Chennai: India’s net office absorption stood at 4.39 million sq ft in the second quarter, representing 32 per cent year-on-year growth in major cities, according to JLL’s Office Market Update-Q2, 2021.
Given the strict nationwide lockdowns across the country in the second quarter, net absorption dipped by 16 per cent versus the previous quarter. However, the quarter-on-quarter drop was lower than the 61 per cent during the same period last year when the first wave of the pandemic hit, showing the market’s improved resilience.
The overall market witnessed a net absorption of 9.63 million sq. ft in H1 2021, a decrease of 19 per cent when compared to H1 2020.
Markets of Bengaluru and Pune accounted for nearly 60 per cent of the net absorption during H1 2021. Moreover, these two markets along with Kolkata were the only ones which witnessed a growth in net absorption in H1 2021 when compared to H1 2020.