Demand for office space weakened in Sep quarter

According to a Mint report, demand for commercial office space weakened in most markets in the July-September quarter. According to the real estate consultancy CBRE South Asia Pvt. Ltd. the absorption declined by 14% at around 6 million sq. ft compared to about 7 million sq. ft in the previous quarter. The July-September period witnessed the lowest addition of office space in several quarters, largely attributable to the prevailing high vacancy pressures in completed projects and poor commitment levels in under-construction properties, the report states.

Gurgaon in the National Capital Region, Lower Parel, Andheri, Goregaon and Navi Mumbai in Mumbai and the Outer Ring Road in Bangalore were the most preferred micro-markets for office space leasing in the second quarter, the report states.

Read the complete report here