India Office Figures Q4 2021
01 Jan 2022
The office sector continued on an accelerated recovery trajectory as occupier decision-making picked up pace, leading to an improvement in business sentiments. Below are a few broad trends that we observed in the sector in the year gone by:
- The office sector continued to witness steady recovery in 2021, surpassing the previous year’s levels, as gross leasing activity crossed 41 million sq. ft., up by almost 16% from 35.4 million sq. ft. in 2020.
- Bangalore was followed by Hyderabad and Delhi-NCR in terms of space take-up, together accounting for 70% of the gross absorption in 2021.
- Technology firms continued to dominate demand, accounting for almost one-third of the space take-up, followed by flexible space operators and engineering & manufacturing companies.
- Supply addition rose by about 18% y-o-y to touch nearly 50 million sq. ft., leading to the total completed office stock crossing 773 million sq. ft. by the end of 2021.
- Hyderabad, Bangalore and Delhi-NCR drove development completions during the year, with a cumulative share of nearly 70%.
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