Slowdown hits demand for prime office space in cities: CBRE

NEW DELHI: Office space absorption in the country has gone down by 41.11% cumulatively in the three quarters ended September this year, as a fallout of the global economic slowdown.
The total office space take up between January and September this year stood at 5.3 million square feet as against 9 million square feet in the corresponding period last year, according to global commercial real estate services firm CB Richard Ellis (CBRE).
“The global economic slowdown has started to show early signs of impact on the offices market. The third quarter of 2008 has seen some decline in the office space take up across the country. Going forward, this is expected to keep office rentals under check,” CB Richard Ellis Chairman and Managing Director (South Asia) Mr Anshuman Magazine said.
In its quarterly ‘India Office Market View’ report, CBRE covered seven cities and found that the cities showed a marked slowdown in demand and office space leasing that had moderated in the first two quarters of the year.

One Comment

  1. ishani
    Posted October 21, 2008 at 1:21 am | Permalink

    Well, i feel that indian real estate markets havent yet seen the recession and the prices may come down even further if the builders are not able to execute the proijects on time. The RBI has cut rates but whether credit is actually being made available to corporates especially real estate developers is yet to be seen. For details see http://www.indianpropertyreview.com

    If someone is planning to buy a house then my advice would be to wait for another 3-6 months.

    Ishani

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