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Office space leasing in top 6 cities rose by 89% in Q3 2021: Colliers
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The top six cities of India noted about 10.3 million sq ft of office gross absorption in Q3 2021, the highest volume recorded since Q1 2020. After a devastating second wave of pandemic in the second quarter, the overall absorption numbers rose by 89% QoQ as occupiers planned for a gradual re-entry and closed deals that were on-hold, leveraging tenant favourable market dynamics, according to a Colliers report.
IT sector-driven cities – Hyderabad, Bengaluru and Pune – accounted for 62% of gross absorption in Q3 2021. With increased number of fully-vaccinated employees returning to their workplaces coupled with fewer restrictions on mobility, the office market is showing strong signs of revival.
“The quarter has brought in much-needed cheer for
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