Commercial realty,Q1 2012

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

Published: April 6, 2012 12:46:09 am

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

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