Office space absorption across six main cities in India fell more than 50 per cent to 27.4 million square feet in 2020, according to a Savills India report.
In 2019, workplace space spread more than 55.7 million square feet was leased.
Out of the total workplace leases in 2020, about 57 per cent comprised big bargains of more than 1,00,000 square feet every.
The report mentioned that Bengaluru led the leasing activity amongst the main cities regardless of a drop of 56 per cent compared with final year, posting maximum workplace absorption of 6.8 million square feet space.
Hyderabad followed closely with leasing of 5.4 million square feet in 2020. Leasing of workplace space in the National Capital Region (NCR) stood at 4.4 million square feet.
Like preceding year, Bengaluru, Hyderabad and NCR constituted about 61 per cent of the total leasing activity in 2020 as properly, showed the report.
Savills India also pointed out that Mumbai, India’s monetary capital, recorded about 2.9 million square feet of leasing by way of the year, the least absorption witnessed amongst the six cities.
“The overall story of 2020 is the one of survival, and most markets did exactly that. While the story of Indian office market in 2020 may not be as glorious as in 2019 and 2018, it still continues to strive and display resilience, in the face of COVID-induced slowdown,” mentioned Anurag Mathur, CEO, Savills India.
He noted that the fundamentals of Indian economy stay intact and robust leasing traction continues in sectors like warehousing and industrial.
“Now with the coronavirus vaccine in sight and businesses poised to gain momentum, we can expect to reach pre-COVID levels soon,” Mathur mentioned.