Office space demand in India is projected to reach 30.5 million sq. ft. in 2013, a 12% year-over-year increase, driven by improving global economy, increased FDI, and revised repo rates.
Office space absorption in Bangalore fell by 24% in 2012 compared to 2011 due to weaker demand from the IT and ITeS sectors, impacted by the global economic slowdown.
IMF chief Christine Lagarde emphasizes the need for a robust financial sector to drive economic growth, citing it as a key lesson from the global slowdown.
The global economic slowdown has led to increased vacancy in prime commercial districts, including Mumbai's Nariman Point. The trend is similar in other major cities like New York and Chicago.
While major markets like the US and UK face scrutiny, Asian real estate remains resilient, demonstrating growth amidst global economic challenges.