年低点10.8%

根据JLL的数据，2026年第二季度，孟买办公租赁活动大幅放缓，尽管上半年成交量仍高于去年同期

净吸纳量继续超过新增供应。

根据JLL的数据，2026年第二季度，孟买办公租赁活动大幅放缓，尽管上半年成交量仍高于去年同期。

第二季度总租赁量环比下降59.7%，至169万平方英尺。不过，上半年租赁量达到588万平方英尺，较2025年上半年增长17.8%。JLL将季度放缓归因于租户在不确定性和供应限制下暂停决策。

BFSI行业仍是最大需求来源，占季度租赁量的29.5%，其次是灵活办公空间运营商，占23.8%，以及IT和ITeS公司，占20.3%。

本季度净吸纳量继续超过新增供应。孟买新增111万平方英尺办公空间，主要分布在Eastern Suburbs和SBD North，使总存量达到1.638亿平方英尺。整体空置率环比下降10个基点至10.8%，为16年来最低水平。

供应紧张也支撑了租金增长。总租金环比上涨1%，同比上涨3.4%。Eastern Suburbs以1.71%的季度租金增长率领先，其次是SBD BKC的1.41%和Western Suburbs的1.38%。

JLL表示，资本价值继续跟随租金增长，提高了核心和增值型投资机会以及主要办公集群在建资产的吸引力。

展望未来，JLL预计重大新开发项目的预先承诺将支撑租户需求。不过，随着企业评估地缘政治不确定性和AI对其运营及劳动力需求的影响，一些进行中的交易正出现决策延迟。

该咨询公司估计，中期年办公供应量约为800万平方英尺，而预期年净吸纳量为750万至770万平方英尺。BFSI、IT/ITeS、灵活办公空间和咨询公司预计将继续是关键需求驱动因素。