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India Office Market Snapshot - Q1 2022

April 7, 2022 1076 0 Industry Trends

India OfficeMarket Snapshot - Q1 2022

- Gross absorption at 13 mn sq ft, highest in the last eight quarters - Strong pick-up in demand led by large-sized deals (>100,000 sq ft) and infusion of quality supply - Office supply doubled YoY to 14.3 mn sq ft - Trend of rising office vacancy broken for the first time since Covid-19

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After a gap of two years, vacancy across Grade A office markets across the top six cities has not increased for the first time, and remained stable at 18.5%. Over the last two years, office vacancy has risen every successive quarter led by occupiers exits and slower demand. Along with stable vacancy, during Q1 2022, gross absorption has risen almost 3 times YoY to about 13.0 million sq feet - the highest in two years. This shows that Q1 2022 has been a watershed period for the commercial office sector, with the office sector shrugging off the relatively low demand seen over the last two years. The office market started picking up since H2 2021, with the momentum continuing onto Q1 2022 too. This has been led by large deals returning to the market, well supported by an infusion of quality supply across the prominent markets.

For further details, please write to riddhi.vira@colliers.com


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