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Office space leasing to be on a par with last 10-year average
Contrary to general expectation, the net absorption of office space in 2021 is expected to be on a par with the average of last 10 years i.e. 30-31 million sq ft. At present only a fraction of employees are coming to offices, the numbers are expected to improve once we have a vaccine. The future of co-working is looking robust, as average co-working space has doubled during 2020 compared to 2019.
Overall office absorption has been impacted because of the WFH arrangements considering the pandemic. The impact is here to stay for few years, but not permanently. “If we have to put a number for the next two year of how much real estate office absorption is going to be impacted because of WFH, it would be around 20-25 pc for the next two years,” said Nair.
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