Commercial Real Estate - Awaiting A Recovery: ICICI Securities
Commercial Real Estate - Awaiting A Recovery: ICICI Securities
BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
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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