University of York Leases 37,602 Sq Ft Office Space in Powai, Mumbai - Key Highlights
- Lease details: University of York leases 37,602 sq ft on the 3rd and 4th floors of a Kairos Properties building in Powai for five years (Dec 2025 – Nov 2030).
- Rent structure: Starts at ₹75.2 lakh/month, with a 5% annual escalation; first month rent waived.
- Deposit & parking: Security deposit at ₹4.51 crore for first three years, increasing to ₹5.18 crore for final two years; includes 27 parking spaces with additional spaces at ₹8,500/month.
- Strategic location: Powai, part of Navi Mumbai, is a growing commercial hub with Grade A office stock of 23.8 million sq ft, attracting global firms and offering strong connectivity, cost advantages, and talent access.
The United Kingdom-based University of York has leased 37,602 sq ft of office space in Powai, Mumbai, for a period of five years, according to registration documents obtained from Propstack. The leased area is part of a commercial property owned by Kairos Properties Pvt Ltd, an affiliate of Brookfield Company.
These documents reveal that the property is located on the 3rd and 4th floors of the building. This agreement has been drawn to discuss a starting monthly amount of 75.20 lakhs and an annual increase in this amount by 5 percent.
Accordingly, the rent for the second year will be 78.96 lakh rupees, for the third year 82.91 lakh rupees, for the fourth year 87.05 lakh rupees, and for the fifth year 91.41 lakh rupees. The contract period is from 1st December, 2025, to 30th November, 2030. The rent for the first month is exempted.
The transaction comes with a lock-in period of three years. The deposit amount is held steady at Rs 4.51 crore for the first three years and is raised to Rs 5.18 crore for the next two years of the tenant contract. The information also reveals that a stamp duty exceeding Rs 14 lakh and a registration fee of Rs 1,000 were paid to formalise the contract.
Apart from this, 27 parking spaces have also been leased, and in addition, any parking space beyond this will incur a charge of ₹8,500 on a monthly basis. An email query has been sent, and the University of York and Brookfield Properties will update the report after receiving a response on this query sent out in an email.
“The transaction is a reflection of robust positive sentiment in India’s commercial office real estate market.”
According to a recent report by Cushman & Wakefield, Powai continues to demonstrate steady office market fundamentals, supported by a balanced mix of Grade A supply and consistent occupier interest. With a total inventory of 7.66 million sq ft, the submarket recorded an overall vacancy of 8.0%, indicating relatively healthy occupancy levels.
During the current quarter, net absorption stood at 279,950 sq ft, while YTD net absorption reached around 0.43 million sq ft, reflecting sustained leasing momentum. YTD leasing activity of 1.14 million sq ft highlights Powai’s appeal to technology, BFSI, and corporate occupiers seeking quality space outside traditional CBD locations.
Grade A weighted average rents average ₹174 per sq ft per month, positioning Powai as a competitive mid-rent micro-market with good infrastructure, campus-style developments, and improving connectivity.
India’s commercial office real estate market is currently seeing a very robust period. According to a report published by real estate consultant JLL, India registered a gross leasing volume of 83.3 million sq ft in 2025, which marks a 7.8 percent increase when measured on a year-over-year basis. While Bengaluru, Delhi NCR, Hyderabad, and Mumbai were major contributors to lease transactions in 2025, Delhi NCR is the only key market that recorded a 1.6 percent dip in office leasing during the period.
Record leasing of space amounted to 26.8 million square feet in the fourth quarter of 2025 as a result of demand from global firms, expanding GCCs, as well as a pick up in flexible workspace absorption, according to a JLL report issued in January 2026.
At the city level, Bengaluru registered to be the largest market in terms of office space leasing in 2025 at 24.1 million sq ft, marking a growth of 9.8 pc y-o-y. At the same time, Mumbai achieved a record growth rate of 13 pc y-o-y, registering a lease of 11.6 million sq ft. Pune recorded the highest growth in terms of expansion at 18.2 pc y-o-y, registering a lease of 8.1 million sq ft.
The University of York's lease of Powai serves to reinforce the continued interest and attractiveness of Mumbai as a location for global players and organizations, especially in well-developed micro-markets that offer good quality office space.
