You are here: Home » Economy & Policy » News
Business Standard

Office space leasing falls 4 pc to 25 mn sq ft during Jan-Sep: CBRE

The CBRE said office space leasing dropped across six major cities

office space | CBRE | Office leasing

Press Trust of India  |  New Delhi 

Office space absorption up 46% at over 10.2 mn sq ft: CBRE
CBRE said the overall absorption of office space is expected to grow marginally compared to the last year

leasing dropped four per cent to 25 million square feet during January-September this year across six major cities due to adverse impact of the second wave of the COVID-19 pandemic, according to

In its report 'India Market Monitor Market' for the third quarter of the calendar year 2021, said 13.5 million square feet space was leased during the July-September quarter, up 140 per cent from the previous quarter.

"Space take-up of 25 million square feet recorded in 2021 YTD (year-to-date), a marginal drop of 4 per cent year-on-year," the consultant said.

Nearly 34.3 million square feet of supply addition witnessed in 2021 YTD, marginally up four per cent year-on-year, it said.

Anshuman Magazine, chairman and CEO (India, Southeast Asia, Middle East & Africa) of CBRE, said, "India's real estate market has proven to be resilient over the last year. The overall outlook for the Indian real estate continues to be positive back of an accelerated vaccination drive, policy reforms, and increasing urbanisation."

On the outlook, said the overall absorption of is expected to grow marginally compared to the last year.

"Looking ahead, as mobility improves and a comeback to the physical office environment picks up, overall absorption is expected to grow marginally compared to 2020," the report said.

As occupiers recognise the significance of the physical office as a centre for collaboration, connection and culture, the consultant said the design of workplace is likely to change, with more allocation to 'we' space over 'me' space.

"Occupiers are expected to incorporate more flexible spaces while re-optimising their portfolios with the realignment of 'core + flex' themes," it said.

Housing sales jumped nearly 46 per cent q-o-q (quarter-on-quarter) to 50,000 units in July-September 2021 and sales rebounded significantly by about 86 per cent y-o-y during January-September this year.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, November 09 2021. 19:43 IST