In its most current quarterly report, home marketing consultant Cushman & Wakefield said the web leasing of place of work area declined to 35,78,585 sq ft in January-March 2021 from 69,31,922 sq ft in the corresponding interval of the preceding 12 months throughout 7 key cities.
The flexible space leased by company customers improved to 15,523 seats throughout the first quarter of this calendar yr from 10,690 seats in the calendar year-in the past interval.
“A sharp jump signifies that occupiers are relying on managed house as a clever option in the existing condition,” it said.
In accordance to the information, the internet leasing of business office area in Mumbai plunged to 2,01,642 sq ft for the duration of January-March 2021, from 8,82,693 sq ft in the corresponding interval last yr.
In Delhi-NCR, the internet place of work absorption fell to 4,28,469 sq from 15,97,003 sq ft.
The web leasing dropped to 17,24,456 sq ft in Bengaluru from 26,54,939 sq ft.
In Chennai, the need for workplace house declined to 1,44,309 sq ft from 2,55,010 sq ft.
The net leasing in Pune, having said that, greater to 2,76,531 sq ft from 1,73,026 sq ft.
In Hyderabad, the web absorption went down to 6,24,321 sq ft from 8,91,613 sq ft, while Kolkata saw a drop to 1,78,857 sq ft from 4,77,638 sq ft.
Anshul Jain, handling director (SE Asia and India) of Cushman & Wakefield, explained, “Considering the fact that Q4 closed on a favourable take note for commercial authentic estate leasing small business, the industry was hopeful of a gradual return to organization as standard. And, the immunisation push carried out by the government additional substantially-wanted confidence.”
Sad to say, the unexpected spike in the number of COVID-19 instances paused the momentum the industry experienced picked up, he mentioned.
“Until the government rolls out the vaccination drive for one particular and all, occupiers will proceed to remain careful and industry exercise is possible to continue to be muted till the beginning of the next half of 2021,” Jain additional.