There has been a 35
per cent dip in absorption in commercial estate in the top 7 Indian cities the
first half of 2012 as compared to the first half of 2011.
According to a study
conducted by Jones Lang LaSalle, India, "NCR-Delhi, showed the maximum dip
in absorption at 21 per cent, an increase from the 18% figure it recorded in
first half of 2011. It was followed by Mumbai, which recorded 19 % of the
absorption as compared to 32 per cent a year ago,'
Mr. Hariharan
Ganesan, Senior Manager - Research & REIS, Jones Lang LaSalle India
said, "Hyderabad & Kolkata
together increased their total absorption due to the penetration of good
quality office buildings with moderate occupancy rates over the past few
quarters," says .
Highlights of Jones
Lang LaSalle, India Survey..!
^ The primary reason
for this activity was healthy pre-commitments among the new completions in NCR
- Delhi that were better than those in Mumbai.
^ On average, the
share of net absorption from the new completions during first half of 2012 in
Mumbai and NCR - Delhi has remained about 60%, as opposed to the national
average of 29%.
^ Supply fell by 52%
during the period. As a result, contrary to the trend of first half of 2011, on
a national level, demand for office space in first half of 2012 exceeded the
office space supplied. However, this trend varied from city to city.
^ Backed by
relatively healthy leasing activity, Bangalore, Chennai & Pune together
accounted for about 45% of the pan India absorption in the reporting period, an
increase from the 42 per cent recorded in the previous year.
^ Supply overhang
will persist amid moderate pre-commitment levels in near term supply. Only 23
per cent of the annual supply forecast for 2012 is operational in the top 7
cities of India as at end June, 2012 . This shows the impact slowing demand has
had on the construction progress of the supply expected in the near term.
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