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Bangalore tops office space absorption – AGAIN!

According to the latest year end report on commercial office space absorption trends in 2008 across Indian metros, Bangalore topped the list for the 5 th consecutive year.

The following table highlights the details.

CITY	2008 Million sft	2007 Million sft	% CHANGE
BANGALORE	10.4	12.84	(-) 19
CHENNAI	4.1	6.5	(-) 37
HYDERABAD	1.3	4.0	(-) 67

2008 office absorption in Mumbai is 8.5 million sft
2008 office absorption in NCR is 8.6 million sft
Most of the absorption in all metros is due to pre-commitments made by corporates in 2007
The last 2 quarters of 2008 saw steep decline in fresh demand across all metros
Space absorptions trend in 2009 expected to decline in all metros.

Source: CB Richard Ellis & Cushman Wakefield.