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Mumbai to add a third of India's office space in FY12

Mumbai, the world’s fourth most expensive office market, will add a third of India’s total office space supply in 2011-12, said a recent study. Despite high vacancies and a stock of 47 million sq ft in office properties, Mumbai is expected to add 17-18 million sq ft in office space till mid 2012, as its main business districts are seeing a revival in rentals, global property consultant CB Richard Ellis said in a report. Last year, office rents in both Nariman Point and Bandra Kurla Complex, Mumbai’s key business areas, came down by 40 per cent from their peak, as ...