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Office Space Leasing Sees Rebound; Bengaluru in Highest Demand, Followed by NCR

With the variety of COVID-19 instances coming down, demand for workplaces has began making a swift return with workplace house leasing registering a 25 per cent year-on-year leap throughout January-March 2022 to 10.8 million sq. toes (msf). Bengaluru remained the foremost market with whole leasing of three.5 msf, adopted by NCR with 2.3 msf, in accordance with a report by actual property consultancy agency Knight Frank.

It mentioned rents have stabilised or grown in sequential phrases through the January-March 2022 quarter. “Even in year-on-year phrases, rents have stayed secure or grown in 5 of the eight markets. Bengaluru noticed essentially the most development with a YoY rise in rental values of 4 per cent in Q1 2022, it mentioned.

State-wise, Bengaluru maintained its high place leasing 3.5 msf of workplace house which was an increase of 5 per cent year-on-year. The NCR recorded an increase of 37 per cent y-o-y to turn into the second-best performing leasing market with the gross leasing quantity of two.3 msf. Hyderabad recorded a powerful 72 per cent y-o-y development with whole leasing of 1.6 msf.

Chennai recorded an increase of 124 per cent year-on-year with the leasing of 1 msf recorded in Q1 2022. “Ahmedabad additionally recorded a considerable 165 per cent y-o-y rise in gross leasing in Q1 2022, albeit on a low base. Mumbai was the one market that noticed a decline of 24 per cent in leasing actions with 900,000 sq. toes (sq ft) being leased within the first quarter of 2022.”

The report additionally mentioned that the enquiries for workplace areas have elevated considerably over the previous few quarters. This has led to an increase in workplace house provide. “The primary quarter of 2022 noticed the addition of 11.9 msf of recent workplace house throughout top-eight cities, registering an increase of 13 per cent y-o-y over the identical quarter final 12 months.”

It mentioned Pune led all markets with new provide additions of three.6 msf in Q1 2022 an increase of 107 per cent y-o-y, whereas Bengaluru recorded new completions of two.5 msf (25 per cent y-o-y), which was the second-highest quantity addition for the quarter.

The report mentioned co-working and managed workplace areas noticed an increase within the share of workplace house absorption making up 21 per cent of whole leasing quantity in Q1 2022 as towards 11 per cent in Q1 2021. “In absolute phrases, managed workplace areas took up 2.3 msf of workplace house in Q1 2022 towards 0.9msfin Q1 2021 recording an increase of 151 per cent year-on-year.”

The knowledge expertise phase noticed a decline in its share of house take-up within the first quarter of 2021, making up about 27 per cent of whole leasing versus 32 per cent in Q1 2021. The IT sector’s ‘again to workplace’ transition was hampered by the Omicron variant and precipitated some IT corporates to postpone their leasing choices, the report mentioned.

It mentioned rental values additionally continued to recuperate with 5 of the eight markets seeing a rise or stability in rental values in comparison with a 12 months in the past.

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