mumbai the annual year end estimations by global real estate consultants cushman wakefield total net office space absorption recorded a 25 decline in across top eight cities over last year the total net absorption for 2013 was recorded at 23 million square feet msf most cities have witnessed a decline in net absorption in the range of 2040 during the year except pune where incremental new space takeup increased by 15 in 2013 mumbai registered the highest quantum of net office space absorption at 47 msf followed by bengaluru with office space absorption of approximately 46 msf in the year of 2013 the net absorption recorded decline mostly on account of companies focusing on relocation expansion and consolidation in order to rationalize costs as well as create greater value for the company operations within the country although the net absorption recorded a steep decline the leasing activity was recorded at 35 msf a marginal decline of 2 compared to last year precommitments during the year also declined compared to previous year by 12 to 60 msf majority of them noted in bengaluru hyderabad and mumbai there was a corresponding decline in the total supply during the same period which reduced by 14 over the last year and was noted at 34 msf vacancy across the office market increased by 09 percentage point from 2012 and was 194 at the end of 2013 developers have also adopted a cautious approach towards supply to achieve acceptable occupancy rates in their projects sanjay dutt executive managing director south asia cushman wakefield said caution prevailed across corporations due to the slower growth of the indian economy also at the political arena this has been a year of realignments and retrospect given which indian and global corporate had decided to remain invested but contained their expansion plans going forward with the political dust settling by the mid of next year post general elections we expect net absorption to start picking up pace with pricing remaining largely stable next year will be an occupiers market offering better quality office space for competitive pricing leasing activities will see an increase both on account of entry of new companies into the country expansion of existing companies and indeed relocation and consolidation activities that are expected to continue