Bangalore witnesses 46% fall in office space absorption
The first two quarters of the ongoing year 2012 have seen 21% decrease in office space absorption across key metro cities in India.
The office space absorption in this year being 13.4 million square fee while it was 16.9 million square feet at the same period in 2011.
According to the latest Cushman & Wakefield report, Bangalore witnessed the highest absorption of office space in the first six months of 2012 of 3.01 million square feet. The city had registered a 46% fall in absorption over the same period last year. Chennai has witnessed a 12% decline in office space absorption.
The slowdown in demand is due to the cautious expansion plans from IT/ITeS sector as majority of demand in these cities is driven by the sector.
While the National Capital Region saw the highest decline in office space absorption of 53%, Mumbai and Hyderabad registered an increase of 19% and 5% in office space absorption respectively.
To read more real estate news:
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Revenues of realty firms witness downtrend
Source: The Times of India
12% decline, 3.01 million square feet, Bangalore, Chennai, Cushman & Wakefield, Cushman & Wakefield report, Demand, expansion, Hyderabad, India, IT, ITeS, key metro cities in India, market report, Metro Cities, Mumbai, National Capital Region, Office space absorption, real estate consultancy
[...] Bangalore witnesses 46% fall in office space absorption [...]
[...] Bangalore witnesses 46% fall in office space absorption [...]
[...] Bangalore witnesses 46% fall in office space absorption [...]
[...] Bangalore witnesses 46% fall in office space absorption [...]
[...] Bangalore witnesses 46% fall in office space absorption [...]
Yes office space has seen a slow down this year,but I hope it will be recovered by the end of the year.
[...] Bangalore witnesses 46% fall in office space absorption [...]