Transaction activity in Mumbai's commercial office market fell 23% in second quarter of FY13 compared to the same quarter last year and 19% compared to the preceding quarter, says a new report from Knight Frank Research.
According to the report, about 0.96 million sq ft was transacted in Q2 FY13. "Mumbai’s commercial office space market has been consolidating over the four quarters ending Q2 FY13 (July-September 2012) and showing signs of bottoming out. However, corporate activity which had been fairly stable weakened due to a sluggish global and local environment, resulting in a significant fall in office space take-up during Q2 FY13," Knight Frank said.
"Rent and vacancy levels that were observed to be firming, again experienced downward pressure as the demand supply gap widened further," it added.
