By Accommodation Times Bureau
The contemporary state of commercial property market is not well, it is going through bad times. As across the country seven largest cities dropping 12% quarter-on-quarter in the January-March 2012 period due to uncertain economic conditions coupled with the euro zone crisis.
According to the market experts the state of commercial property market is likely to be continued in the forthcoming two to three months with absorption of office space expected to drop by 10-15% for 2012 due to lower demand from the information technology sector. Demand from IT/ITES sector has dropped from the peak of 68% in 2005 to 35% at present due to increasing cost pressures faced by these firms.
Pune is the third most aspiring destination in India but nevertheless it has also facing slow down in the real estate market. Though there is demand is slightly high for IT space in the Central Business District (CBD) of MG Road, Koregaon Park, Bund Garden, Kalyani Nagar, Dhole Patil, FC Road and JM Road and absorption stood at around 57,000 sq ft. Whereas, IT is not fastest to grow earlier period prior to 2006. But overall property market specially commercial property segment is witnessing severe condition except IT space demand is pretty high.