Delhi/NCR: Office space absorption increased 11% in Q2 2014
In a report released on Sunday, global property consultant DTZ said that the April-June 2014 quarter witnessed an 11 percent year-on-year increase in office space absorption in Delhi-NCR. As a result of the increase, office space absorption in the Delhi-NCR region touched 1.38 million sq ft during the reporting quarter.
However, as per the DTZ report, titled ‘Property Times Delhi NCR Q2 2014,’ there was a quarter-on-quarter plunge in office space absorption in the region. As compared to the January-March 2014 quarter, office space absorption dropped 18 percent in the April-June quarter
‘Office space absorption’ or take-up is described by DTZ as the floor space which has been acquired for occupation. It includes offices let to an eventual occupier as well as developments which are pre-let or sold.
According to the DTZ report, the chief driver of the increased office absorption space in the April-June quarter this year was the IT/ITeS sector, which accounted for a whopping 81 percent of the total take-up in the quarter.
Projecting that the demand for office space by the IT/ITeS sector will continue to see an increase in the second half of 2014 as well, DTZ said in the report: “Delhi-NCR witnessed an increase in demand for space by ITES companies in specialised domains like telecom, aviation and BFSI.”
Source – Hindustan Times
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