Taking up new office spaces: Mumbai ranks second in India

Mumbai accounted for 18 per cent of office space absorption — the second highest in the country— in the first quarter of 2017, said a report from real estate consultancy CBRE.

While this was on a par with Bengaluru, the National Capital Region (NCR) ranked first, accounting for 19 per cent of all transactions.

According to the report, January to March this year was one of the strongest quarters observed in the recent years for the office market, with close to 8 million square feet of space taken up across key cities.

In line with the recent trend, this absorption was mostly from small and medium-sized deals, but the share of large transactions also rose. Bengaluru, Hyderabad, Mumbai and Chennai dominated the large-sized deal closures, said the report, mostly from information technology, banking, financial services, insurance, and engineering and manufacturing sectors.


Read more: The Indian Express