Office space absorption falls a whopping 41% in 2020 at 34 million sq ft
New Delhi: Office space gross absorption fell by a whopping 41 percent in 2020 at a total of 34 million square feet across top six cities in the country.
Bengaluru clocked gross absorption of 11.2 million square feet. The city saw least disruption in demand despite the pandemic. The gross absorption fell 25 percent from 2019 levels. Chennai witnessed 30 percent lower absorption from 2019 levels while Hyderabad saw a drop of 37 percent from last year, according to a report by Colliers India.
"While the pandemic did lead to a temporary challenge, Southern cities weathered the storm and proved to be most resilient. Bengaluru, not only led the office absorption in India but due to pre-commitments and enquiries in from Q3, 2020 onwards is expected to bounce back in 2021", said Arpit Mehrotra, MD, Office Services-South India, Colliers India.
The gross absorption of office space in the second half of 2020 jumped 25 percent as compared to first half of 2020.