Office space demand falls 32 percent in Q1 2012

According to a renowned realty consultant Cushman & Wakefield, top eight Indian cities including Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR and Pune, witnessed a 32% decline in absorption of office spaces during the January-March period this year, compared to the previous quarter. 

In contrast to the overall average, Mumbai, Kolkata and Ahmedabad saw their absorption rate going up by 35%, 33.7% and 5.6% respectively, the reports pointed out.

The first quarter of current calendar year witnessed a total absorption of 7.0 million sq.ft across 8 cities, registering a decline of 32% over last quarter and 6% over the same period last year.

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