Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Money / Demand for office space during April-June jumps 65%: report
BackBack

Demand for office space during April-June jumps 65%: report

Demand for office space during April-June jumps 65%: report

Premium

New Delhi: Improving economic sentiment and rising confidence of the corporate sector led to a 65% jump in demand for office space in the April-June quarter at 5.66 million sq ft compared to the previous quarter.

However, the gap between demand and supply also grew wider during the quarter with supply outstripping demand by over 50% and increasing the average vacancy across major cities in India to over 13-18%, according to real estate consultancy Cushman and Wakefield.

Rental corrections during the quarter ranged from 3-10% across most micro markets in key cities of India. The highest correction was recorded in Thane, which saw rentals declining by 25% on account of low demand.

Bangalore’s suburban locations recorded a correction of 12% while Nagar Road in Pune registered a drop of 14% in rental values over previous quarter, the consultancy said in a report.

Mumbai continued to remain volatile in terms of rental values. Bandra-Kurla Complex (BKC) corrected by another 20% over the previous quarter. The central business district (CBD) saw a correction of 14% largely due to low demand from corporate sector.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 16 Jul 2009, 03:49 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App