Mumbai, the country's commercial capital, recorded over 2.93 million sq ft of office space absorption in April-June, showed a report by property consultancy Colliers International. The regained trust of multinational corporations from banking, financial services and insurance (BFSI), IT/ITeS, manufacturing, pharmaceutical, media & entertainment sector helped in breaking the monotony of low absorption since January-March 2013. Occupiers from BFSI & IT/ITeS, alone took over 1.91 million sq ft, followed by manufacturing & pharmaceutical 0.61 million sq ft and media & entertainment 0.20 million sq ft, the report showed. This massive increase in absorption helped in confidence among investors as well as the developers and resulted in launch of new projects. As of beginning third quarter of 2015, more than 11 million sq ft of Grade A office supply is available in the market, Colliers added.
Featured in Economic Times on 3 August, 2015.