Office space leasing up 58% during Jan-Mar in top 8 cities

Office space absorption rose by 58 per cent during January-March period to 5.9 million sq ft in eight major cities, according to global property consultancy
Cushman & Wakefield.
The net office space absorption stood at 3.74 million sq ft in the same quarter last year, the consultant said in its latest quarterly office market report.
However, there was a decline in net absorption of about 22 per in all cities, C&W said in a statement.
Ahmedabad and NCR recorded a three-time increase net absorption in January-March over the same period last year.
Hyderabad recorded the highest net absorption of over 1.7 million sq ft.

The other cities covered by this report are Mumbai, Pune, Kolkata, Bangalore and Chennai.

Overall vacancy remains stable at 18.9 per cent at the end of of the first quarter of 2014.
The total supply during reduced by 8 per cent year and was noted at 7.2 million sq ft.
C&W Executive Managing Director (South Asia) Sanjay Dutt said: "The steady upward momentum in the first quarter absorption as compared to same time in other years is a positive sign. We can see that despite an overall economic condition of wait and watch, there has been an uptake of office space.