Net absorption of office space plunges 33% in Q1 of Calendar 2021: JLL

Prolonged work from home, rapid pandemic spread cited as reasons for drop

With many companies opting for prolonged work from home and the pandemic spreading faster, net absorption in the office space market dropped 33 per cent in January-March over the previous quarter. A recent report from JLL Research shows, while the level of net absorption continues to remain much lower than a year ago, the vacancy level in the Grade-A office space market has been growing steadily for the past few quarters. Economists at JLL indicate that the growing fear of the pandemic of late has hampered the recovery that was visible on the horizon at the end of 2020.