New office space supply down 32% in 8 major cities: Report

Total supply of new office space declined 32 per cent during the January-March period to 10.8 million sq ft across eight major cities as construction activities remained slow amid the coronavirus outbreak, according to Cushman & Wakefield.

New office supply stood at 15.99 million sq ft in the same period last year.

Barring Mumbai and Pune, supply fell in all the eight big cities.

"Intense completion activity before the lockdown resulted in 10.8 million sq ft of supply being added in the quarter, which was a 10.2 per cent quarter-on-quarter (q-o-q) rise. However, on a yearly basis, new completions were down by 32.3 per cent," Cushman & Wakefield said.

Bengaluru led the way with a 41.7 per cent share of new supply, followed by Mumbai and Delhi NCR with 20.7 per cent and 20 per cent share, respectively, it added.

The construction activity is expected to slowly resume upon lifting of the lockdown,it said.

However, the consultant said that the new supply of office space will get ..