{"id":24663,"date":"2021-08-05T08:58:52","date_gmt":"2021-08-05T01:58:52","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=24663"},"modified":"2021-08-05T09:44:42","modified_gmt":"2021-08-05T02:44:42","slug":"new-office-supply-rose-by-4-in-h1-2021-in-india","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/new-office-supply-rose-by-4-in-h1-2021-in-india\/","title":{"rendered":"New office supply in India rose by 4% in H1 2021"},"content":{"rendered":"

Bengaluru, Delhi, and Mumbai made up around 69 percent of the total leasing activity in H1 2021 across the country\u2019s top cities\u00a0<\/span>\u00a0<\/span><\/p>\n

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Bengaluru continued to lead with 4.1 million square feet, representing 37 percent of leasing activity in H1 2021. ToweringGoals\/Shutterstock<\/figcaption><\/figure>\n

According to a report by Savills India, office space leasing activity across six major Indian cities stood at approximately 10.9 million square feet, reported ET Realty.com<\/a>.\u00a0<\/span>\u00a0<\/span><\/p>\n

In the January-June 2021 period, office absorption was down by 38 percent from the same period a year\u00a0earlier.\u00a0<\/span>\u00a0<\/span><\/p>\n

Bengaluru, Delhi-NCR, and Mumbai made up around 69 percent of the total leasing activity in the first half of 2021 across top cities of the country.\u00a0<\/span>\u00a0<\/span><\/p>\n

Bengaluru continued to lead with 4.1 million square feet, representing 37 percent of leasing activity in H1 2021. Following is Delhi-NCR, which saw\u00a0two\u00a0million square feet of leasing activity, a 37 percent year-on-year decline.\u00a0<\/span>\u00a0<\/span><\/p>\n

Mumbai and Hyderabad came in third with around 1.4 million square feet. However, Hyderabad saw a sharper decline of 46 percent, while Mumbai saw 39 percent.\u00a0<\/span>\u00a0<\/span><\/p>\n

Meanwhile, Pune recorded approximately 0.9 million square feet leasing, and Chennai saw 1.1 million square feet leasing activity.\u00a0<\/span>\u00a0<\/span><\/p>\n

Anurag Mathur, CEO of Savills India, said,\u00a0“The second wave of the pandemic has forced most\u00a0<\/span>organisations\u00a0to reinstate their work from home policy once again dampening the overall sentiment of the office market. We believe this to be only a temporary pause, as amid the crisis, we did continue to see large lease deals being signed in key markets, symbolic of occupiers\u2019 plans to return to office.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

The technology (IT) occupiers continue to lead office demand\u00a0with a 51 percent share,\u00a0followed by the banking, financial services and insurance (BFSI) sector.\u00a0<\/span>\u00a0<\/span><\/p>\n

More: Indian government offers property tax waiver for hoteliers and restaurateurs<\/strong><\/a><\/p>\n

Moreover, new supply increased by four percent at 18 million square feet in H1 2021 from the same period a year ago.\u00a0<\/span>\u00a0<\/span><\/p>\n

In H1 2021, the overall vacancy levels increased to 16.2\u00a0percent\u00a0at the end of June, as supply addition exceeded the pace of leasing activity. Prime locations with limited availabilities saw stable rents while a few micro-markets have seen a sharper decline as landlords exhibited flexibility to attract new clients.<\/span>\u00a0<\/span><\/p>\n

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The Property Report editors wrote this article. For more information, email:\u00a0propertyreport@propertyguru.com<\/a>.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bengaluru, Delhi, and Mumbai made up around 69 percent of the total leasing activity in H1 2021 across the country\u2019s top cities\u00a0\u00a0<\/p>\n","protected":false},"author":12,"featured_media":24664,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[338,216,1964,1086],"class_list":["post-24663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-bengaluru","tag-india","tag-market-insight","tag-office-space","news_country-india","news_author-property-report"],"acf":[],"yoast_head":"\nNew office supply in India rose by 4% in H1 2021 | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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