Office space leasing jumps 55% in Q2 2021: Knight Frank

New Delhi: Gross leasing of office space has jumped by as much as 55 percent in second quarter (Q2) of the current calendar year as compared to the same period of 2020.

The gross leasing of office space in the top eight cities aggregated to 9.9 million square feet in Q2 2021 as against 6.39 million square feet in Q2 of 2020, a report by Cushman & Wakefield has said.

Delhi-NCR, Hyderabad and Mumbai were the most active leasing markets in Q2 2021. Hyderabad registered two times jump in office leasings, both on quarter on quarter and year on year. The city saw highest pre commitment of office spaces since third quarter (Q3) of  2020. 

Delhi NCR saw leasing activity going down by 13.5 percent on a quarterly basis. But the same was double than the leasing volume seen in the corresponding period of 2020. 

Mumbai saw its gross leasing volume going down by 51 percent at 1.45 million square feet in Q2 of 2021 as compared to Q1 of 2021.

The office leasing market was driven largely by pre commitments and even term renewals. The fresh leasing activity remained somewhat muted.