News
Office space leasing increased by 89 pc QoQ in Q3: Colliers
Top six cities in the country noted about 10.3 million sq ft of office gross absorption in Q3 2021, the highest volume recorded since Q1 2020, according to a report by professional services and investment management company Colliers.
After a devastating pandemic second wave in the second quarter, the overall absorption numbers rose by 89 per cent QoQ as occupiers planned for a gradual re-entry and closed deals that were on-hold, said the report.
It further said that IT sector-driven cities Hyderabad, Bengaluru and Pune accounted for 62 pc of gross absorption in Q3 2021. With increased number of fully vaccinated employees returning to their workplaces coupled with fewer restrictions on mobility, the office market is showing strong signs of revival.
After an average performance in Q2 2021, Hyderabad emerged as one of the resilient cities in terms of demand-supply dynamics. For the first time, Hyderabad had the maximum share in leasing volume at 2.5 million sq ft surpassing Bengaluru, as occupiers focused on large block deals and even leasing entire buildings.
BFSI and flexible workplace sectors had the maximum share in leasing volume accounting for 66 pc of the total demand in Hyderabad. Rai Durg saw the maximum leasing traction accounting for 53 pc of the demand, while Hitec City contributed 40 pc. On YTD-basis, Bengaluru continues to be the market leader.
Leasing share by flexible workspace operators also rose in Q3 2021 owing to high demand from occupiers looking for managed spaces and short-term leases to tide over uncertain times. Share of flexible workspaces in leasing increased to 26 pc in Q3 2021.
The quarter saw the highest supply since Q2 2020 at 10.8 million square feet in Q3 2021 with Hyderabad and Pune contributing the maximum share at 29 pc and 25 pc respectively.
-
News4 weeks ago
Godrej Properties Sells Rs 3k cr+ Homes of Godrej Zenith, Gurugram, within 3 days
-
News2 weeks ago
Noida’s High-Rise Societies Face Multiple Challenges Despite Rapid Urban Growth
-
News3 weeks ago
Olive Announces Dhruv Kalro as Co-Founder
-
News4 weeks ago
Godrej Properties Sells 5000+ Homes of Rs 9.5 cr in Q4FY24, Bookings up 84% YoY
-
News3 weeks ago
Vestian: Domestic Investors Dominate Institutional Investments in Jan-Mar’24
-
News3 weeks ago
India to become the fastest-growing silver economy, housing up to 17% of the world’s elderly population by 2050: CBRE Report
-
News4 weeks ago
HRERA Gurugram Rejects Godrej Properties’ Project Extension Application, Account Frozen For Prolonged Non-compliances
-
News2 weeks ago
SKA Forays In Luxury Housing: Launches SKA Destiny One in Greater Noida, To Invest Rs 592 Crores