Supply exceeding demand in Mumbai’s commercial leasing
While there has been a slight surge in the leasing of prime commercial spaces across key cities in 2012, Mumbai’s commercial market is still witnessing supply exceeding demand.
According to a survey by CB Richard Ellis, office space absorption was registered at above 7 million sq ft in the second quarter of 2012, compared to 5 million sq ft in the previous quarter of the same year.
There has been a smaller amount of absorption of space in prominent business locations like Nariman Point, Bandra Kurla Complex, Lower Parel, Powai and Andheri.
Experts are of the opinion that the slowdown in Mumbai city’s commercial real estate market will continue because of the huge supply in the scene currently and various pipelined projects.
To read more real estate news:
Leasing allotment to go online in Hyderabad
IT leasing drags Mumbai, NCR realty market down
Source: Daily News & Analysis
Andheri, Bandra-Kurla Complex, CB Richard Ellis, CB Richard Ellis report, Commercial spaces, Commercial spaces in Mumbai, Lower Parel, Mumbai, Nariman point, Powai, Survey by CB Richard Ellis
