11 million sq.ft of prime space absorbed
According to CBRE’s latest India Office MarketView Report - Q3 2016, demand for prime office space reached a ten quarter high of approximately 11 million sq. ft. for the July – September period. The quarter recorded a growth of 9% on a q-o-q basis and 14% on a y-o-y basis. As on September 30, 2016, overall prime office space absorption across the seven leading cities was about 28 million sq.ft. for the year. The demand was led by Bangalore (24%), Hyderabad (17%) and Mumbai (16%), followed by Chennai (16%) and Pune (13%). Mr. Anshuman Magazine, Chairman –India & South East Asia, CBRE said, “The commercial real estate market in India continues to grow at a steady pace. Positive changes in policy and regulations have given a further boost to the sector. The year 2015 was a record year – with the segment witnessing the highest ever annual office absorption. With just a few months left till the end of the year, I am optimistic that this number will be met, if not surpassed.”
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