With most corporates planning to get employees back in office, renewals for office space is gaining pace after two waves of the COVID-19 pandemic.
The BFSI sector leasing increased, with the thrust from Bengaluru, Chennai and Mumbai.
The report observed that while leasing has declined from April 2020, NCR and Bengaluru emerged as the most resilient office markets.
Leasing refers to overall space uptake in all commercial buildings across all grades, in the top six cities.
Delhi-NCR was the only city that saw IT sector’s share increasing.
As occupiers devise their strategies, developers too will become more adaptable, the report said.
Bengaluru, Chennai and Mumbai seeing traction from BFSI companies led by global in-house centers, and insurance firms. Mumbai saw the BFSI sector overtaking the IT sector’s leasing post pandemic.
This will prompt occupiers to make leasing decisions quicker,” said Ramesh Nair, Chief Executive Officer, India and Managing Director, Market Development, at Colliers India.