Mumbai

Usable area*

Space Measurement Standard

SQMT

SQFT

Space Unit of Measure

INR

Convert currency to:
ALL - Albanian Lek
ARS - Argentine Peso
AUD - Australian Dollar
BRL - Brazilian Real
BGN - Bulgarian Lev
CAD - Canadian Dollars
CLP - Chilean Peso
CNY - Chinese Yuan Renminbi
COP - Colombian Peso
CRC - Costa Rican colón
HRK - Croatian Kuna
CZK - Czech Koruna
DKK - Danish Krone
EGP - Egyptian Pound
AED - Emirati dirham
EUR - Euro
HKD - Hong Kong Dollar
HUF - Hungarian Forint
INR - Indian Rupee
IDR - Indonesian Rupiahs
ILS - Israeli new shekel
JPY - Japanese Yen
KRW - Korean Won
MXN - Mexican Peso
MAD - Moroccan Dirham
TWD - New Taiwan Dollar
NOK - Norwegian Kroner
PAB - Panamarian Balboa
PEN - Peruvian Sol
PLN - Polish Zloty
GBP - Pound Sterling
RON - Romanian Leu
SAR - Saudi riyal
RSD - Serbian Dinar
ZAR - South African Rand
SEK - Swedish Krona
CHF - Swiss franc
THB - Thai Baht
TRY - Turkish Lira
UAH - Ukrainian Hryvnia
USD - US Dollars

Financial Data Currency

Yes

Transfer Taxes

Notes:

*Usable area: space and service areas, which is under the exclusive possession of the client

Office Occupier Market Condition

Occupier Market Conditions Labor Cost Tenant Favorable

Occupier Market Conditions – How conducive is the regulatory environment to starting and operating a business. Source: Colliers

Labor Cost – Wages for skilled office workers. Source: City Globe and Colliers

Tenant Favorable – Assessment of the real estate market condition for office space. Source: Colliers

Quadrant Legend: Blue = Favorable Medium Blue = Neutral Red = Less Favorable

Typical Loss Factor

From rentable to useable square feet

Loss Factor Notes:

*The efficiency (usable sf) of Grade A property ranges between 60-75%

Landlord Concessions

Fit-Out Concession

The Landlord typically does not provide a contribution or concession to fit-out as a part of the lease transaction.

Fit-Out Cost Notes:

Given the cost of borrowing is higher for landlords, tenants prefer doing their own fit-outs or engage with a 3rd party Vendor for leasing. In case landlord is funding the capex, it is a practice in India that the landlord will amortize the fit-out cost into the rentals.

Rent-Free Period

The Landlord typically provides a contribution or concession in the form of a rent-free period.

Standard Range of Rent-Free Months

Typical number of rent-free months.

Rent-Free Period Notes:

Depending on the size of the space taken.

Tenant Rep Broker Fee (New Leases)

The tenant rep broker’s fee is typically split between the Landlord and Tenant.

Payment of Fees/Commissions Notes:

Fee split between agents

Tenant Rep Broker Fee (Renewals)

The Tenant typically pays the tenant rep broker’s fee.

Lease Provisions

Lease Term

Typical lease term in years.

Lease Term Notes:

Values are in years

Operating Expenses & Service Charges Included

Quoted market rent typically does not include operating expenses (service charges). There are additional charges that apply to leasing space.

Additional Charges:

Utilities

Service Charges

Stamp Duty

Electric

Rates

HST

Cleaning

Hydro

Registration Fees

Taxes

Insurance

VAT

Other

Service Charge Notes:

Opex costs considered - Electricity, Security, Water, Housekeeping, Consumables, Internet, AMC (Annual Management contract). These are additional charges paid by client. Currently, GST is 18% on rent and CAM charges.

Lease Fundamentals: The following apply to both office and industrial leases.

Lease Execution Requirements:

Typical upfront requirements

None for strong credit tenants

Upfront rental payment

Security deposit

Corporate guarantee

Not Applicable

Requirements Notes:

A token advance of deposit at the time of signing an LOI. This could be between 1-3 months of the agreed rent based on asset class.

