Bangalore, Hyderabad & Delhi-NCR Account For 70% Of India’s Office Leasing

CBRE South Asia Pvt. Ltd announced the findings of its latest office report ‘sharing that leasing activity grew by almost 16% y-o-y from 35.4 million sq. ft. in 2020 to cross 41 million sq. ft. during 2021, with Bangalore, Hyderabad and Delhi-NCR together accounting for 70% of the leasing activity. Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE said, “The physical office would be more effective for occupiers in India in supporting employee engagement, collaboration, team productivity and innovation, relative to remote working. While office utilization rates across cities in India would fluctuate in tandem with infection rates owing to new variants (Omicron), we believe that post each wave, occupiers in India would encourage employees to come back to offices, with their safety and well-being at the forefront of their ‘return to work’ plans.” Ram Chandnani, Managing Director, Advisory & Transactions Services, CBRE India added, “We believe that the advent of hybrid working would change the future role of office as a centre of employee collaboration. Thus, as economic recovery continues to gain momentum, concerns about the viability of hybrid working models would further ease. Many companies would continue to shift away from the negative views they displayed towards the outlook for office demand at the onset of the pandemic and display a positive intention to expand portfolios.”