Real estate prices for commercial space in Capital are likely to remain buoyant in the short term while realty prices in Mumbai are expected to witness a dip in medium term, global consulting firm has said.

Lease rentals and capital values are expected to remain high in Delhi property market in the short term, Cushman and Wakefield said in its latest updates.

It pegged office space supply at 7.8 million sq ft in the Capital during the year. During last quarter (January-March), office rentals rose by 10-16 per cent in booming satellite city Gurgaon.

On Mumbai property market, C&W said supply of 12 million sq ft of new office space in the next 24-36 months was likely to bring a downward correction.

This much-needed downward price correction over medium term would help retain Mumbai's competitiveness over the long term, the realty consulting firm said.

C&W, however, predicted the rising trend of Capital and rental values of office space to remain for few quarters to come due to short supply of quality space.