Negotiated Subletting/Assignment

Typically, the tenant's right to sublease or assign the space is negotiated in the lease agreement.
Landlord Consent: Typically, the landlord's written consent IS still required.

Negotiated Subletting/Assignment Notes:

Yes, the landlord typically provides a sublease clause stating that client can sublease the space to its subsidiaries or any other third party depending on the clause executed. To be captured in lease agreement.

Statutory Subletting/Assignment

This is NOT a statutory right.
Landlord Consent: The Landlord's consent is still required.

Statutory Subletting/Assignment Notes:

A prior notice to landlord is required to obtain their consent.

Blend & Extend Strategies

Typically, a tenant can take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Blend & Extend Notes:

Generally, deviating from the lease terms & conditions is not acceptable. However, depending on market situations, the landlord may be approached.

Statutory Early Termination

This is NOT a statutory termination right.

Negotiated Early Termination

It IS typical for tenants to be able to negotiate an early termination right in the lease agreement.

Typical Cost to Terminate Early

Client will have to pay for the unexpired term during lock-in period

Early Termination Notes:

Typically, 50-60% of lease term the tenant is locked in. Typical cost: if terminated within lock in period, rent for balance lock-in period is to be paid.

Obligations Upon Lease Expiration

Basic broom clean condition and removal of special installations.

Dilapidations.

Complete restoration to shell.

Other

Tenant Obligation Notes:

Reinstatement applicable only if discussed during the initial lease.

Workplace

Regional Office Space

Typical Square Feet per employee (includes office square footage for employees and contractors).

Regional HQ Office Space

Typical Square Feet per employee (includes office square footage for employees and contractors).

Workplace Notes:

Values mentioned for carpet area

Desk Sharing

Desk-sharing is a common practice in the market.

Desk Sharing Average

Average headcount per workstation.

Desk Sharing Notes:

However, it may vary from company to company, based on frequency of employees coming to office on a weekly basis.

Industrial Occupier Market Condition

Occupier Market Conditions Labor Cost Tenant Favorable

Occupier Market Conditions – How conducive is the regulatory environment to starting and operating a business. Source: Colliers

Labor Cost – Wages for manuafacturing and warehouse/distribution office workers. Source: City Globe and Colliers

Tenant Favorable – Assessment of the real estate market condition for industrial space. Source: Colliers

Quadrant Legend: Blue = Favorable Medium Blue = Neutral Red = Less Favorable

Landlord Concessions

Fit-Out Concession

The Landlord typically does not provide a contribution or concession to fit-out as a part of the lease transaction.

Rent-Free Period

The Landlord typically provides a contribution or concession in the form of a rent-free period.

Standard Range of Rent-Free Months

Typical number of rent-free months.

Tenant Rep Broker Fee (New Leases)

The tenant rep broker’s fee is typically split between the Landlord and Tenant.

Payment of Fees/Commissions Notes:

Fee split between agents

Tenant Rep Broker Fee (Renewals)

The Tenant typically pays the tenant rep broker’s fee.

Lease Provisions

Lease Term

Typical lease term in years.

Lease Term Notes:

Values are in years

Operating Expenses & Service Charges Included

Quoted market rent typically does not include operating expenses (service charges). There are additional charges that apply to leasing space.

Additional Charges:

Utilities

Service Charges

Stamp Duty

Electric

Rates

HST

Cleaning

Hydro

Registration Fees

Taxes

Insurance

VAT

Other

Service Charge Notes:

GST is 18% on rent and CAM charges. Common area, common area lights and community generator are charged on a monthly basis.

Lease Fundamentals: The following apply to both office and industrial leases.

Lease Execution Requirements:

Typical upfront requirements

None for strong credit tenants

Upfront rental payment

Security deposit

Corporate guarantee

Not Applicable

Requirements Notes:

A token advance of deposit at the time of signing an LOI. This could be between 1-3 months of the agreed rent based on asset class.

