Office space leasing in India picks up in Q3 2020

Commercial office absorption is picking up across the top six Indian cities, with third quarter 2020 gross absorption at 6.5 million square feet , up 58 percent quarter-over-quarter, according to Colliers International. The rise in leasing activity signals that occupiers are returning to the drawing board to close ongoing deals that were stalled earlier. During the first nine months of 2020, however, gross absorption fell 46 percent year-over-year to 22.5 million square feet due to the prolonged lockdown in the country.

“Despite adversity, the real estate sector has shown remarkable comeback in the last few months. Whilst we are still far from achieving the previous year’s activity levels, when compared to second quarter of this year, activities for Q3 2020 have shown substantial revival. Occupiers continue to review their real estate portfolio and keeping a close watch on employee productivity. Landlords are showing lot of flexibility and willingness to work much closely