Office space interest in top eight cities up 58% The net office space absorption or the incremental new space taken-up across top eight cities was up 58 per cent at 5.9 million square feet from January to March 2014 against the year-ago period, according to real estate consultancy Cushman & Wakefield in its latest quarterly office market report. However, there was a decline in net absorption of approximately 22 per cent over last quarter i.e. Q4 of 2013 in all cities. Among the eight cities - NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune, Kolkata and Ahmedabad - Ahmedabad and NCR recorded a three times increase in net absorption in Jan to March this year over the same period last year. According to Sanjay Dutt, Executive Managing Director, South Asia, Cushman & Wakefield whilst some of the transactions are spillovers from the last quarter as deals could not be completed in time for the year-ending, there are also significant closures ahead of the general and some state elections next quarter. “The steady upward momentum in the first quarter absorption as compared to same time in other years is a positive sign. We can see that despite an overall economic condition of wait and watch, there has been an uptake of office space. He said he further expects the next few weeks to be moderately slow in terms of uptake of space as businesses await the results of the new government. Even while occupiers remain conscious of their expansion programmes, we expect a new lease of momentum to start once there has been some concrete result from the general elections,
Posted on: Mon, 23 Jun 2014 06:49:23 +0000
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