Negotiated Subletting/Assignment

Typically, the tenant's right to sublease or assign the space is negotiated in the lease agreement.
Landlord Consent: Typically, the landlord's written consent IS still required.

Negotiated Subletting/Assignment Notes:

Statutory Subletting/Assignment

This is NOT a statutory right.
Landlord Consent: The Landlord's consent is still required.

Statutory Subletting/Assignment Notes:

A prior notice to landlord is required to obtain their consent.

Blend & Extend Strategies

Typically, a tenant can take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Blend & Extend Notes:

Generally, deviating from the lease terms & conditions is not acceptable. However, depending on market situations, the landlord may be approached.

Statutory Early Termination

This is NOT a statutory termination right.

Negotiated Early Termination

It IS typical for tenants to be able to negotiate an early termination right in the lease agreement.

Typical Cost to Terminate Early

Client will have to pay for the unexpired term during lock-in period

Early Termination Notes:

Typically, 50-60% of lease term the tenant is locked in. Typical cost: if terminated within lock in period, rent for balance lock-in period is to be paid.

Obligations Upon Lease Expiration

Basic broom clean condition and removal of special installations.

Dilapidations.

Complete restoration to shell.

Other

Tenant Obligation Notes:

Reinstatement applicable only if discussed during the initial lease.

Project Management

Section 1. Fit Cost Data

Value-Added Opportunities:

We have been able to negotiate rates for furniture, carpets and equipment, but cannot generalize as it is case-specific.

Total Fit-Out Cost

Warehouse

Total Fit-Out Cost Notes:

The fit-out cost refers to the total cost of design, construction, and installation for a space. It includes categories such as materials, labor, furniture, fixtures, equipment, finishes and other related costs. The specific factors influencing the total fit-out cost can vary widely depending on the project scope, location, size of the space, quality of materials, and complexity of design.

Furniture Cost

Class A Office

Class B Office

Flex Office / Warehouse

Low Voltage Cabling Cost

Class A Office

Class B Office

Flex Office / Warehouse

Warehouse

Other (IT/etc) Cost

Class A Office

Class B Office

Flex Office / Warehouse

Construction to Move-in Cycle Time

Class A Office

Class B Office

Flex Office / Warehouse

Cycle Cost Notes:

Cycle time depends on various factors such as: Requirement of government sanctions, imported goods, location, design and specifications, and method of contracting. It cannot be generalized.

Section 2. Scope of Work Description

Phase 1: Services Before and During the Transaction

Review the LOI and work letter portion of the Lease to ensure that the clients interests are protected during the build-out of the project.

Not typically included at all, but available for an additional fee.

Advise Colliers broker and client on project issues and their resolution as they occur.

Not typically included at all, but available for an additional fee.

Participate in building tours, if requested, to evaluate building systems and other cost-related observations and prepare a building due diligence report

Typically included in “Design/Build” scope of work.

Develop high-level project estimate and timeline based on test fit and Client standards

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Schedule and chair Schematic Drawings and Design Development Drawings review meetings/conference calls

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Define workplace strategy for client, research what kind of location, office / work environment accelerates business

Not available / not a service that can be offered.

Define program of requirements for location, building and interior characteristics

Not available / not a service that can be offered.

Engage with the Client Facilities Management (FM) Operations team to ensure alignment with Client standards

Typically included in "Project Management" scope of work.

Test fits for different building options

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Negotiation of technical agreements in the lease contract + hand over inspection and agreement

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Perform Test-fit

Not typically included at all, but available for an additional fee.

Phase 2: Service Before and During the Design Process

Develop preliminary project budget and schedule.

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Develop the RFP for selection of a space planner/architect and any other consultants identified and required

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Analyze, compare and evaluate responses to the RFP.

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Orchestrate the space planner/architect interview process.

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Negotiate, on behalf of the client, professional services agreements with the space planner/architect and other consultants.

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Review architect’s final Program of Requirements.

