New Delhi: Rentals of commercial office and IT space has corrected by 10-15% in most major cities, with some pockets witnessing as much as 32% decline due to oversupply, says real estate consultancy firm Cushman & Wakefield. The rentals are likely to fall further in most cities as close to 23 million sq ft or 40% of the new office space, which became available in 2008, is yet to be absorbed and 88 million sq ft of fresh space is projected to be added in 2009. Total commercial space absorption in 2008 increased 6% from previous year to 36.7 million sq ft in major Indian cities. But supply increased 34% to 59.8 million sq ft. Pre-commitments to lease space in 2007 contributed to around one third of the total absorption in 2008, but fresh precommitments for absorption of office space in 2009 dropped 45% to just 12.8 million sq ft. This means the oversupply will only get bigger in the New Year.