{"id":25958,"date":"2021-11-25T06:27:01","date_gmt":"2021-11-24T23:27:01","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=25958"},"modified":"2021-11-24T10:31:15","modified_gmt":"2021-11-24T03:31:15","slug":"indias-office-space-occupancy-to-improve-around-87-next-fiscal","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/indias-office-space-occupancy-to-improve-around-87-next-fiscal\/","title":{"rendered":"India’s office space occupancy to improve around 87% next fiscal"},"content":{"rendered":"

Net\u00a0leasing\u00a0of commercial office space will reach 90-95 percent of the pre-pandemic level<\/span>\u00a0<\/span><\/p>\n

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Last fiscal year, net leasing almost halved to 20 million square feet s absorption of new spaces was inactive. MemoriesOverMocha\/Shutterstock<\/figcaption><\/figure>\n

During the next financial year, net leasing of the office space across India\u2019s seven major cities will hit 90-95 percent of the pre-pandemic levels due to fresh hiring and\u00a0return of work-from-office, said ET Realty.com<\/a>.<\/span>\u00a0<\/span><\/p>\n

Net leasing is calculated as the absorption of new office space, less space vacated by tenants.<\/span>\u00a0<\/span><\/p>\n

According to rating agency Crisil\u00a0in a statement, \u201cNet leasing of commercial office space (Grade-A) will reach 90-95 percent of the pre-pandemic level next fiscal, up from an estimated 70-75 percent in the current one, with a return to office fathering steam and new hiring picking up strongly.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

It also added that the rise in net leasing and steady rental collections will make sure that commercial real estate owners\u2019 credit profiles remain stable.\u00a0<\/span>\u00a0<\/span><\/p>\n

Last fiscal year, net leasing almost halved to 20 million square feet s absorption of new spaces was inactive.\u00a0<\/span>\u00a0<\/span><\/p>\n

The agency said that some tenants even vacated office sites.<\/span>\u00a0<\/span><\/p>\n

\u201cLeasing remained modest in the first half of this fiscal, too. With supply exceeding demand, market\u00a0occupancy\u00a0reduced to 85 percent in\u00a0September\u00a02021, from the pre-pandemic mark of around 89 percent in March 2020.\u00a0<\/span>\u00a0<\/span><\/p>\n

More: India\u2019s property market recovers with 46% increase in house sales\u00a0<\/strong><\/a><\/p>\n

\u201cThat said, the leasing activity is expected to pick up from the fourth quarter of this fiscal and occupancy to improve to around 87 percent next fiscal, closing inn on the pre-pandemic level,\u201d the statement said.\u00a0<\/span>\u00a0<\/span><\/p>\n

The top seven cities, which include Chennai, Kolkata, Bengaluru, Hyderabad, Mumbai Metropolitan Region, Pune, and Delhi-NCR, have an operation stock of\u00a0around 625 million square feet as of March 2021.\u00a0<\/span>\u00a0<\/span><\/p>\n

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The Property Report editors wrote this article. For more information, email:\u00a0<\/span><\/i>propertyreport@propertyguru.com<\/span><\/i><\/a>.<\/span><\/i>\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Net\u00a0leasing\u00a0of commercial office space will reach 90-95 percent of the pre-pandemic level\u00a0<\/p>\n","protected":false},"author":12,"featured_media":25959,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[220,216,2481,1086],"class_list":["post-25958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-commercial","tag-india","tag-net-leasing","tag-office-space","news_country-india","news_author-property-report"],"acf":[],"yoast_head":"\nIndia's office space occupancy to improve around 87% next fiscal | 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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