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India Office Market Report Q1 2020

27/04/2020

In this report we analyse the Q1 2020 Indian office markets performance which has created headwinds because of the sudden COVID-19 outbreak. The gross leasing was healthy at 16.75 msf (30% higher y-o-y), while it was lower by 30% on a q-o-q basis comparison for the top eight cities. Many transactions in advanced stages were pushed to the backburner as corporates focused on Business Continuity Planning measures and put many RE decisions on hold.

Delhi NCR, Bengaluru and Mumbai were the most active markets with 25.0%, 22.3% and 18.5% shares in gross leasing volumes in this quarter. However, apart from Pune, Bengaluru and Ahmedabad all other cities saw their leasing volumes drop on a q-o-q basis.

Key Highlights:

  • 16.75 msf gross leasing volume in Q1 2020, 30% higher y-o-y
  • Delhi NCR, Bengaluru and Mumbai were the most active markets with 25.0%, 22.3% and 18.5% shares in gross leasing volumes in this quarter. Bengaluru shows least impact of COVID-19
  • The net absorption in Q1 2020 stands at 7.40 msf, which is lower by 22.6% on a quarterly basis
  • IT-BPM sector has maximum share with 32.0% share in overall leasing followed by Captive centres (GCCs) with 15.8% share and flex workspaces with 13.5% share.

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