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Net leasing of office space fell 50 per cent across seven major cities to 5.4 million sq ft as corporates and coworking players continued to defer their expansion plans due to the Covid-19 pandemic, according to property consultant JLL India.
The net absorption of office space stood at 10.9 million sq ft in the year-ago period across seven cities -- Delhi-NCR, Mumbai, Kolkata, Chennai, Pune, Hyderabad and Bengaluru.
During the January-September period of 2020, the net office space leasing dropped by 47 per cent to 17.3 million sq ft from 32.7 million sq ft in the corresponding period of the previous year.
"India's office market witnessed a net absorption of 5.4 million sq ft in quarter ending September 2020 (Q3), an increase of 64 per cent versus quarter ending June 2020 (Q2)," JLL India said in a statement.
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First Published: Oct 05 2020 | 6:23 AM IST