29.09.2008 - Fallout from US financial crisis hitting rental sector in India
From Propertywire.com: As the US moves towards securing its bailout plan for Wall Street financial institutions the fall out is hitting hard in India. In Mumbai commercial rentals are beginning to crack and deals for office space have slowed over 30% in the last three months, according to analysts. Leading property brokers and consultants say things will be worse with prospective tenants asking for a 50% cut in rates and they put the blame firmly on the US financial crisis. This is because companies, mainly IT and BPO service providers and finance firms, with significant US businesses are cutting back expansion plans and, therefore, the need for prime commercial real estate. Meanwhile, tighter liquidity in the Asian markets is encouraging companies to defer their property bookings..... Full Article: Source
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