India likely to see fall in office rentals: Report
The Economic Times, March 17, 2009, Page 6
NEW DELHI: India is facing a situation of major real estate oversupply and is likely to witness “significant falls” in rentals this year, a report has said. According to Jones Lang LaSalle’s (JLLS) March Global Market Perspective, stock of commercial property in major cities, such as Delhi and Mumbai, are forecast to expand by 50% in 2009. “Tier I cities in emerging markets of China and India are facing a situation of major oversupply and also are likely to witness significant falls in rentals this year as vacancy levels climb,” the report said. However, sentiments for the hotel sector are improving for Asian market as a whole, it said. As for markets like Singapore, Tokyo and Hong Kong, which were heavily exposed to international financial services, landlords are drastically reducing rentals in an attempt to maintain occupancy levels.
The Economic Times, March 17, 2009, Page 6
NEW DELHI: India is facing a situation of major real estate oversupply and is likely to witness “significant falls” in rentals this year, a report has said. According to Jones Lang LaSalle’s (JLLS) March Global Market Perspective, stock of commercial property in major cities, such as Delhi and Mumbai, are forecast to expand by 50% in 2009. “Tier I cities in emerging markets of China and India are facing a situation of major oversupply and also are likely to witness significant falls in rentals this year as vacancy levels climb,” the report said. However, sentiments for the hotel sector are improving for Asian market as a whole, it said. As for markets like Singapore, Tokyo and Hong Kong, which were heavily exposed to international financial services, landlords are drastically reducing rentals in an attempt to maintain occupancy levels.
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