Office leasing may slip 30% in 2020; rentals to stay stable: JLL India

On residential real estate, JLL India CEO said the housing sales have improved of late but it was only 30 per cent of the pre-Covid-19 level

The demand for office space across seven major cities is likely to drop around 30 per cent this year from record leasing in 2019 as corporates have deferred expansion plans due to the Covid-19 pandemic, JLL India CEO and Country Head Ramesh Nair said.

JLL India, part of US-based JLL, is a leading property consultant with a turnover of over Rs 4,000 crore in the last financial year.

In an interview with PTI, Nair said, "We expect office space leasing to fall by around 30 per cent during 2020. Supply will also drop by 30-40 per cent as speculative construction will stop."