Fall in Bangalore office space demand by 61 percent

Indian real estate boom is getting busted. India is not detached from global economy. Global economic slowdown is now causing loosing demand for office space in Bangalore. The major portion of the office space in Bangalore is occupied by the IT companies. With the companies have been forcing to review their plans to beat the slowdown, the land absorption by the companies is also coming down. This affects the real estate market of Bangalore and many other cities in India.

According to a report by Cushman & Wakefield, a property management consultant firm, the demand for office space in Bangalore witnessed 61 percent drop on a quarter-on-quarter. During the April-June period of 2008, the supply of office space was 3.11 million sq ft while the total absorption was 1.97 million sq ft.

Even with the all the slow downs many speculators still believe that Indian real market will never go down. Oh, well…