Officeleasing down 22% in H1 of 2021

Leasing of commercial office space in six Indian cities in the first half of 2021 fell 22 per cent year-on-year (Y-O-Y) to 10.1 million sq. feet, said a report Thursday.

The Covid-19 infections and slow vaccinations have resulted in people waiting out rest of the year 2021 before leasing or renewing leases on their existing offices, said property consultancy Colliers in a report.

“Though South India markets may have witnessed a drop in Y- O Y leasing, we are confident in the markets’ resilience to bounce back in H2 of 2021 as markets begin opening. South India remains a favourable market for technology occupiers who continue to commit to space in the market,” said Arpit Mehrotra, managing director, office services, South India, Colliers. Bengaluru continues to lead in leasing, with a share of about 43 per cent. It is followed by Delhi-ncr and Mumbai, with a share of 19 per cent and 16 per cent.