Office rents and vacancies are sliding despite early signs of improvement in the office market in the country, said a report from property consultant CB Richard Ellis.
Mumbai, Delhi and Bangalore saw office rents slide further as buildings in the central business districts (CBDs) saw an exodus of occupiers moved to alternative location to reduce realty costs, CBRE said.
The Bandra Kurla Complex and Kalina districts of Mumbai, for example, saw overall vacancy levels rise to 29.4 per cent, while vacancy levels in Noida in the National Capital Region hovered at around 40 per cent.
Although the rise in demand for less costly premises bolstered office sub-markets outside the CBD, landlords of buildings in secondary office destinations struggled with the consequences of speculative overbuilding and were forced to increase incentives to recruit tenants, it said.
Source : business-standard.com
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