5% rise in Hyderabad office space leasing
The office space absorption in Hyderabad grew 5 % while overall office space absorption across top eight cities of the country plummeted 21% to 13.4 million sft as compared to 16.9 million sft in the first half of 2011, according to a study by global real estate consultancy firm Cushman & Wakefield.
This steep drop in office space absorption for the January-June 2012 period was led by top IT/ITeS hubs of Bangalore, NCR, Chennai and Pune, while office space absorption went up in cities like Hyderabad, Mumbai, Kolkata and Ahmedabad during the same period thanks to demand for office space.
In Hyderabad, office space absorption rose 5% from 1.63 million sft during the first half of 2011 to 1.71 million sft during the first half of 2012. In stark contrast, other IT/ITeS hubs saw a steep fall in office space leasing activities.
While absorption in NCR plunged 53% to 1.35 million sft during the first half of 2012 from 2.9 million sft in the January-June 2011 period, that in Bangalore plummeted 45% to 3.01 million sft from 5.45 million sft. In Chennai too, office space absorption dropped 12% to 1.72 million sft from 1.96 million sft and that in Pune fell 5% to 1.39 million sft from 1.46 million sft.
To read more real estate news:
IT leasing drags NCR, Mumbai realty market down
Source: The Times of India
Ahmedabad, Bangalore, Chennai, Cushman & Wakefield, Hyderabad, Kolkata, Leasing, Mumbai, NCR, Office space absorption, office space leasing, Pune, Realty News
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