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Demand for office leasing down by 21% in 2012 first half
Source: ET Bureau Jul 05, 2012
A slowing economy and a consequent postponement of expansion plans by corporates across sectors, especially IT/ITeS, has pulled down office space leasing by 21% in the first half of 2012.
According to a report on the sector by global property advisory firm Cushman & Wakefield, office leasing between January and June 2012 stood at 13.4 million sq ft compared to 16.9 million sq ft in the same period last year.
The Delhi-National Capital Region saw the steepest fall of 53% with absorption of 1.35 million sq ft. Bangalore, which witnessed the highest amount of absorption at 3.01 million sq ft also saw a big drop of 46% in new space take up because of a demand slowdown from the IT/ITeS sector, which drives a majority of the demand in the city.
Chennai saw a drop of 12%. Mumbai and Hyderabad, though, bucked the trend and saw an increase of 19% and 5%, respectively, in office space take up in the period.
"The decline in the first half of the year is indicative of a cautious approach from occupiers given the downward revision on GDP outlook for the year," said Sanjay Dutt, executive managing director, South Asia, Cushman & Wakefield. "However, there was some pent up demand from sectors such as Banking, Financial Services and Insurance (BFSI) which were absorbed, especially after a revision in policies by Reserve Bank of India."

Tag: Indian real estate, property in india, commercial properties in india, office spaces in india
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