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Pandemic Dairies: 7 Indian Metropolitan Cities Witnesses A Downfall In Office Space By 50 Percent
By: Tupaki Desk | 6 Oct 2020 6:27 AM GMT
The aftermath of the novel Coronavirus crisis, many corporate giants and coworking companies directed the employees to work from home, which in turn resulted in the dip of office space lease.
According to the findings of the Commercial property and investment management firm JLL India Private Limited seven metropolitan cities in India witnessed a downfall in net leasing of office space by around 50 percent.
Compared to September 2019, the net absorption in the September 2020 quarter across Delhi-NCR, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, and Pune fell by 50 percent to 5.4 million square feet from 10.9 million square feet.
On the other hand, the office market in India reported a growth of as much as 64 percent in the third quarter(Q3) compared to the second quarter, the JLL company said.
In the third quarter, which starts from July 1 and ends on September 30, Bengaluru, the Silicon Valley of India witnessed the highest net leasing compared to other cities with 2.72 million square feet. Hyderabad(1.54 million square feet), Pune(0.46 million square feet), Mumbai(0.28 million square feet), Chennai(0.21 million square feet), Delhi-NCR(0.2 million square feet), and Kolkata(0.02 million square feet) are at the next positions.
Developments like the Coromnavirus outbreak, followed by a series of lockdowns and the corporate companies postponing their plans of expansion have severely impacted the office space demand.
According to the findings of the Commercial property and investment management firm JLL India Private Limited seven metropolitan cities in India witnessed a downfall in net leasing of office space by around 50 percent.
Compared to September 2019, the net absorption in the September 2020 quarter across Delhi-NCR, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, and Pune fell by 50 percent to 5.4 million square feet from 10.9 million square feet.
On the other hand, the office market in India reported a growth of as much as 64 percent in the third quarter(Q3) compared to the second quarter, the JLL company said.
In the third quarter, which starts from July 1 and ends on September 30, Bengaluru, the Silicon Valley of India witnessed the highest net leasing compared to other cities with 2.72 million square feet. Hyderabad(1.54 million square feet), Pune(0.46 million square feet), Mumbai(0.28 million square feet), Chennai(0.21 million square feet), Delhi-NCR(0.2 million square feet), and Kolkata(0.02 million square feet) are at the next positions.
Developments like the Coromnavirus outbreak, followed by a series of lockdowns and the corporate companies postponing their plans of expansion have severely impacted the office space demand.
