NET leasing of office space dipped 36 per cent to 5.5 million sq ft across seven major cities during January-March this year on lower demand because of the COVID-19 pandemic, according to property consultant JLL India. Office rents, however, remained stable.

 

Net absorption of office space fell to 5.53 million sq ft in January-March 2021 from 8.6 million sq ft in the year-ago period across seven major cities, mainly due to plunge in demand in Mumbai that is facing a severe second wave of the pandemic. As per the JLL India data, in Bengaluru, prominent office market, the net leasing dropped to 2.2 million sq ft in January March 2021, from 2.7 million sq ft in the same period last year.