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In India’s top six cities, gross office space absorption reached roughly 10.3 million square feet in July-September 2021, the highest level since January-March 2020, according to a report by Colliers.
As occupiers prepared for a slow re-entry and concluded deals that had been on hold following the second covid wave in the second quarter, overall absorption numbers increased by 89% quarter on quarter.
Key Findings
Almost 60% of gross absorption was accounted for by the IT-driven cities of Hyderabad, Bengaluru and Pune. The office market is exhibiting indications of recovery as fully vaccinated staff return to their workplaces and mobility limitations are lifted.
“The quarter has brought in much-needed cheer for the market. Large deals made a comeback, led by demand from flexible workspace operators. Decision-making by occupiers has become quicker than in 2020,” said Ramesh Nair, chief executive officer, India & managing director, market development, Asia, Colliers.
“We can expect the optimism to strengthen over the upcoming quarters, provided there is no third wave. Occupiers who were exploring renewal options have begun looking for new space,” he added.
That said, Hyderabad has emerged as one of the cities with solid demand-supply solid dynamics after a lacklustre performance during April-June. Hyderabad surpassed Bengaluru in leasing volume for the first time, with a 2.5 million sq ft share, as tenants sought out massive block agreements and even entire buildings to lease.
The BFSI and flexible workspace sectors accounted for 66% of Hyderabad’s overall lease volume demand. Rai Durg accounted for 53% of the demand for leasing, while Hitec City provided 40% of the demand.
Need for flexibility
Corporates’ interest in managed workspaces has surged in nearly all major cities, where leading flexible workspace operators are completing huge block deals surpassing 100,000 sq ft. After Hyderabad, Pune has the most percentage of flexible workspace.
Additionally, flexible workspace operators’ leasing share increased in Q3 2021 due to increased demand from tenants in search of managed spaces and short-term leases to weather the current economic storm. Tenant demand for adaptable workspaces grew to 26% in Q3 2021.
In Q3 2021, the supply was at 10.8 million square feet, the highest level since Q2 2020, with Hyderabad and Pune accounting for the largest shares at 29% and 25%, respectively.