According to a report by Cushman & Wakefield and Global Real Estate Institute, Office market in India's top 7 cities will see total supply of nearly 24.30 crore square feet by 2015. This will be 17% higher than estimated demand, indicating a clear oversupply.
HIGHLIGHTS OF THE REPORT
# In Mumbai, supply at 7.80 crore square feet is expected to outstrip demand by 125% by 2015 end and is expected to experience some downward pricing trend going forward,
# Of the 7 cities - NCR (National Capital Region), Mumbai, Bangalore, Chennai, Hyderabad, Pune and Kolkata - only Bangalore will see demand for office space exceeding supply.
# By 2025, cities like Kolkata, Hyderabad and Chennai are expected to see a better rate of growth compared with others.
# In the next 5 years, the highest estimated supply of grade A office will be witnessed in Mumbai, followed by 4 crore square feet in NCR, 3 crore sq. ft in Chennai and 2.9 Crore sq. ft in Pune.
# Chennai is estimated to be the most active market for real estate with the highest demand growth of 15% compounded annual growth rate during next 5 years.
HIGHLIGHTS OF THE REPORT
# In Mumbai, supply at 7.80 crore square feet is expected to outstrip demand by 125% by 2015 end and is expected to experience some downward pricing trend going forward,
# Of the 7 cities - NCR (National Capital Region), Mumbai, Bangalore, Chennai, Hyderabad, Pune and Kolkata - only Bangalore will see demand for office space exceeding supply.
# By 2025, cities like Kolkata, Hyderabad and Chennai are expected to see a better rate of growth compared with others.
# In the next 5 years, the highest estimated supply of grade A office will be witnessed in Mumbai, followed by 4 crore square feet in NCR, 3 crore sq. ft in Chennai and 2.9 Crore sq. ft in Pune.
# Chennai is estimated to be the most active market for real estate with the highest demand growth of 15% compounded annual growth rate during next 5 years.
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