Commercial office absorption in Mumbai is following the suburbanization trend as evidenced from the chart below owing largely to space constraints and higher pricing of real estate in CBD and Central Mumbai. Mumbai, each year, witnesses a mix of corporate office and IT space absorption, though banks/financial services firms form a significant component of the corporate office space absorption.

Major corporate office occupiers in 2006 were banking firms (retail and commercial), Financial Services, Media & Entertainment, and Insurance firms with multi national corporate occupying approximately 20% of corporate office space. In the first half of 2007, approximately 1.67 million sq. ft. of office space has been occupied. This in spite of the increase in rentals in the major corporate office markets of Mumbai. The trend of the rental values over the past one year are depicted in the graph below :-

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