Commercial space leasing down by 38% in 3Q, 2011

By AT Bureau
New Delhi:
As per the fresh market reports approx seven major cities across the country has facing 38 percent fall in leasing office spaces, reports more cited that downturn in sales has severely damaged the third quarter from July-September.
CB Richard Ellis (CBRE) said in a statement “approx 5million sq ft of office space has been absorbed between July and September 2011 as compared to 8 million sq ft in Q2, 2011,” In Indian commercial market the national capital region (NCR), Mumbai and Bangalore accounted for almost 80 per cent of space absorbed, CBRE added.
After the CBRE several market watcher says that “it is a big alarm for Indian office space market as the global slowdown has started to affecting Indian property market.”
Similarly other countries also facing the slowdown in property market such as European nations, including Greece, Portugal and Spain, are currently facing financial troubles on account of mounting debt.
Report reveals that “demand-supply and rentals for Grade A office space in seven major cities — Delhi NCR, Mumbai, Bangalore, Chennai, Hyderabad, Pune and Kolkata.”