Realty Sector - Second Wave Dashes Hopes Of Sharp Recovery In Commercial Real Estate: ICRA
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ICRA Research Report
The office leasing segment had maintained stable credit metrics over FY2021 on the back of healthy collections, low-to-moderate impact on occupancies and expected recovery in new leasing activity, post mitigation of health risks arising from the Covid-19 pandemic.
However, the rising Covid-19 second wave across the country, especially in the major metro cities, may delay the recovery in new leasing activity, thereby putting pressure on operating metrics for the industry on an aggregate.
Owing to the health risks, share of employees continuing to work-from-home may remain elevated in the near term - without immediate visibility on larger number of employees returning to offices, potential leasing activity by the corporates will be further pushed back.
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