Today, the Mumbai office property market, notably in the Bandra-Kurla Complex (BKC) business district, witnessed a Toronto based bank extending its lease at Maker Maxity. Known as the Toronto-Dominion Bank, the financial institution has set a new standard for lease rates at an impressive rate of Rs 604 per square foot per month. This significant increase has surpassed the prior record of Rs 565 per square foot, highlighting the growing demand for prime office spaces.
Keeping in account the last seven years, there has been a scarcity of Grade A buildings in BKC, resulting in stagnation of commercial property developments. This remarkable surge in rental rates can be attributed primarily to the post pandemic effect in terms of strong absorption of available space. Additionally, there are no anticipated future supplies expected for the next 2-3 years, emphasizing the limited availability of office spaces in this prominent business district.
TD Bank headquartered in Toronto is renowned for its global presence with a workforce exceeding 90,000 employees, and operates under the umbrella of TD Bank Group. The bank caters to a vast customer base exceeding 27 million individuals worldwide. Its offerings span across a diverse range of financial products and services delivered through its three primary business divisions: Canadian Retail, U.S. Retail, and Wholesale Banking, which includes the operations of TD Securities.
The content of this article was written by Allestate Editorial Team
Source: Economic Times. (2023, December 11). Canada’s TD Bank’s India HQ lease in Mumbai’s BKC sets new record.
Keeping in account the last seven years, there has been a scarcity of Grade A buildings in BKC, resulting in stagnation of commercial property developments. This remarkable surge in rental rates can be attributed primarily to the post pandemic effect in terms of strong absorption of available space. Additionally, there are no anticipated future supplies expected for the next 2-3 years, emphasizing the limited availability of office spaces in this prominent business district.
TD Bank headquartered in Toronto is renowned for its global presence with a workforce exceeding 90,000 employees, and operates under the umbrella of TD Bank Group. The bank caters to a vast customer base exceeding 27 million individuals worldwide. Its offerings span across a diverse range of financial products and services delivered through its three primary business divisions: Canadian Retail, U.S. Retail, and Wholesale Banking, which includes the operations of TD Securities.
The content of this article was written by Allestate Editorial Team
Source: Economic Times. (2023, December 11). Canada’s TD Bank’s India HQ lease in Mumbai’s BKC sets new record.
