Mumbai, NCR, Bangalore cover 75% of total office space
Mumbai, NCR and Bangalore alone took up 75 per cent of the total office space absorbed in India in the April-June quarter. Almost 96 per cent of the entire space was left unsold and got added to the present quarter.
Other cities such as Chennai, Pune and Hyderabad experienced delays in project completions. But however, the supply of office space surpassed demand at a very lesser rate of office absorption.
According to a CB Richard Ellis report, over seven million sq. ft. of office space was taken up in second quarter of 2012. And in the first quarter of this year, 5.4 million sq. ft. was absorbed across major cities.
Mr Anshuman Magazine, Chairman, CBRE, South Asia said that the demand-supply gap continues to pressurise values across most micro-markets and could have negative implications on the rental growth, he said.
To read more real estate news:
‘NCR’ biggest market space in India, reports Knight Frank
15 per cent fall in office space absorption this year: CBRE
Source: Business Line
Bangalore, CB Richard Ellis report, Chairman CBRE, Chennai, Cities, Demand, demand-supply, Hyderabad, micro-markets, Mumbai, NCR, office absorption, Office space, Project completion, Pune, South Asia, Supply
[...] non resident market has been slow growth of job market, crumpled by a struggling economy in 2012. Office space supply in India has been low in the current year due to lack of job opportunities. With possibility of revival job [...]
[...] non resident market has been slow growth of job market, crumpled by a struggling economy in 2012. Office space supply in India has been low in the current year due to lack of job opportunities. With possibility of revival job [...]