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Apple Inc. has leased 6,526 sq. ft. of office space in Mumbai's Bandra-Kurla Complex (BKC) at a record-breaking INR 738 per sq. ft., the highest office rental rate in India. The deal, registered in December 2024, includes an additional 2,126 sq. ft. of terrace space, bringing the effective rate to INR 666 per sq. ft. This move highlights Apple's growing focus on India, following its flagship store launches in 2023. The expansion aligns with India's booming office market, which saw a 23% rise in gross leasing in 2024, reinforcing Mumbai's status as a prime business hub.
Apple Inc. has leased an office space in the Bandra-Kurla Complex (BKC), Mumbai at a record-breaking rental rate of INR 738 per square foot. This deal marks the highest office lease rental in India to date, surpassing the previous record of INR 700 per square foot. Advertisement
The leased office covers an area of 6,526 square feet on the 10th floor of Maker Maxity, a prominent commercial tower in BKC. The agreement includes an open terrace space of 2,126 square feet, which, when adjusted for typical valuation practices, brings the effective rate down to INR 666 per square foot. The lease, registered in December 2024, commenced on January 1, 2025, and is set for a long-term duration of five years.
This new record reflects the growing demand for premium office spaces in Mumbai, particularly in BKC, which has become a hub for major corporations. The previous record was held by IMC India Securities, which leased 5,830 square feet in the same complex for INR 700 per square foot. This trend indicates a robust recovery and expansion of the office market in Mumbai, driven by the influx of multinational companies seeking to establish a presence in India.
Apple's aggressive expansion in India is notable. The company opened its flagship stores in Mumbai and Delhi in 2023, enhancing its retail footprint in the country. With rising disposable incomes and an increasing appetite for premium smartphones, India is becoming a vital market for Apple. The Indian government's initiatives, such as the 'Make in India' campaign, have further incentivized Apple to invest in local manufacturing. This strategy not only helps Apple reduce import costs but also strengthens its competitive position in the market.
In 2024, India's office market witnessed a remarkable 23% growth in total gross leasing, reaching 77.22 million square feet. Additionally, net absorption in the sector increased by 18% to 49.56 million square feet. This growth indicates a strong recovery from the pandemic and highlights the resilience of the Indian commercial real estate market.
The increasing demand for office space is driven by various sectors, including technology, finance, and e-commerce, all of which are expanding their operations in India. As global companies look to tap into the Indian market, the office space sector is expected to continue its upward trajectory.
Apple's commitment to India is evident in its strategic investments and partnerships with local manufacturers, which are crucial for its long-term growth strategy. As the company positions itself to meet the demands of the Indian consumer base, it is also contributing to the broader economic landscape by generating employment and fostering local production.
In conclusion, Apple's record lease in Mumbai not only highlights the company's focus on India but also underscores the potential of the Indian office market as a key player in the global economy. As more companies recognize the opportunities in India, the commercial real estate sector is likely to see continued growth and innovation in the years to come.
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