Office offtake grows 35% in Dec quarter

Office space absorption in top seven cities in the country grew by 35% on quarterly basis in December quarter of 2013 calender year, said a new report. The total office space absorption stood at 8.2 million sq ft  in Q4 of 2013 as compared to 6 million sq ft in q3 of 2013, said CBRE's India Office market view.

With the fourth quarter registering around 8.2 million sq. ft. of space take-up, the total office space absorption for the entire year stood at approximately 28 million sq. ft.—an appreciation of over 9% y-o-y, CBRE said.

Transaction activity was mostly led by office leasing in Bangalore, Delhi NCR and Mumbai; while smaller cities, such as Chennai and Hyderabad, saw stagnation in their transaction market shares compared to last year. A key feature in this review period was an increased occupier interest in SEZ space, with large space commitments witnessed in Delhi NCR, Bangalore and Hyderabad.