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Office Market Snapshot Q1 2021

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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

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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

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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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Animesh Tripathi

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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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