Chennai: India’s net office absorption stood at of 5.85 million sq ft in Q3 2021 (July-September), a jump of 48 per cent when compared to previous quarter and an 8 per cent Year- on-Year (YoY) growth in major cities, according to JLL’s Office Market Update-Q3, 2021.
A better awareness about the virus, preparedness along with mass vaccination drive and unlocking of economy has aided in the revival of the office market. As a result, and due to many such supportive factors, the net absorption recorded in Q3 2021 surpassed the net absorption recorded in Q1 2021 by 12 per cent which paint a clear picture of improved market sentiments and growing confidence among occupiers, it said.
Although the leasing activity gained momentum in Q3 2021, it is yet to reach the pre-pandemic levels measured in terms of quarterly average seen in 2019 and Q1 2020.