Commercial leasing activity has grown by almost 16% y-o-y from 35.4 million sq. ft. in 2020 to more than 41 million sq. ft. during 2021, with Bengaluru, Hyderabad and Delhi-NCR together accounting for 70% of the leasing activity
Hyderabad leaped to the top three cities led by some large block deals in Q3 2021. Bengaluru accounted for the highest share at around 30%, followed by Delhi-NCR & Hyderabad at 19% and 18%, respectively.
The momentum for commercial office leasing and renewals is expected to continue once the third COVID wave subsides. Besides, BFSI companies have to be cognizant of data security and so remote working does not seem to be an effective long-term solution, say experts.
