Negative demand hits office spaces
Recession hitting the job markets also had a bad impact on commercial spaces!
Due to the current economic scenario, demand for office spaces in metro and major cities in the country has gone down drastically.
In April-June quarter, the demand was 10.5 million sq ft area and in July-September quarter, it has fallen down to 8.5 million sq ft. There has been a negative demand of about 20% from previous quarter.
Cushman & Wakefield have forecasted that there might be another 5-10% fall in October-December quarter.
Southern cities like Bangalore, Chennai and Hyderabad are well off against their counterparts like Delhi NCR, Mumbai and Pune which suffers from oversupply stage.
Source: The Economics Times
April-June quarter, Bangalore, Chennai, Commercial spaces, Delhi NCR, Economic scenario, Hyderabad, July-September quarter, Mumbai, Negative demand, New Delhi, October-December quarter, Office spaces, Pune
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