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A report from Jones Lang LaSalle noted that the commercial real estate office sector in India had a stellar year in 2011, but due to multiple issues, the same heights may not be achieved in 2012.
Last year, the country witnessed approximately 37 million square feet of completed properties, Economic Times reported, citing JLL's report. This was the highest amount of completed commercial office space since 2008, when the figure was near 33 million square feet.
"We expect 32 million square feet of office space to be absorbed in 2012, registering a decline of 12.5 percent over 2011," the report said, according to the news source. "However, large IT occupiers seeking to consolidate or relocate are expected to generate significant demand for IT SEZ and IT buildings in peripheral districts."
Despite the lingering issues, JLL noted that construction should continue its rise at an impressive rate this year. Completed office space should rise by close to 19 percent year-over-year. This could set up an inflated supply over the next few years, even with 32 million square feet purchased annually during that time.
