Office space absorption in Kolkata plunged 30% in Q2 2014
Property consultant CBRE has revealed in its recently-released India Office Market View for 2014 second-quarter report that absorption rates for office space in the Kolkata market witnessed a nearly 30 percent quarter-on-quarter plunge.
According to the report, the movement of office space in Kolkata during the April-June quarter was notably ‘slow;’ with the key contributor to the overall office space scenario in the city being IT and ITeS.
So far as supply of office space in the city is concerned, the report has revealed that ‘Grade A’ supply in Kolkata is in excess in the peripheral areas in comparison to demand. The increased supply unfolds a scope to get massive office spaces at competitive rates.
In reference to the report, a statement released by CBRE has quoted Anshuman Magazine – Chairman and Managing Director of CBRE South Asia Pvt Ltd – as stating that, with regard to location-wise prospects for office space in Kolkata, the main area to watch out for, in forthcoming quarters, is the Topsia-Kasba connector stretch.
About the likelihood of an increased in demand for office space demand in the area of the Topsia-Kasba connector stretch in the near future, Magazine said: “Quality office space and connectivity are likely to propel this micro-market.”
Source – The Hindu Business Line
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