Office Space Leasing Falls By 50 Per Cent

Thanks to Corona, the leasing of office space has come down by 50 per cent. This is true of not just Hyderabad, but also major cities like Delhi, National Capital Region, Mumbai, Kolkata, Chennai, Pune and Bengaluru. This is less than 50 per cent of the office space leased during the corresponding period last year.

According to a survey by property consultant JLL India, during the July-September quarter, only 54 lakh sq.feet of office space was leased in seven major cities of the country. This is 50 per cent less than the office space leased out during the same period last year.  The survey points out that this is due to the fact that most corporates and co-working companies have postponed their expansion plans. Also, Work-from-Home has gone up during this period due to the corona restrictions.

The survey says that during the January-September period in 2019, the seven cities have shown that 3.27 crore sq.feet of land was leased out for company office space. This year, the land leased out for offices is just 1.73 sft. This is a reduction of 47 per cent.

Hyderabad stands second in terms of leasing out of office space. It stood second to Bengaluru, which has leased out 7.2 lakh sft. Hyderabad leased out 15.4 sft of office space. Pune stands third, while Mumbi, Chennai, Delhi and Kolkata stand fourth, fifth, sixth and seventh respectively.