Real Estate Update - Retail Hit By Second Wave; Office Tenants Reassessing Requirement: Nirmal Bang
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Nirmal Bang Report
We interacted with Mr. Anuj Puri, Chairman and Founder, Anarock.
We have discussed the insights provided by him regarding the real estate sector in detail in this note.
The key takeaways from the discussion are as follows:
1. Net absorption of 23.4 million square feet in the commercial segment in 2020. Expect similar demand trend in 2021
2. A hybrid working model can be the new norm. Expect demand to revive by 2023.
3. Footfalls within malls stood at ~65% to 80% of the pre-Covid-19 level whereas the sales recovery has crossed footfalls, thereby implying that footfalls within malls are genuine shoppers only.
The retail malls had shown clear indications of sales recovery till pre pandemic levels (before the secnd wave of Covid-19 hit again).
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