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"The Chennai office absorption was boosted by the resilience of the millennial technology workforce, particularly evident in CyberCity Chennai, where the return-to-work rate has consistently exceeded 90%," said Sriram Khattar, vice chairman and managing director, DLF Rental Business.
Multifamily new deliveries reached 114,600 units nationally and net absorption crested past 82,100 units in Q3, according to CBRE.
The net absorption of office leasing across the top six cities in India is likely to decline by 10% from a year ago in the ongoing financial year 2023-24. This along with an influx of huge supply, would result in a marginal rise in vacancy levels by 60 basis points to 15.5% by the end of the year, said ratings agency ICRA.
February 23, 2021 India was forced into a mass remote working experiment in 2020 due to the Covid-19 pandemic which many said would kill the office space industry—but that hasn’t really happened. As business activities slowly restarted in India in the second half of 2020, “the office market witnessed green shoots of recovery,” UK-based commercial real estate services company JLL said in a report on Feb.22. In October-December, the news of vaccine deployment boosted sentiments further. In the last quarter of 2020, net absorption—space that was physically occupied minus that which be...
The office real estate market was most impacted as corporates had to adopt work-from-home as an alternative, which brought in its wake, a new set of possibilities and challenges.