Top cities to see office space demand of 180 mn sq ft
Real estate consultancy firm Cushman & Wakefield reports that the top eight cities in India are expected to see a demand for about 180 million sq ft of commercial office space in the next five years.
Based on announced projects and the current pace of construction, total expected supply in these five years is 219.6 million sq ft. The report says that the amount of supply indicates a situation of over supply in the office space front.
The highest demand of 44 million sq ft will be from Mumbai, followed by Bangalore with a demand for 31 million sq ft and the NCR with 27.8 million sq ft. The top three cities will constitute approximately 57% of the total office space demand.
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