Service sector to boost office space demand
The service sector is expected to revive demand for office space with an estimated absorption of 28-30 million sq ft by the year-end.
Jones Lang LaSalle India says that the service sector is likely to drive demand for commercial real estate. An 8.5 percent growth in the services sector in FY12 is an indicator that a major slowdown in office real estate demand as has been feared by some, is not likely to occur.
The service sector comprises banking, financial services and insurance (BFSI), information technology, consulting, trade and communication and it generates the highest demand for office space.
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