According to a report office leasing rise up to 2.5 fold in eight cities

As per the data, during July- September 2021 Office space leasing in Mumbai rose to 1.2 million square feet from 1 million square feet in the year-ago period. On the other hand, in the office market of Delhi-NCR, during the period under review, the leasing transactions increased to 2 million square feet from 0.9 million square feet.

According to the Knight Frank India in July-September period, across the top eight cities on better demand, the leasing of office spaces witnessed a high uptick increase up to 12.5 million square feet. Demand is primarily from the IT sector because of the economy recouping gradually and coming back to normalcy resulting in workforces starting their work from the office.

As per the Knights Frank’s India Real Estate Update, on Monday Q-3 2021 was released in which the gross usages of office area stood at 4.7 million square feet in the corresponding period of the last year and 3.6 million square feet in the previous quarter.  The specialist reviewed that the whole office transactions of the eight India markets in Q3 2021 have enhanced and attained 83 percent of the 2019 quarterly average level.

Shishir Baijal, chairman and managing director, Knight Frank India in interview with Economics Times said that “The third quarter of 2021 saw the Indian office space market chart a robust recovery after the second wave of the COVID pandemic threatened to derail the market in the preceding quarter.

“The volumes achieved in this quarter are also statistically significant when benchmarked against the quarterly average of 2019, as office transactions were at a historic high in that year,”

As per the data, during July- September 2021 Office space leasing in Mumbai rose to 1.2 million square feet from 1 million square feet in one year period. On the other hand, the office market of Delhi-NCR during the period under survey, the leasing transactions improved to 2 million square feet from 0.9 million square feet.

The rise in the leasing of office space in Ahmedabad is up to 0.3 million sq. ft from 0.1 million square feet. Office room leasing in Bengaluru leaped to 4.3 million square feet from 1.1 million square feet, while Pune saw demand increasing to 1 million square feet from 0.2 million square feet.

The consumption of office space in Chennai climbed to 1.6 million square feet from 0.7 million square feet, while the market demand in Hyderabad climbed to 2.1 million square feet from 0.5 million square feet.