Office leasing down by 16% in Q1: Report – Times of India
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NEW DELHI: Office space absorption in the country declined by 16% to 4.4 million sq ft in April-June quarter against the previous quarter due to lock-down in almost all major cities due to the second wave of Covid.
However, absorption of office space in Mumbai, Pune and Bengaluru increased by 149%, 43%, and 5%, respectively, from January-March quarter, when markets were getting unlocked from the previous lockdown, said a JLL report.
According to the report, declines in the office space absorptions in Chennai, Kolkata and Delhi NCR were more pronounced at 70%, 60%, and 43% to 0.1 million sq ft, 0.02 million sq ft, and 0.6 million sq ft respectively.
Hyderabad was the worst performer with hardly any office space leasing out.
However, absorption of office space in Mumbai, Pune and Bengaluru increased by 149%, 43%, and 5%, respectively, from January-March quarter, when markets were getting unlocked from the previous lockdown, said a JLL report.
According to the report, declines in the office space absorptions in Chennai, Kolkata and Delhi NCR were more pronounced at 70%, 60%, and 43% to 0.1 million sq ft, 0.02 million sq ft, and 0.6 million sq ft respectively.
Hyderabad was the worst performer with hardly any office space leasing out.
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