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Overall office space absorption increases by 28% in eight cities: Report

The Times of India:  January, 2015

Mumbai: The top eight cities of India recorded overall net office space absorption of 32.5 million sq ft in 2014, according to Cushman & Wakefield, global real estate consultants. The overall net absorption increased 28% year-on-year (y-o-y).

Ahmedabad witnessed the highest increase of 163% in net absorption albeit on a low base. Kolkata saw a decline of 33% in overall net absorption from the previous year while Mumbai and Pune recorded a marginal 6% and 4% decline respectively. Bengaluru outpaced other cities by registering 8.9 million sq ft net absorption during the year, a growth of 87% y-o-y. Delhi-NCR recorded 6.2 msf net absorption followed by Mumbai (4.5 msf) and Hyderabad (4.4 msf). Majority of the absorption in Hyderabad during this year was driven by pre-commitments from previous years, said the report.

Supply increased by 9% y-o-y, to a total of 36.6 msf supply in 2014. Out of this, 92% (33.6 msf) was contributed by Grade A developments. Bengaluru recorded the highest supply addition of 9.4 msf, registering a 67% increase in yearly supply. It was followed by Delhi-NCR (8.7 mf) and Mumbai (5.9 msf).