Office space absorption across seven top cities in the country in 2011-12 was two per cent lower at 38.2 million sq.ft. in 2011-12 as against 39 million sq.ft. the previous year, according to a report from property consultant Knight Frank.
The cities surveyed were Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata and the National Capital Region.
Dr Samantak Das, National Head-Research, Knight Frank, said this is despite the popular belief that 2011-12 was a dull year for the office market.
However, the off-take during 2012-13 is expected to be considerably lower than the previous two years and this will make it all the more challenging for developers to maintain existing levels of rent, he added.