Covid-19 lockdown: Tenants seek waiver of lock-in periods; owners wary

While 2019 saw a record office absorption of 42 million square feet in top cities, this year, it is expected to come down to 30 million sq ft and additional leasing is expected to come down sharply

Ashok Kumar, who runs a real estate consultancy called Gennex Partners, says he has been asking landlords for a rent-free period on behalf of his clients in different cities. Kumar also adds that some of his clients have terminated lease agreements as lockdown prolonged, reducing business and revenues sharply.

“Over the next few months, leasing is expected to be mainly driven by renewals, early terminations and consolidation activity, depending upon the need of respective industries,” says Kumar. In FY21, annual rent of Rs 6,000 crore is expiring and 60 per cent of this is in Bengaluru and Mumbai, according to real