Commercial Real Estate Sector Check - Wait For Recovery Gets Longer: ICICI Securities
The sun is reflected off the glass balconies of a commercial building under construction. (Photographer Michael Nagle/Bloomberg).

Commercial Real Estate Sector Check - Wait For Recovery Gets Longer: 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 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.

Click on the attachment to read the full report:

ICICI Securities Real Estate India Commercial Update.pdf

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