Chennai surpasses Bangalore, Hyderabad in office space absorption
Chennai witnessed the highest absorption of office space at 1.32 million sq. ft in the third quarter of 2012 while Bangalore and Hyderabad witnessed an absorption of 1.25 million sq ft and 0.50 million sq ft respectively, according to a report by Cushman & Wakefield.
The report said that this trend is due to the global economic conditions, which has affected the uptake of office space.In Bangalore the office space market registered a drop by nearly 50 per cent.
Its was reported that even Hyderabad office space market dropped by almost 50 per cent.
Driven largely by the IT and the ITeS sectors, Bangalore and Hyderabad have been feeling the impact of rationalisation of space.
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