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Office leasing increased 34% from July to September in 6 cities. 1% decrease from January to September: Koreas

According to Koreas, total office space rents in six major cities increased 34% year-on-year from July to September in response to rising demand from companies and coworking operators after the second wave of the COVID pandemic. It is now 10.3 million square feet. ..

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The total rent for the corresponding period last year was 7.7 million square feet.

Office space absorption from July to September increased 89% compared to the previous quarter.

“This quarter brought the coveted cheers of the market, driven by demand from flexible workspace operators,” said Ramesh Nea, CEO of Korea’s India. Large-scale transactions have revived. “

Nair | Korea’s Asia, also managing director of market development, said occupiers’ decisions were faster than in 2020.

“Without the third wave, we can expect more optimism in the coming quarters. Residents looking for renewal options have begun to look for fresh space,” Nea said.

Lease share by flexible workspace operators also rose to 26% between July and September. This is due to the high demand from occupants looking for managed space and short-term leases to survive uncertain times.

The Koreas emphasized that Hyderabad emerged as a market leader in terms of demand in the office sector from July to September with a total rent of 2.5 million square feet over Bangalore.

According to data, total rent in Bangalore decreased from 2.5 million sq ft in the year-ago quarter to 2.1 million sq ft from July to September 2021.

In Chennai, leasing increased from 800,000 square feet to 1.3 million square feet.

Delhi-NCR’s office space absorption increased from 900,000 sq ft to 1.5 million sq ft.

In Hyderabad, demand for office space increased from 1.9 million square feet to 2.5 million square feet.

Rental transactions in Mumbai fell from 1.4 million square feet to 1.2 million square feet.

In Pune, total rents increased from 300,000 sq ft in the same period last year to 1.7 million sq ft in the third quarter of the calendar year.

IT sector-led cities such as Hyderabad, Bangalore and Pune accounted for 62% of total absorption in the third quarter of 2021.

During January-September 2021, total office space absorption decreased from 20.7 million sq ft in the year-ago quarter to just 20.4 million sq ft across these six cities.

“The office market is showing strong signs of a resurgence as vaccinated employees return to work more often and travel restrictions are relaxed,” said Koreas.

Colliers India is part of Colliers, a leading and diverse professional services and investment management company based in the United States.

Koreas operates in 67 countries and employs more than 15,000 people. Annual revenue was $ 3 billion and assets under management were $ 40 billion.



Office leasing increased 34% from July to September in 6 cities. 1% decrease from January to September: Koreas

Source link Office leasing increased 34% from July to September in 6 cities. 1% decrease from January to September: Koreas

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