Commercial Real Estate Sector Check - Wait For Recovery Gets Longer: ICICI Securities
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ICICI Securities Report
Along expected lines, the Indian Commercial Real Estate office market has seen a 47% YoY decline in Q1 CY21 (January-March 2021) net absorption at 3.6 million square feet.
While green shoots were emerging in January 2021 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 now expect a leasing pickup towards the end of September 2021 versus July 2021 earlier and the current trend of occupiers downsizing and delaying new leasing decisions to continue in the near-term.
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