Office space demand down 7% in Jan-Sep, says report

The trend for office space absorption has been looking positive despite a seeming slowdown in the early part of 2017, a report has said.
Net absorption for the first nine months of 2017 (January-September) has been recorded at approximately 18 million square feet (msf), registering a marginal decline of seven per cent yearonyear across the eight major cities of India, a report by global real estate solutions company Cushman & Wakefield said.
However, the report expects absorption for the full year to reach upto 32 msf by end of 2017.
Office space absorption in Kolkata was down 15 per cent at 5.52 lakh sq feet during the period.

Chennai saw a growth of net absorption of 60 per cent y-o-y with 1.8 msf.
The report surveyed Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai and Pune for the report.
"Almost 30 per cent of the total net absorption for year to date (YTD) 2017 took place in the third quarter of the year and going by the previous years trends, another 30-35 per cent is expected to be recorded in the last quarter of the year.
"We expect to see close to 12-14 msf of additional net absorption in Q4 17'. This means that 2017 remains on track to record net absorption similar to last year at around 30-32 msf," Cushman & Wakefield managing director Anshul Jain said.