Cumulative take-up of office space across seven large cities in the country dropped by 14% quarter-on-quarter in Q1,2012,reflecting cautious sentiment in the market
Bangalore saw the highest demand at 3.6 million square feet,followed by Mumbai at 1.2 million square feet,mostly by I-T firms
Banking,finance and insurance remained the largest occupier in Mumbai
Cumulative vacancy across the seven cities declined to 22 per cent by end-Q1 as demand was met by ready supply
Project completions in Q1 grew by 30% quarter-on-quarter. Pace of construction picked up in Mumbai,Bangalore and Chennai,which saw most demand.
Positive developments in the US may boost the segment,dependent on demand by US-based companies.
Source: DTZ Research