Office rentals declined up to 37% in India during the first three months of the year due to sluggish demand, as business houses held back expansion plans to tide over the economic slowdown.

According to a study of eight Indian cities by global real estate consultant Cushman & Wakefield, supply in the cities outstripped absorption by 45% in the January-March period of 2009.

Subsequently, drop in rentals in major business districts of the country ranged between three per cent and 37% as compared to the previous three months.

Financial Express