Office space leasing drops in H1 to 10-year low; demand in top-8 cities falls 37%
Gross leasing of office space during the January-June period fell 37 per cent to 172 lakh sq ft, the lowest in the past 10 years, across eight major cities as corporates deferred their expansion plans because of the COVID-19 pandemic, according to a report by Knight Frank India.
Releasing the report, 'India Real Estate: H1 2020', through video press conference, Knight Frank India said the leasing fell 1 per cent to 146 lakh sq ft in January-March and 79 per cent in April-June to 26 lakh sq ft.
"The office segment in the top-eight cities witnessed a historic decline in terms of both transactions and new completions," the report said. The demand from the co-working segment fell almost 40 per cent.
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