Office rentals declined by 10-14% in Mumbai, NCR and Kolkata, even as global slowdown forced major corporate occupiers to curtail or postpone their plans resulting in a marked decline in demand for office space.
Rentals in plush Nariman Point, Fort and Cuffe Parade declined from Rs 475 per sqft to Rs 425 per sqft. Worli, Lower Parel and Prabhadevi witnessed a fall of Rs 50 per sqft to Rs 325 per sqft. Rentals in Bandra Kurla Complex too slid to Rs 375 per sqft.
The national capital region too saw a decline in take up of office properties in the September quarter. Rental for grade A properties in Connaught Place declined over 10% from Rs 340 per sqft to Rs 300 per sqft. Rentals fell 10% to Rs 250 per sqft in Nehru Place.
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