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Rise in vacancy level being a threat for Asian Office Space Market

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Mumbai and Delhi which are the main business places are in dire need of people to occupy their premises while rentals charged are less though there is an assurance from the business faculty. There is rise in the Vacant space at Bandra Kurla Complex and Kalina districts of Mumbai by nearly 30% and Noida had a vacant space of nearly 40%. This is based on a report of Q2-2009 BY CB Richard Ellis who is a consultant for real estate.
The second quarter of 2009 saw some progress for regarding enquiries, but still vacant margin was rising. Due to a decline in the funds many companies are looking for assessment in purchasing than thinking of giving the space on lease which is a statement given by the Chairman of Anshuman Magazine to www.propertykhazana.com. He sustained to state that though increased activity is seen in this sector and the markets are to remain cool in this period.
Even though there was a higher demand for low rental buildings, landlords of the premises were put into hardship with the reports of overbuilding and were pressurized to raise allowance hire occupants which is as per a reported source. The source further states at www.propertykhazana.com that this was the reason for the increase in unoccupied space. CBRE also stated that there was some optimistic view during the second quarter of 2009 whereas the firms were mainly targeting on low costs and toughening their real market expenses. The Unoccupied space in the Asian cities saw in increase by 60 points in the first quarter and to 12.5 $ in the second quarter, whereas there was a slowdown by 120 basic points in the last quarter. For more and latest realty information browse www.propertykhazana.com.
Source: NBTVLIVE

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