Office space absorption witnessed a 14 per cent quarter-on-quarter decline during the third quarter of the year, according to the findings of CBRE's latest report, India Office Market View Q3. Prime office space absorption across the seven key cities reviewed decreased to about six million sq ft in the third quarter, compared to more than 7 million sq ft in the previous quarter.
The three leading hubs of NCR (National Capital Region), Mumbai and Bangalore, which accounted for almost 75 per cent of the entire space getting transacted in the country in the previous quarter, had their market share reduced to about 62 per cent in the third quarter this year.
This was on account of the three leading cities witnessing a decline in transaction activity, while other prominent office markets such as Hyderabad and Chennai observed an increase in the same.
The three leading hubs of NCR (National Capital Region), Mumbai and Bangalore, which accounted for almost 75 per cent of the entire space getting transacted in the country in the previous quarter, had their market share reduced to about 62 per cent in the third quarter this year.
This was on account of the three leading cities witnessing a decline in transaction activity, while other prominent office markets such as Hyderabad and Chennai observed an increase in the same.