Office property market will revive by Q2 2010

Office markets across most Indian cities are likely to revive by Q2 2010 as per a new research report published by DTZ called ‘The Second Coming’. The report was led by Priyankar Bhikshu, Head of India Research at DTZ and it reveals that with tenant interest reviving in the market, the demand for office space will rise sharply and marginally outstrip supply by early 2011. Rentals which have already corrected between 25 to 40% across all markets will remain stable or fall moderately over the coming year. Vacancy levels will reach their peak by mid – 2010.

“Whatever demand is coming in is because there has been no activity since the slowdown. I believe rents will continue to remain low for the next six to eight months and will be flat for another year” said Anshul Jain, CEO – India, DTZ.