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Office space leasing declines by 32% YoY: Report
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Leasing activity expected to pick up from September 2021 : Report
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Synopsis
Along expected lines, the Indian Commercial Real Estate (CRE) office market has seen a 47% YoY decline in Q1CY21 (Jan-Mar’21) net absorption at 3.6msf.
Indian Commercial Real Estate (CRE) office market saw record leasing in CY19 with 42msf of annual net absorption.
The second Covid wave in India may lead to a delayed recovery for the office market and leasing is expected to pickup towards the end of September 21, vs July 21 earlier, according to a report by
The current trend of occupiers downsizing and delaying new leasing decisions to continue in the near-term, the report said.