Commercial Real Estate - Awaiting A Recovery: ICICI Securities
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ICICI Securities Report
Along expected lines, the Indian commercial real estate office market has seen a 32% YoY decline in H1 CY21 (January-June 2021) net absorption at 7.2 million square feet.
While green shoots were emerging in January-21 with a pick-up in leasing enquiries and large pre-leasing transactions, the second Covid-19 wave in India may lead to a delayed recovery for the office market.
We expect a leasing pickup towards the end of September 2021 driven by improved pace of vaccinations, select corporates recalling employees to offices while the current trend of occupiers downsizing and delaying new leasing decisions may continue in the near-term.
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