Curation Team
Dow Chemicals International has picked up over 2.56 lakh sq ft office space in an information technology park in Navi Mumbai‘s Airoli locality through a long-term lease spanning over 10 years, marking one of the largest recent transactions in the city’s IT and business parks segment.
The US-headquartered chemical major has taken up five floors from 2nd to 6th in one of towers of Mindspace Special Economic Zone, owned by Mindspace Business Parks. The company is estimated to pay around Rs 250 crore rentals through the entire term of the lease.
The lease, starting 15 September, will see Dow Chemical will paying a monthly rental of Rs 1.64 crore, translating into Rs 64 per sq ft on the chargeable area. The agreement includes a clause to escalate rentals by 5% every year. The transaction also involves a security deposit of Rs 14.77 crore.
In addition to the standard lease terms, the deal includes a fit-out security deposit of Rs 82.09 crore, which will be refunded in tranches of 10% each year, and a fit-out rent of Rs 29.45 per sq ft per month, with no escalation through the term, showed the documents accessed through realty data analytics firm Propstack.
The transaction underscores the resilience of the commercial office market in the Mumbai Metropolitan Region (MMR), particularly in large-format, high-quality spaces catering to multinational occupiers. With global corporates increasingly consolidating operations into technology hubs like Navi Mumbai, such deals point towards sustained demand despite a hybrid work environment.
Industry experts tracking the segment say that high-value, long-tenure leases in established business parks indicate occupiers’ confidence in India’s medium- to long-term growth story and their commitment to scaling local operations.
ET’s email queries to Dow Chemicals and Mindspace Business Parks remained unanswered.
India’s commercial office market recorded a landmark performance in the last financial year, with leasing activity reaching an all-time high. The surge was driven by a combination of expansion plans by global and domestic occupiers, portfolio consolidation, and the preference for high-quality, well-connected office spaces in major business hubs.
The momentum is widely expected to carry forward into 2026, supported by sustained demand from key sectors such as global capability centres (GCCs), banking, financial services and insurance (BFSI) institutions, flexible workspace operators, and leading Indian technology companies. These segments continue to account for the largest share of fresh leasing as well as renewals, underpinned by India’s cost competitiveness, skilled workforce, and strong digital infrastructure.