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Monitor the design team’s schedule of deadlines and deliverables. Coordinate meetings with the design team and the client. Manage the design process on behalf of the client.

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Review and recommend payment of the invoices for services. Submit invoices for payment to landlord or client and prepare monthly reports of project costs versus project budget.

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Negotiate all client-vendor contractors (IT, AV, Security/Access Control, Signage, High Density Filing) on behalf of client.

Not typically included at all, but available for an additional fee.

Coordinate with either Architect or General Contractor in permitting process

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Schedule and chair weekly design review meetings/conference calls

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Other Value-Add Services: Test fits (including Look & Feel) - Cost Estimates - Schedule/timing/phasing scenarios - Floor plan, core and circulation efficiency ratios(GIA vs NIA) (NOA vs NIA) - Technical due diligence/Assessments - We may pack everything into a Feasibility Study or proposed them separately depending on the situation.

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Architectural design

Not typically included at all, but available for an additional fee.

Phase 2 Notes:

Develop the RFP for selection of a space planner/architect and any other consultants identified and required: not always asked for, but can provide.

Analyze, compare and evaluate responses to the RFP: not always asked for, but can provide.

Orchestrate the space planner/architect interview process: not always asked for, but can provide.

Negotiate, on behalf of the client, professional services agreements with the space planner/architect and other consultants: not always asked for, but can provide.

Other value-added services exclude: Floor plan, core and circulation efficiency ratios, Technical DD, Feasibility Studies, which would come at an additional cost.

Phase 3: Services Before Construction

Liaise with the Landlord’s Representative.

Not typically included at all, but available for an additional fee.

Prequalify a list of general contractors to be interviewed (consult lease to confirm any Landlord required GCs).

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Develop the RFP, including Landlord and/or Lease required documents, for selection of a general contractor.

Not typically included at all, but available for an additional fee.

Analyze, level, and evaluate the responses to RFP.

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Orchestrate general contractor interview process and prepare evaluation scorecard.

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Review all proposed subcontractors and monitor the general contractor’s subcontractor bid process to ensure integrity of the process and quality of the workmanship.

Not typically included at all, but available for an additional fee.

Monitor the general contractor’s schedule of deadlines and deliverables. Coordinate meetings between the design team, general contractor, client and appropriate vendors.

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Negotiate, on client's behalf, the General Contractor agreement for Client approval

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Schedule and coordinate Architect's 90% Construction Drawings review

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Develop Project Cost Summary + Invoice Tracker and update weekly

Typically included in "Project Management" scope of work.

Phase 3 Notes:

Prequalify a list of general contractors to be interviewed: sometimes required by clients in D&B models.

Develop the RFP, including Landlord and/or Lease required documents, for selection of a general contractor: sometimes required by clients in D&B models.

Analyze, level, and evaluate the responses to RFP: sometimes required by clients in D&B models.

Orchestrate general contractor interview process and prepare evaluation scorecard: sometimes required by clients in D&B models.

Phase 4: Services During Construction

Coordinate with the Landlord’s Representative.

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Conduct weekly construction meetings to assess progress, quality and conformance with the Contract Documents and distribute minutes of meetings.

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Monitor the general contractor’s schedule.

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Monitor the construction budget.

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Review, and recommend for payment, the contractor’s Applications for Payment.

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Monitor all project documentation.

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Act at all times as client’s liaison to vendors contracted directly by Client (IT, AV, Security/Access Control, Signage).

Typically included in "Project Management" scope of work.

Oversee the punch list process to ensure acceptable completion of all items.

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Close out all consultant, contractor and vendor contracts.

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Submit General Contractor, vendor, and consultant invoices to Landlord for reimbursement per the Lease Workletter

Not available / not a service that can be offered.

Review and recommend for payment all General Contractor, vendor, and consultant invoices; submit to Client for approval

Typically included in "Project Management" scope of work.

Deliver close-out documents, as specified in the Lease, to Client

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Coordinate value/engineering process, if required.

