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Office leasing recovers sharply in July-Sept Quarter: Knight Frank

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Gross workplace leasing throughout the highest eight cities witnessed a powerful restoration, registering 80% development to 0.44 mn sq. metre through the July-September quarter of 2020, mentioned a report by Knight Frank India on Thursday.

Kolkata, Chennai, Pune, National Capital Region (NCR), Mumbai, Bengaluru, Hyderabad and Ahmadabad have witnessed this development.

The whole workplace transactions in the eight markets in Q3 2020 have improved and reached 33% of the 2019 quarterly common. The new workplace completions throughout the identical interval, in the meantime, recovered 126% to 0.33 million sq. metre, in comparison with Q2 2020, as per the report.

Chennai, NCR, and Mumbai led the restoration in the third quarter of 2020 with transactions reaching 57%, 43%, and 42% respectively of the quarterly common of 2019. These cities have reported a 29% enchancment in new completions whereas Ahmedabad reported the next new workplace completions, which is 125% of quarterly common ranges of 2019.

Meanwhile, the rental values have remained secure with Bengaluru seeing a 4% improve, adopted by Hyderabad (2%), Chennai (0.5%), and Pune with 0% year-on-year development (YoY), the report mentioned.

“At the beginning of the pandemic, businesses were compelled to implement work from home for business continuity. The uncertain environment that followed the initial lockdown caused occupiers,” mentioned Shishir Baijal, CMD, Knight Frank India.

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