Office leasing down 25%

Slow pace of project execution attributed as the reason behind decline

Slow pace of execution of office property projects led to a 25 per cent decline in leasing of such properties in the top cities in the first nine months of this calendar year, compared with the corresponding period last year, says a new study.

About 20 million square feet was absorbed in the first three quarters of this year, versus 26.5 million sq ft in the year-ago period, according to data culled by property consultant JLL India.

“The principal reason for this decline in absorption is the slow pace of project executions. So far, the supply in 2017 has been