CBRE report: Office space leasing increased 26% in April-June in 7 cities
According to the recent statistics shared by property consultant CBRE, the three-month period between April and June 2014 witnessed a 26 percent increase – to almost 8 million sq ft – in office space leasing in seven cities of India.
Going by the CBRE figures – released in a report titled ‘India Office Market View Q2, 2014′ – office space absorption during the January-March 2104 period was 6.3 million sq ft, which increased to 7.9 million sq ft in the April-June period.
The seven cities in which the increase in office space leasing was recorded for the April-June period are: Delhi-NCR, Kolkata, Chennai, Mumbai, Pune, Bangalore, and Hyderabad. Across these seven cities, demand for ‘Grade A’ office space in the mentioned period was largely driven by IT/ITeS, banking/financial services, pharmaceutical, and manufacturing and sectors.
The CBRE report also showed that, with office space absorption in these seven cities having increased during the mentioned period, the supply of office space also saw a 3 percent increase to nearly 7 million sq ft.
Against the backdrop of the CBRE report, the property consultant’s South Asia Chairman and Managing Director Anshuman Magazine said: “Opening up new sectors for investment, while rejuvenating the manufacturing and services sectors, is expected to help in resuscitating demand for corporate office space in the forthcoming quarters.”
Source – The Economic Times
