Office space take up witnesses 46 per cent
Office space absorption across key cities of India stood at 10.2 million sq ft during April-June quarter, registering around 46 per cent on-quarter growth. The rise in absorption was led by Delhi National Capital Region (NCR) and Bangalore, which accounted for almost 50 per cent of the total space take-up, revealed by property consultancy CBRE in a report.
On the supply front, nearly seven million sq. ft. of fresh office space came into the market during this period. Hyderabad and Mumbai together led supply addition, accounting for more than 65 per cent of the total supply of fresh office space across leading cities during the quarter.
Over 17 million sq ft of corporate real estate was absorbed across the leading cities in the first half of 2016, translating to a marginal year-on-year rise of 6 per cent, said CBRE’s report.
Anshuman Magazine, CMD, CBRE South Asia said,”Despite a muted global economy, India continues to be a favored outsourcing destination for corporate firms. Recent policy announcements by the Government and a stable domestic economy are all expected to attract investments into the country’s real estate sector and enable the ease of doing business here.”