JLL releases half yearly review of office real estate in India
Jones Lang LaSalle has released its half yearly review of Indian office real estate. The findings of the first half of 2012(1H12) data reveals quiet activity during the period compared to 1H11.
In 1H12, the top seven cities of India together recorded a 35 per cent dip in office absorption compared to 1H11. The shrinkage in demand has caused developers to advance more slowly on their projects.
Supply fell by 52 per cent during the period. As a result, on a national level, demand for office space in 1H12 surpassed the office space available. The growing supply of the office markets of Mumbai and NCR-Delhi continued to outpace absorption while the other Indian cities reflected the general trend of demand exceeding supply during 1H12.
In 1H12, Mumbai, the top contributor of 1H11, only recorded 19 per cent of the absorption, coming in second place compared to NCR-Delhi, which contributed 21 per cent. Bangalore, Chennai and Pune recorded a drop in their vacancy rates during 1H12 compared to the levels of 1H11. However, other Indian cities recorded marginal rises in their vacancy rates during the period.
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