New Delhi: Availability of office space dips by more than 75 pc during the second quarter.  The decline is huge as compared to the previous quarter in the top cities in the country. High vacancy in completed buildings and poor pledges in the under-constructions ones found out to be the main reason of the short supply.

In the second quarter less than 3 million sq ft of office space got acquired which shows a drop of 75 pc over the last quarter’s 10 million sq ft of office supply to the real estate market.

The Q2 witnessed the lowest supply of office spaces over past several quarters. The report provides a jest of office space activity in the major cities.

Bangalore was hit worse where supply fell to 3.5 lakh sq ft compared with 35.83 lakh sq ft in the last quarter. Delhi-NCR accounted just 12 pc in the context. The decline was ere 3.24 lakh sq ft as against 15.53 lakh sq ft in the previous one.

The big corporate houses have sifted their emphasis to relocating and efficient use of their current real estate portfolio since last year and the trend will continue in the mid-two quarter also.

The economic slowdown and the new bank scheme from RBI is also adding tool to the developer for the shortage of office supply in the country.