2015 to record 29.5 mn sq ft office of space absorption: report

Bengaluru is likely to see highest share (27%) amounting to 43 million square feet, says Cushman & Wakefield

Office absorption is expected to touch 158 million square feet (msf) during 2015-19 in the top eight Indian cities, says a new report.  This year (2015) is expected to record 29.5 msf office space net absorption in top eight cities , witnessing a marginal demand growth of  four per cent over the previous year, said Cushman & Wakefield.

However, average absorption levels during 2015-19 is expected to be 31.6 msf which is higher than the average noted in the last five years on account of strengthening business confidence and steady economic growth.

Bengaluru is likely to see the highest share of 27 per cent, amounting to 43 msf in cumulative absorption (2015-19) with the IT-ITeS sector driving demand followed by Delhi-NCR contributing 17 per cent of the total absorption during 2015-19.
 

Mumbai is likely to see 17 msf of absorption during the period, lower than Hyderabad and Pune, owing to limited infusion of quality supply in the coming years.