ICICI Securities: Commercial Real Estate - Leasing To Pick Up In 2021
ICICI Securities: Commercial Real Estate - Leasing To Pick Up In CY21
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ICICI Securities Report
Along expected lines, the Indian Commercial Real Estate (CRE) office market has seen a 57% YoY decline in nine months of CY20 net absorption at 13.4 million square feet.
While the Covid-19 induced slowdown is expected to result in a 40-50% YoY contraction in demand and supply in CY20E, green shoots are gradually emerging.
Developers in our coverage universe have clocked over 90% office rental collection between March-September 2020 and have seen pickup in pre-leasing enquiries from June 2020.
Rents also continue to sustain at pre-Covid-19 levels for large, institutional landlords.
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