Demand for prime office space reached a ten quarter high of approximately 11 million sq. ft. for the July – September period, according to a latest India Office MarketView Report – Q3 2016. The quarter recorded a growth of 9% on a q-o-q basis and 14% on a y-o-y basis. As on September 30, 2016, overall prime office space absorption across the seven leading cities was about 28 million sq. ft. for the year. The demand was led by Bangalore (24%), Hyderabad (17%) and Mumbai (16%), followed by Chennai (16%) and Pune (13%). This increase in demand is an indication of an improvement in overall economic sentiment, with both domestic and international corporates remaining upbeat on their entry/expansion strategies.
Read more: Economic Times
