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Office space market remains immune to demonetisation

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Bengaluru recorded the highest net absorption during the year, with Hyderabad surpassing Pune to emerge as the second-largest market in 2016.

NEW DELHI: Of the total uptake of office space in 2016, nearly 40% of the total net absorption took place in the last quarter of 2016, according to international property consultants Cushman & Wakefield.

“The demand for office space, though similar to that seen in 2015 was better than market expectations, especially in the second half of the year. Despite many changes globally, that could change the course of business, India remained one of the most optimistic markets in the recent times. We expect this positive outlook to continue into 2017,” says Anshul Jain, Managing Director, India Cushman & Wakefield.

Bengaluru recorded the highest net absorption during the year. The city’s net absorption rose 28% to 12.7 msf during 2016. The new high in 2016 is roughly 5% higher than the last net absorption peak that Bengaluru witnessed in 2011.

However it was Hyderabad that caught everyone’s eye. The city is in the midst of frenzied activity from investors and businesses since last year resulting from the government’s proactive steps to create “Brand Hyderabad” through investor-friendly policies and improving infrastructure.

Net absorption in Hyderabad rose 14% to 6.3 million sq ft, while supply rose more than two-fold to 5.6 million sq ft during 2016. During 2016, Madhapur continued to be the preferred submarket for occupiers, with the submarket accounting for 60% of net absorption in the city.

Source:  economictimes.

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