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Provide as-built drawings and O&M Manuals to Client FM Operations team

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Monitor one year guarantee period and final hand over

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Phase 4 Notes:

Act at all times as client’s liaison to vendors contracted directly by Client: sometimes required by clients in D&B models.

Review and recommend for payment all General Contractor, vendor, and consultant invoices; submit to Client for approval: sometimes required by clients in D&B models.

Additional Services: Services During Relocation

Develop RFP for moving companies, evaluate responses and recommend selection of moving company or identify, interview and review proposal for services from relocation consultants.

Not available / not a service that can be offered.

Represent Client in development of move strategy.

Not typically included at all, but available for an additional fee.

Monitor development of move activity checklist.

Not typically included at all, but available for an additional fee.

Represent client on site during move process.

Not typically included at all, but available for an additional fee.

Additional Services: Project Management Services Related to Furniture/Workstation Procurement

Conduct bid process for all furniture (workstations, case goods, seating, filing) purchases specified by the architect and/or client.

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Conduct bid process for refurbishment of existing furniture and/or workstations.

Not typically included at all, but available for an additional fee.

Evaluate bids and negotiate purchase order with manufacturer(s).

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Negotiate national buying contract with select furniture dealerships, using Colliers International purchasing power

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Change management before, during and after moving to the new work environment

Not typically included at all, but available for an additional fee.

Measuring/monitoring (KPI's) how the way of working and building accelerates business and goals of the client

Typically included in "Project Management" scope of work.

Typically included in “Design/Build” scope of work.

Operating Environment Rankings reported on a scale of 1 (least favorable) to 10 (most favorable).

Human Capital

3/10

Labor Force Growth
Labor force growth rate (past 5 years)

6/10

Wage Inflation
Rise in wages (past 5 years, local currency)

5/10

Millennials
Proportion of population in the age 20-39 cohort

7/10

High School Education Equivalent
Proportion of population attaining this level

3/10

University Education Equivalent
Proportion of population attaining this level

5/10

Overall Education
Composite average of High School & University

5/10

Human Capital Composite

Business Climate

4/10

Innovation
Presence of innovative factors in economy

5/10

Economic Risk
Resilience of economy to unexpected events

7/10

Business Environment
Friendliness of business environment

1/10

Corporate Tax Rate
Favorable corporate tax rate

4/10

Business Climate Composite

Operating Environment Composite

5/10

Combined average score of Human Capital and Business Climate factors

Asia Pacific

Europe, Middle East & Africa

Latin America

North America

Asia Pacific

Europe, Middle East & Africa

Latin America

North America

Asia Pacific

Europe, Middle East & Africa

Latin America

North America

Mumbai

Usable area*

Space Measurement Standard

Space Unit of Measure

INR

Financial Data Currency

Yes

Transfer Taxes

Notes:

Office Occupier Market Condition

Typical Loss Factor

Loss Factor Notes:

Landlord Concessions

Fit-Out Concession

Fit-Out Cost Notes:

Rent-Free Period

Standard Range of Rent-Free Months

Rent-Free Period Notes:

Tenant Rep Broker Fee (New Leases)

Payment of Fees/Commissions Notes:

Tenant Rep Broker Fee (Renewals)

Lease Provisions

Lease Term

Lease Term Notes:

Operating Expenses & Service Charges Included

Additional Charges:

Service Charge Notes:

Lease Fundamentals: The following apply to both office and industrial leases.

Lease Execution Requirements:

Requirements Notes:

Negotiated Subletting/Assignment

Negotiated Subletting/Assignment Notes:

Statutory Subletting/Assignment

Statutory Subletting/Assignment Notes:

Blend & Extend Strategies

Blend & Extend Notes:

Statutory Early Termination

Negotiated Early Termination

Typical Cost to Terminate Early

Early Termination Notes:

Obligations Upon Lease Expiration

Tenant Obligation Notes:

Workplace

Regional Office Space

Regional HQ Office Space

Workplace Notes:

Desk Sharing

Desk Sharing Average

Desk Sharing Notes: