A leasing sign sits in front of an office building. (Photographer: Ty Wright/Bloomberg)
When the pandemic reached Indian shores last year, stalling economic activity and prompting work-from-home, it posed a threat to an evergreen market—commercial real estate. Those fears have come true.Occupancy at a large office portfolio-focused real estate investment trust declined to 86.8% in the quarter ended March from 92.2% a year earlier, according to India Ratings and Research Ltd. The numbers strip out the impact of acquisiti...