Net office leasing in top cities up 32% YoY to 4.39 mn sq ft in June qtr

Sequentially, there was a 16% dip due to intermittent lockdowns across the country in Q2

With pre-leasing commitments largely intact and limited downsizing activities by larger corporations on hopes of a strong vaccination drive, the country’s net office absorption stood at 4.39 million square feet (msft) in the second quarter of this year, representing 32 per cent year-on-year growth in major cities. 

However, given the intermittent lockdowns across the country in the second quarter, net absorption dipped by 16 per cent versus Q1 of 2021, according to a JLL report on office leasing. However, the quarter-on-quarter drop was lower than the 61 per cent during the same period, that is between April and June last year,