Net leasing of office space throughout high seven cities grew marginally by 2 per cent final yr at 26.17 million sq. ft, however absorption was 45 per cent decrease than document 2019 pre-COVID ranges, in line with JLL India.
The internet absorption of office space stood at 25.66 million sq. ft in 2020 and document 47.8 million sq. ft in 2019.
Releasing its quarterly and annual knowledge of India’s office market, JLL India stated that the web leasing or absorption for October-December 2021 rose 37 per cent at 11.56 million sq. ft, the very best in the final eight quarters.
According to JLL, the web absorption is calculated as the brand new ground space occupied much less ground space vacated. Floor space that’s pre-committed shouldn’t be thought-about to be absorbed till it’s bodily occupied.
During the full-year 2021, IT/ITeS remained the main occupier class with a 38.9 per cent share of leasing exercise, adopted by manufacturing/industrial 15.4 per cent and versatile space operators with 11 per cent share.
According to the annual knowledge, the web leasing of office space rose 14 per cent in Bengaluru to 7.82 million sq. ft in 2021 from 6.83 million sq. ft in the earlier yr.
Delhi NCR market noticed 44 per cent development in internet leasing at 4.72 million sq. ft final yr from 3.27 million sq. ft in 2020.
In Kolkata, the absorption of office space jumped thrice to 0.57 million sq. ft from 0.19 million sq. ft.
The internet leasing in Pune elevated 26 per cent to three.18 million sq. ft from 2.52 million sq. ft.
However, the absorption fell 10 per cent in Chennai to 2.03 million sq. ft from 2.27 million sq. ft.
The internet leasing in Hyderabad fell 36 per cent to 4.14 million sq. ft from
6.48 million sq. ft.
Mumbai additionally witnessed 10 per cent fall in internet leasing at 3.7 million sq. ft in 2021 from 4.11 million sq. ft in the earlier yr.
In 2021, JLL India stated the brand new provide addition went up 23 per cent at 45.67 million sq. ft from 37.12 million sq. ft in the earlier yr.
Vacancy of office areas elevated to fifteen.3 per cent in 2021 from 13.4 per cent in the earlier yr.
On the outlook, JLL stated: “Given the rise in Covid instances as we enter the brand new yr, return to work plans for corporates might even see some delay as they preserve a detailed eye on the occasions unfurling over the primary quarter of 2022.”
The guide identified that each occupiers and landlords would proceed with their cautious method.
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