India Real Estate Link

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.