Office space rentals rise in India: JLL
According to property consultancy firm Jones Lang LaSalle India (JLL), consolidated absorption of office space in the past six quarters has caused appreciation of rental growth across the country.
Majority of gross rental appreciation during the period from Q4, 2010 to Q1, 2012 was witnessed in tier-I cities including Bangalore, Mumbai, Delhi and Gurgaon. Chennai, Hyderabad, Pune and Kolkata also saw appreciation recently.
Bangalore, given its low vacancy level, moderate supply and healthy absorption is expected to witness the highest appreciation in rentals among the seven cities during 2012-14.
However, some of the oversupplied suburban areas of Indian cities are likely to feel the pressure of inadequate absorption, thereby keeping rents stable.
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