Residential demand up, office space demand down
Data produced by Bloomberg TV India shows that the price of residential space has skyrocketed by 6% in six months, and the demand of residential space in Bangalore has gone up by 3% and in Gurgaon the hike is as high as 9%.
Whereas, in the past six months, demand of residential property in Bangalore has risen by 9%, while in Gurgaon it has rallied to a staggering 20%.
According to CB Richard Ellis data, demand for official space has reduced by 14% QoQ. In terms of commercial space demand; NCR, Mumbai and Bangalore contribution has gone down from 75% to 62%, however prime office space absorption is down to 6 million square feet from 7 million square feet.
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