Report
Office space renewals gaining pace after the pandemic, says report
Occupiers are increasingly renewing their office spaces since April 2020 when the pandemic started, according to a joint report by Colliers and Propstack.
Renewals for office spaces accounted for 23 per cent of the total leasing during the 15-month period starting April 2020. This is up 8 percentage points from the 15-month period pre pandemic till March 2020, said the report, titled ‘Evolving office space trends in a post-pandemic world’.
Bengaluru followed by Mumbai witnessed the highest share of term renewals post-pandemic, it said.
Delhi-NCR and Bengaluru emerged as the most resilient cities in the office markets post pandemic, as per the report. Compared to 15 months pre-pandemic, these two cities saw the lowest decline in leasing in the 15 months post April 2020.
The leasing in Bengaluru was led by the IT sector, followed by the BFSI sector. In Bengaluru, BFSI sector’s share in leasing rose to 12% in the months post pandemic, up 6 percentage points from pre-pandemic levels. In NCR, the IT sector’s leasing improved post pandemic.
Overall, total leasing declined 39 pc in the 15 months post-pandemic. Southern cities accounted for 52 pc of the leasing post pandemic.
Global and domestic BFSI firms expanded their real estate footprint post-pandemic. BFSI firms accounted for 15 pc of the total share in leasing post pandemic, from 10 pc share before.
Overall, co-working leasing share fell to 4 per cent as operators avoided speculative development post-pandemic, according to the report.
-
News4 weeks ago
KW Delhi 6 Mall Onboards New Brands
-
News4 weeks ago
Commercial Realty Gets Tech Savvy: Fast Construction, Enhanced Convenience
-
News3 weeks ago
Godrej Properties Sells Rs 3k cr+ Homes of Godrej Zenith, Gurugram, within 3 days
-
News3 weeks ago
RBI’s Status Quo on Key Policy Rates to Help Maintain the Real Estate Growth Momentum, Say Industry Stalwarts
-
News2 weeks ago
Olive Announces Dhruv Kalro as Co-Founder
-
News1 week ago
Noida’s High-Rise Societies Face Multiple Challenges Despite Rapid Urban Growth
-
News3 weeks ago
Godrej Properties Sells 5000+ Homes of Rs 9.5 cr in Q4FY24, Bookings up 84% YoY
-
News2 weeks ago
Vestian: Domestic Investors Dominate Institutional Investments in Jan-Mar’24