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Market Pulse · Fortnightly · Free

We publish what we learn on the ground.

Rents, absorption, new supply and what actually transacted across Mumbai, Thane and Bhiwandi — office, retail, warehousing, industrial land and pre-leased assets. Every claim carries a named source. It goes out whether or not there is anything to sell that fortnight.

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No sales sequence attached. One email a fortnight, and an unsubscribe link that works.

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The Swan What reaches you as a two-page note took a fortnight of digging. That is the point of it.

How to judge a research note

Read the corrections, not the headlines.

Anyone can publish a confident number. The test of a research habit is what happens when the number turns out to be wrong.

Published correction · Edition 3 August 2026

We printed a Bhiwandi rent band that was too wide. So we said so, in the next edition.

On 16 July we quoted Bhiwandi Grade-A warehousing at ₹28–50 per sq ft per month. Two weeks later, with harder comparables in hand, that top end did not hold up.

“Bhiwandi Grade-A in prime zones (Sonale, Mankoli) is quoting ₹18–24/sq ft/month, with the overall market ₹10–24 depending on grade. Recent hard comparables: Amazon signed 4.17 lakh sq ft in June 2026 at ₹30.34/sq ft + ₹2 CAM with 5% annual escalation; DHL signed ~4.2 lakh sq ft in November 2025 at ₹22/sq ft. Our 16 July band of ₹28–50 was too wide at the top end — ₹30+ is achievable, but only on large, best-in-class, single-tenant boxes, not as a general Grade-A band.”

If you are underwriting a Bhiwandi shed, that correction is worth more than the original note. It is also the reason to trust the rest of what we publish — and the reason we would rather you noticed this page than our headlines.

The archive

Market Pulse, edition by edition.

Office · Retail · Warehousing · Industrial land · Pre-leased. Mumbai, Thane and Bhiwandi.

3 August
2026 Market Pulse

GCCs become the largest occupier segment — and Bhiwandi takes a third of India

  • GCCs leased ~16.5 msf in H1-2026 — 38% of all office take-up, up 38% year on year. Mumbai took 2.23 msf of that, fourth after Bengaluru, Pune and Delhi-NCR.
  • Mumbai vacancy near 9.2%, the tightest in over 15 years, with BKC and Lower Parel below 3%. City average rents grew ~7.5% YoY while H1 Grade-A supply fell 9%.
  • Bhiwandi drove ~69% of Mumbai’s warehousing volume — roughly 3.5 msf in a single quarter, about a third of everything leased across India’s top seven cities. There is no comparable micro-market in the country.
  • Ready Reckoner rates frozen for FY 2026-27. On a ₹1 crore transaction the freeze is worth roughly ₹30,000 against an expected hike — small alone, material across a portfolio, and explicitly temporary.
  • Linking Road remains India’s fastest-moving high street at +22% YoY rent growth.

Sourced to Cushman & Wakefield, JLL, CRE Matrix, nasscom, Vestian, Knight Frank, Leasewarehouse.in, Business Standard and Free Press Journal — each claim attributed in the edition itself.

16 July
2026 Market Pulse

A record quarter nationally, and BKC leads every micro-market in India on rent growth

  • India’s strongest office quarter on record — roughly 24.6 msf of gross leasing in Q2-2026, with Bengaluru, Delhi-NCR and Mumbai contributing about 61% of H1 absorption.
  • BKC led all Indian micro-markets at 18.1% YoY prime rent growth, now running ₹300–350 per sq ft, with vacancy across Mumbai’s prime pockets at a 16-year low.
  • GCCs took ~42% of Q2 national take-up — an all-time high of 10.3 msf. Flex, tech and BFSI together drove about 62% of leasing.
  • Powai remains the busiest submarket, followed by Thane–Belapur Road and Andheri–Kurla.
  • Metro Line 8 approved to link CSMIA to the new Navi Mumbai airport; the Thane–Borivali twin tunnel under construction.

Sourced to JLL, CBRE, Vestian, Knight Frank, Atlanta Ltd infrastructure tracker and Business Standard. The Bhiwandi rent band in this edition was corrected on 3 August — see above.

1 July
2026 Market Pulse

Mumbai’s record quarter, and Grade-A becomes the majority of warehousing stock

  • Mumbai posted a record ~6.6 msf of gross office leasing in Q1-2026 — roughly a 30% share of pan-India volume — pushing vacancy to ~9.2%, the tightest in about 16 years.
  • BFSI led demand at ~44%, ahead of IT-BPM and engineering. GCCs accounted for 30–46% of gross leasing depending on whose count you use.
  • Grade-A warehousing stock grew ~20% YoY to ~293 msf — now about 57% of total inventory. Mumbai and Pune together drove ~81% of leasing activity.
  • Corridors within roughly 500 m of Metro-3 stations have appreciated 8–18% faster than the broader market.
  • Top-corridor warehousing yields sit around 8–12% gross with 5–8% escalations.

Sourced to JLL, CBRE, Cushman & Wakefield, Knight Frank, Leasewarehouse.in, Deloitte 2026 CRE Outlook and The Propertist.

Earlier editions are sent to subscribers on request. Full editions with every source link go out by email — this archive carries the headline findings only.

The rest of what we publish

Three other things go out on a schedule.

Research is a habit here, not a campaign. These go to the people who ask for them, on a rhythm we hold to whether or not there is anything to sell that month.

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Monthly

Capital Radar

Where institutional and private capital is actually moving in Indian commercial real estate — funds, family offices, REIT and SM-REIT platforms, and what they are underwriting.

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Monthly

Brand Radar

Which occupiers are expanding into Mumbai and MMR, what format they take and what that implies for landlords holding the right kind of frontage or floor plate.

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Monthly

The Credence Newsletter

The shorter read — what we learned this month across clients, landlords and investors, written for people who would rather not read a data note.

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Free tools

Things you can use without speaking to us.

No gate on the answer. We would rather you arrived at a conversation already knowing what you are missing.

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The 15% Test

Ten questions that score your requirement against what a landlord and a lawyer will actually ask. It names the gaps in your brief rather than selling you anything.

  • Works for office, retail, industrial and warehousing
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Reference

Calculators

Area conversion, EMI and Maharashtra stamp duty — the three we get asked for most often, kept current with the prevailing rates.

  • Area converter across every unit used in Indian CRE
  • EMI on a commercial loan
  • Stamp duty and registration for Maharashtra
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The yield bridge

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  • See the worked structure on the Pre-Leased Edge page
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Market Pulse

One email a fortnight. Sourced, and occasionally corrected.

Rents, absorption, supply and policy for the micro-markets we actually work in. If a number we published turns out to be wrong, the next edition says so.

What you are signing up for

  • One edition a fortnight. Nothing else — no drip sequence, no offers.
  • Every claim attributed to a named source you can check yourself.
  • Corrections printed in the following edition when we get something wrong.
  • Mumbai, Thane and Bhiwandi. We do not write about markets we do not work in.
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