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Office Market Snapshot Q1 2021

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Office Market Snapshot Q1 2021 1536

In Q1 2021 gross absorption of commercial office in the top six Indian cities stood at 4.3 million square feet, down 50% YoY. During the period, project completions also declined by 50% YoY to 6.9 million square feet. The subdued leasing during the quarter was along expected lines as occupiers are expected to take final calls basis the roll out of the Covid-19 vaccinations.

Meanwhile, many occupiers are taking up short term leases in flexible spaces to provide their employees with more workplace options. Developers are controlling supply to ensure that there is not a huge demand-supply mismatch. Some key trends are:

• Bengaluru accounted for 47% of the gross absorption, followed by Mumbai and Delhi NCR with a share of 16% and 14% respectively.
• IT-BPM sector accounted for about 47% of the total leasing, followed by Engineering & manufacturing sector with a share of 18%.
• Flexible workspaces saw corporate clients leasing over 11,800 seats during the quarter. 


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Office Market Snapshot Q1 2021

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Arpit Mehrotra

Managing Director

Office Services

Bengaluru

With over 17+ years’ experience, Arpit is responsible for the overall  direction, strategy and growth of the firm. Arpit enjoys strong relationships with both private investors, Developers as well as local and global corporates and interacts regularly with key clients to uncover opportunities in the rapidly moving  market & other cities. 

His key responsibility is represents client interests by addressing all service related issues and assisting them counter strategic and operational challenges, plays a very crucial role in strategizing end-to-end real estate solutions for Key corporate occupiers and developers including advice on leasing, sale /purchase. Having in expertise in managing the lease negotiations, lease structuring & closure on their behalf.

He has expertise in planning, undertaking demand assessment studies and transactional services including marketing strategies based on technical real estate market analysis and has successfully managed leasing and sales assignments for leading corporations, including Nokia,Philips, Mitel, Mavenir Pega, Novartis, Amazon ,United Health Group, Oracle, Accenture, Cognizant Technology, HP, Tieto, Lenovo, NCR,  NTT Data, Motorola, Ernst & Young  to name a few.

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Bhupindra Singh

Managing Director

Office Services

Gurgaon

With an extensive experience of nearly 20 years, Bhupindra is a highly accomplished leader in the corporate real estate industry with core expertise in Occupier & Investor advisory services leading to cost optimization, expansions, portfolio consolidations and strategic account management for domestic and global Occupiers

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Sangram Tanwar

Managing Director

Office Services

Mumbai

Sangram is an experienced Real Estate professional. He has 18 years of transaction management and people management experience in real estate business and has worked across diverse asset classes such as retail, office and land, advising many domestic and multinational owners, occupiers and investors in India. Throughout his career, Sangram has helped his clients define and deliver successful real estate projects of the highest quality across India and under various real estate asset class. 

His approach is process driven and has an eye for detail. Has lead & transacted lease renewal, consolidation and relocation for various MNC and Indian Companies. He has also lead & transacted Rent Yielding Assets/ land disposals and forward sale of real estate assets.

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Animesh Tripathi

Managing Director

Office Services

Pune

Animesh works as the Senior Director & Head of office services business for Colliers in Pune and is responsible for leading the office consulting business in Pune.

His current responsibilities include, providing end-to-end real estate solutions to corporate clients. His position entails assessing client’s requirements, identifying solutions, negotiating financial and lease terms and providing market Intelligence along with working in a lead role to service the real estate requirements of key clients. His role also includes participation in large business pitches including business development. He understands the international standards followed by global clients in his experience to service clients. He has also been exposed to the local market and has proved competent in successfully winning local businesses .

Animesh has lead and successfully transacted over 5 million sq. ft. of prime office space for corporate occupiers across various asset classes and has structured various transactions for lease acquisitions, renegotiations, asset dispositions, sub-leasing etc. Prior to joining Colliers International, Animesh has a work experience of over 10 years working with Jones Lang LaSalle, NAI Global and Vulcan Group. Animesh has diverse experience in the real estate field with key focus on commercial markets and has also been involved in industrial and investment transactions in Pune.

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Siddhart Goel

Senior Director

Research

Mumbai

Siddhart joined Colliers in October 2020 as Head of the Research Services team in India. He and his team of researchers work closely with the India business leaders and APAC Research team to share market insights and recommendations that will lead the industry into the future and generate opportunities for the business.

Siddhart brings over 19 years of experience in the real estate sector in areas such as Research, Transaction Management, Consulting and Advisory Services. He has strong exposure in all asset classes, especially in Housing, Commercial Office including flexible workspaces, Retail, Industrial & Warehousing Spaces, Hospitality and Mixed-use projects. Previously he was part of other International Property Consulting firms in leadership roles in the Middle east and India. 

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