By Accommodation Times Bureau
New Delhi: The commercial property has a bad opening in the first three months of 2012 as office space drops by 32percent. In the country’s seven major cities office absorption at 4.1 million sq ft during January-March2012 comparatively previous year-ago period on global economic slowdown and fall in India’s GDP growth, property consultant CBRE said.
In a statement CBRE mentioned that, “the year 2012 has begun on a sluggish mode with only 4.1 million sq ft of prime office space being absorbed across key markets.”
According to CBRE South Asia’s latest report ‘India Office Market View Q1 2012’ report “in the last year-ago period, the absorption stood at 6 million sq ft.”
Whereas, the absorption of IT space is slightly high in the several major cities of country and in Pune absorption for office space stood at around 57,000 sq ft. Whereas, IT is not fastest to grow earlier period prior to 2006. But overall property market especially commercial property segment is witnessing severe condition except IT space demand is pretty high. Apart from Pune the major percentage of office space supplying in Delhi (NCR), Mumbai and Bangalore approx 70% of the entire space absorbed in the above mentioned cities.