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News ECONOMY

  • Dec 14, 2012
  • Companies' clampdown on office space in 2012 results to 1 lakh fewer white-collar jobs

    Around 1 lakh fewer white-collar jobs were created in India's top seven urban centres in 2012 compared with the previous year, if leasing or renting of new office space is considered a proxy for employment generation.
    According to real estate consulting firm CBRE, the office space absorption or leasing of new space in these cities has come down from 35 million sq ft in 2011 to about 26 million sq ft in 2012. Data from Cushman & Wakefield, another international real estate consultancy, shows leasing is down from 37 million sq ft to 27 million sq ft while Jones Lang LaSalle says new office occupancy has fallen from 36 million sq ft to 28 million sq ft.

    Source - http://economictimes.indiatimes.com