As the covid numbers dip across the country, the demands for office space are seeing a sharp rise in eight cities, a survey has found. According to the Knight Frank’s Office Market Update-Q3, 2021, the NCR market is among those to have seen the sharpest recovery. The IT sector has had the most demand with regard to leasing of office spaces.Also Read – Aadhaar Authentication Made Mandatory For Claiming GST Refund. All You Need to Know
The gross absorption of office space stood at 4.7 million square feet in the corresponding period of the previous year and 3.6 million square feet in the previous quarter, according to Knight Frank’s India Real Estate Update – Q3 2021 that was released on Monday through a video conference. Also Read – Amazon Bribery Allegations: Company Says ‘We Take Them Seriously, Investigate Them Fully’. Full Statement Here
The consultant noted that the total office transactions of the eight India markets in Q3 2021 have improved and reached 83 per cent of the 2019 quarterly average level. “The third quarter of 2021 saw the Indian office space market chart a robust recovery after the second wave of the COVID pandemic threatened to derail the market in the preceding quarter. Also Read – 7th Pay Commission Latest News: Big News For Gujarat Govt Employees, Pensioners; State Announces 11% DA Hike | Details Here
“The volumes achieved in this quarter are also statistically significant when benchmarked against the quarterly average of 2019, as office transactions were at a historic high in that year,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
According to the data, office space leasing in Mumbai rose to 1.2 million square feet during July-September 2021 from 1 million square feet in the year-ago period. In the Delhi-NCR office market, leasing transactions rose to 2 million square feet from 0.9 million square feet during the period under review.
Office space leasing in Bengaluru jumped to 4.3 million square feet from 1.1 million square feet, while Pune saw demand rising to 1 million square feet from 0.2 million square feet.