Office space absorption drops 23%: Cushman and Wakefield

By Accommodation Times News Service

According to the recent report of property consultant Cushman and Wakefield, office space absorption dipped by 23% during 2012 in major cities as many corporate remained uncertain and slowdown in the Indian Economy. The report states that the total net absorption for 2012 was recorded 29.05 in major cities. The NCR regions, Mumbai, Bengaluru, Chennai, Hyderabad, Pune Kolkata and Ahmedabad have relatively shown less business. The supply of office space also dropped by 10% against the previous year. The consultant said, the cautious approach by global and Indian companies, in view of a slower economic growth led to a decline in absorption levels adding that majority of the companies put on hold their expansion plans.

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