Need for Office Space soar to 7 million sqft in Apr-Jun qtr

Need for Office Space soar to 7 million sqft in Apr-Jun qtr

As per the quarterly report by CBRE, a global property firm, metro cities like Mumbai, Bangalore, Delhi NCR have absorbed over 75% of the total space leased in the second quarter. 

Office Space

As per a recent survey, In spite of the recent downfall in the real estate market for large office spaces, almost 7 million sq ft space was rented during the second quarter of the year as against the 5.4 million sq ft from January to March. Also, almost 9 million sq ft space was added throughout the quarter from these metro cities, making it a nearly 96% of the space added in the whole quantum. Most of these spaces were the delayed developments especially in the city of Mumbai from previous quarters.

However, improvement is subjected to the global economic environment and government policies in India. Also, with the slowdown in large office requirements from giant global companies, the office market might witness a fall in absorption this year. The IT segment may also lose its charm as the tax linked incentives are not yet clear with the occupiers.

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Tags : Office Space in NCR, Cosmic Group, Cosmic Structures, Cosmic Projects.