Office space absorption across key cities of India stood at 10.2 million sq ft during April-June quarter, registering around 46% on-quarter growth. The rise in absorption was led by (NCR) and Bangalore, which accounted for almost 50% of the total space take-up, said property consultancy CBRE in a report.
On the supply front, nearly 7 million sq. ft. of fresh office space came into the market during this period. Hyderabad and Mumbai together led supply addition, accounting for more than 65% of the total supply of fresh office space across leading cities during the quarter. Over 17 million sq ft of corporate real estate was absorbed across the leading cities in the first half of 2016, translating to a marginal year-on-year rise of 6%, said CBRE’s report, India Office MarketView.