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Not many takers for commercial office space

Air India’s recent move to lease out 12 of the 23 floors at its Nariman Point headquarters here has seen muted response, though the airline extended the deadline for bids. Air India isn't alone. As global and domestic economies continue to flounder, vacancies at many existing and new commercial properties across India's commercial capital have risen to 30-50 per cent levels from 14-15 per cent in 2009. According to global property consultant Knight Frank, transaction activity in commercial office properties in Mumbai fell nearly 23 per cent in the second quarter of the current ...