26.03.2013 - India: Slowdown in IT space hits commercial real estate sector
Slow uptake of office space by information technology firms in India is beginning to cast a shadow over the country's commercial real estate sector, data from property consultancy firms indicate. Figures provided by two property consultants Cushman & Wakefield and DTZ show that absorption of office space in 2012 across the top eight Indian cities stood at 29.05 million sq ft, a 23% decline over the previous year. Of this, the share of the IT sector, which accounted for 64% of the commercial space absorbed in 2009, dropped to 44% in 2012 at 13.22 million sq ft. It was 16.08 million sq ft in 2011...............................................Full Article: Source
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