The demand for office spaces for rent in Andheri East have grown tremendously over the last decade, where during this period of time Andheri East has transformed from a less expensive residential neighbourhood (compared to Andheri West) to a commercial property site spilling over with Grade-A glass façade commercial buildings. The desire to have one’s office on rent in Andheri East has to do with the quality of commercial buildings, but also the connectivity to the airport and the rest of the City. We would also have mentioned that Andheri is the largest and most populated neighbourhood in Mumbai with many well-educated individuals who have chosen to move out of lower Mumbai to find more space in Andheri and in turn, many would prefer to work at an office space in Andheri East rather than having to deal with the commute to south Mumbai each day and in turn, companies have been able to more easily recruit talent to join them in their respective office spaces in Andheri East.
The good news is that for the quality and the location, the rates for office space for rent in Andheri East have not increased recently, in fact they have stabilized in the last two years and some of the rents for offices on rent in Andheri East are below what they were two years ago.
The reason for this stagnation if office space rents in Andheri East, is of course related to the overall slowdown in the Mumbai real estate market; however, we have found that the main reason for the stagnation is that simply put the supply of office spaces in Andheri East has outweighed and will likely continue to outweigh the future office space for rent demand. And hence, why we would recommend you and your firm take a look at offices on rent in Andheri East as you will likely be able to get a good deal this year and frankly thru much of 2018.
In terms of brand new constructions coming up, there are few commercial buildings hitting the market soon which should suppress price elevation and hence our call for further price stagnation thru much of 2018.
We would also note that if you are searching for a property in Mumbai as an investment, commercial property for sale in Andheri East could also be a good call given the reasons mentioned above. And similarly, we would have you look at the second half of 2018 as a time to make that investment in commercial property in Andheri East.