Demand for office space jumps 65 pc


However, the gap between demand and supply also grew wider during the quarter with supply outstripping demand by over 50 per cent and increasing the average vacancy across major cities in India to over 13 to 18 per cent, according to real estate consultancy Cushman and Wakefield.

Rental corrections during the quarter ranged from three to ten per cent across most micro markets in key cities of India.  Bangalore’s suburban locations recorded a correction of 12 per cent while Nagar Road in Pune registered a drop of 14 per cent in rental values over previous quarter, the consultancy said in a report.

Mumbai continued to remain volatile in terms of rental values. New buildings in Bangalore recorded significant absorption with suburban and peripheral (Sarjapur – Hebbal) contributing to nearly 66 per cent of absorption during the quarter. Rental values in CBD corrected by 10 per cent owing to subdued demands.

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