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Q2 2021 Office Market Snapshot

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Gross office absorption for Q2 2021 was noted at 5.5 million square feet, up 18% QOQ and by 45% YOY.

During the period, project completions fell 28% QOQ and 53% YOY to 5.0 million square feet. However, the vacancy rate increased by 1.1 percentage points QOQ to 16.8% as a exits by occupiers were notably higher in the quarter. 

Bengaluru continues to lead the leasing activity with a share of about 43%, followed by Delhi-NCR and Mumbai with a share of 19% and 16% respectively. 
IT-BPM sector continues to drive the major demand accounting for about 34% of the share, followed by the engineering and manufacturing sector at 22%.
Flexible workspaces accounted for 13% of the leasing in Q2 2021, up from a 5% share in Q1 2021.
We expect the leasing momentum to pick up at the end of 2021 with the acceleration of vaccination drives and re-opening of offices in India.


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Q2 2021 Office Market Snapshot

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