Office Leasing, Rents Drop In First Half Of 2021, Says Savills India

Rents and leasing activity fell in India’s top office markets in the first half of 2021 over the same period last year as the Covid-19 pandemic’s second wave disrupted the economy. Leasing activity in six major cities fell to the lowest in six years during the same period, according to the real estate advisory Savills India. Office space absorption, it said in its half-yearly report “India Market Watch Office”, dropped 38% year-on-year to 10.9 million square feet. That came as occupiers paused expansion and resumed portfolio optimisation plans, the report, which studied Bengaluru, Chennai, Hyderabad, Mumbai, Delhi-NCR and Pune, said.