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Mumbai office space absorption up 23 percent

The Indian Express

June 02, 2012


Office absorption in January-March 2012 has grown by 23 per cent as compared to the same quarter in 2011, a report by property consultants Knight Frank said. The total transaction of office space, both sale and lease, in Mumbai in the first quarter of this year has been 1.04 million sq ft as compared to 0.88 million sq.ft in the same period the year before. Despite the increasing number of transactions, both rentals and capital prices have dropped over the last one year. The average monthly rental at which commercial space was leased in Mumbai in the first three months of this year was Rs 111 sq ft as compared to Rs 120 per sq ft in the first quarter of 2011. Similarly the average sale price of commercial property has fallen from Rs 15,409 per sq ft to Rs 8.087 per sq ft between January-March 2011 and 2012.