15 per cent fall in office space absorption this year: CBRE
Global realty consultant CBRE on Thursday said absorption level of office spaces in India may come down by about 15 per cent to around 30 million square feet this year due to the current economic slowdown.
In the case of large spaces, market is slower and this will lead to fall in office space absorption to about 30 million square feet this year, which was 36 million square feet in 2011.
The global economic environment, which is beyond our control and the government policies in India, are the key factors which can alter the situation.
India has been witnessing slowdown in economic growth and GDP growth slipped to 6.5 per cent in 2011-12, the worst in nine years. If the current market situation continues then there may be slight decrease in prices in certain locations.
To read more real estate news:
Rental cost of commercial property in India is increasing
Property prices will not plunge – Indian realtors
Source: The Times of India
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