Divya Bhattarai
Content Head and Video Creator, FirstLease
Net leasing of office space down 26 percent in 7 cities in Q2 of 2022
After the Covid 19 Pandemic subsided in the country, the leasing activities gained momentum. Talking about the leasing activities in the year Q1, 2022, the net absorption stood at 11.55 million square feet. According to a report, net leasing fell 26% across 7 major cities to 8.5 million square feet in Q2(April-June) as compared to Q1(Jan-March) due to low supply.
However, absorption in the first six months of 2022 is higher than the corresponding period of both 2020 and 2021 and is 87% of the H1 2019 number.
Let us have a glance at the leasing activities in the 7 metro cities of India:
- Bengaluru- In Q1 2022 net office leasing stood at 1.67 million sq ft. Whereas, in Q2 net office leasing rose to 4.12 million sq ft.
- Chennai- In Q1 2022 the net office leasing stood at 1.21 million sq ft while in Q2 the net leasing fell to 0.53 million sq ft.
- Delhi NCR- In Q1 2022 the net office leasing stood at 1.34 million sq ft while in Q2 the net leasing of office space fell marginally to 1.32 million sq ft.
- Hyderabad- In Q1 2022 the net office leasing stood at 3.42 million sq ft while in Q2 the net leasing of office space fell to 0.75 million sq ft.
- Kolkata- In Q1 2022 the net office leasing stood at 0.18 million sq ft. In Q2 net leasing rose marginally by 0.19 million sq ft.
- Mumbai- In Q1 2022 net leasing stood at 1.44 million sq ft while in Q2 it fell to 1.33 million sq ft.
- Pune- In Q1 2022 net leasing stood at 2.30 million sq ft while in Q2 it fell to 0.27 million sq ft.
Read more https://realty.economictimes.indiatimes.com/news