Office space leasing falls 22% in Apr-June in 8 cities: Cushman & Wakefield

India's top eight cities have witnessed a 22 per cent decline in gross leasing of office space as global companies remain cautious about their expansion plans, according to Cushman & Wakefield.

Real estate consultant Cushman & Wakefield data showed that the gross leasing of office leasing declined to 17.42 million square feet in April-June this year from 22.41 million square feet in the year-ago period as corporates are taking longer time in taking decisions especially for large office space requirements.

However, the gross leasing rose 11 per cent from the previous quarter which saw absorption of 15.7 million square feet.

Anshul Jain, Head of APAC Tenant Representation and Managing Director, India & South East Asia, said, "India's office real estate market continues with its growth momentum. A significant reason for its ability to buck the global recessionary headwinds is the rise in domestic demand."

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