The UK’s University of York has leased 37,602 sq. ft. at Powai’s One Boulevard for nearly ₹50 crore over five years. The lease includes 27 parking spaces, a 3-year lock-in, and a 5% annual rent escalation. This deal underscores robust demand from international tenants amid Mumbai’s 13% growth in office leasing in 2025.
The University of York has leased 37,602 sq. ft. of office space in Powai, Mumbai, at One Boulevard, marking a notable international expansion into India’s commercial real estate market. The lease spans five years, starting December 1, 2025, with a first-month rent waiver.
The monthly rent begins at ₹75.2 lakh and escalates 5% annually, reaching ₹91.41 lakh by the fifth year. The agreement includes a three-year lock-in period and a security deposit of ₹4.51 crore for the first three years, increasing to ₹5.18 crore for the final two.
Premium Space and Parking Facilities
The leased area covers the third and fourth floors of One Boulevard and includes 27 dedicated parking spaces. Additional parking is available at ₹8,500 per car per month. The space is owned by Kairos Properties Pvt Ltd, a Brookfield affiliate.
While it remains unclear whether the University of York will use the space entirely in-house or partially lease it, this move demonstrates the continued interest of global institutions in Mumbai’s high-quality commercial assets.
Mumbai’s Office Market on the Rise
India’s office market witnessed robust growth in 2025, with gross leasing crossing 83.3 million sq. ft., a 7.8% increase from 77.2 million sq. ft. in 2024, according to a JLL report. Bengaluru led the country with 24.1 million sq. ft., while Chennai and Hyderabad recorded 8.7 million sq. ft. and 11.7 million sq. ft., respectively.
Mumbai posted one of the strongest growth rates, rising 13% to 11.6 million sq. ft., reflecting strong corporate and international demand. Pune led the expansion among major markets, growing 18.2% to 8.1 million sq. ft., while Delhi NCR and Kolkata saw declines.
Global and GCC Demand Driving Absorption
The lease reflects growing demand from global firms and the expansion of Global Capability Centres (GCCs). Increasing flex office absorption also contributed to record leasing in Q4 2025, which alone saw 26.8 million sq. ft. of transactions across India.
This trend signals that international tenants and GCCs are increasingly targeting Mumbai’s commercial hubs, particularly Powai, due to its connectivity, modern infrastructure, and high-quality workspace offerings.
Outlook for 2026
With continued interest from foreign institutions and high-quality office operators, Mumbai’s commercial real estate market is expected to sustain growth in 2026. Increasing leasing by global tenants, such as the University of York, highlights Mumbai’s position as a preferred destination for international and corporate occupiers seeking premium office space.
