During Jan -Sep 4% drop noticed in office space leasing said CBRE

According to the report for the third quarter of the calendar year 2021 ”The India Market Monitor Market’, during the July-September quarter, CBRE said 13.5 million square feet of space was leased, up 140 percent from the previous quarter.

During January-September this year, office space leasing fell over four percent to 25 million square feet. According to CBRE, due to the negative impact of the second wave of the Covid-19, this drop was noticed across six prominent cities.

According to the report for the third quarter of the calendar year 2021 ‘The India Market Monitor Market’, CBRE said during the July-September quarter 13.5 million square feet of the area was leased, up 140 percent from the previous quarter.

The consultant said, “Space take-up of 25 million square feet recorded in 2021 YTD (year-to-date), a marginal drop of 4 percent year-on-year.”  Nearly 34.3 million square feet of supply addition witnessed in 2021 YTD, marginally up four percent year-on-year, it said.

Anshuman Magazine, chairman and CEO (India, Southeast Asia, and Middle East & Africa) of CBRE, said, “India’s real estate market has proven to be resilient over the last year. The overall outlook for the Indian real estate continues to be positive – back of an accelerated vaccination drive, policy reforms, and increasing urbanization.”

“Looking ahead, as mobility improves and a comeback to the physical office environment picks up, overall absorption is expected to grow marginally compared to 2020,” the report said. On the outlook, as compared to last year overall absorption of office space is expected to grow marginally CBRE said.

With more allotment to ‘we’ space over ‘me’ space the layout of the workplace is possible to change, as occupiers comprehend the importance of the physical office as a base for collaboration, relationship, and culture, the consultant said

“Occupiers are expected to incorporate more flexible spaces while re-optimizing their portfolios with the realignment of ‘core + flex’ themes,” it said.

In July-September 2021 housing sales jumped nearly 46 percent q-o-q (quarter-on-quarter) to 50,000 units and during January-September this year sales backfired considerably by about 86 percent y-o-y.