Office demand in top 8 cities goes up by 19% in Q1 - Feedback

Following a strong fourth quarter, the overall office demand across the top eight cities in India during the first quarter of 2016 increased by 19 per cent year-on-year to 11.7 million square feet (msf), according to a report by property consultants Cushman & Wakefield.

While the sluggish net absorption level is marked by characteristic slow Q1 fraught by delayed decision making by Indian companies, Bengaluru with 47 per cent growth and Hyderabad with 107 per cent growth bucked the trend registering strong uptake of space. Pre-commitments more than doubled compared to same quarter last year and stood at 4.6 msf representing 40 per cent of the total demand. A number of companies have committed space foreseeing limited availability of upcoming quality stock in select markets, C&W said in a statement.

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