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Net absorption fell sharply to 25.6 million sq ft in 2020 from a record 46.5 million sq ft in the previous year because of the pandemic.
The overall office market in India witnessed a decline of 33 per cent in net absorption during Q1 2021 on a Q-o-Q basis, with 5.53 million square feet leased during January to March 2021.
Yogesh Shevade, Head Industrial Services, JLL, India said: "In Q4, the market started gaining momentum with highest supply and absorption in 2020 post the lockdown.
Of the total 37.6 million sq ft of pre-commitment in the Grade A office space across India, the city saw a pre-commitment of 10.3 million sq ft
India's hospitality industry witnessed a decline of 54.9 per cent in revenue per available room (RevPAR) during January to December 2020
New completions as well as net absorption is expected to further increase in the next two quarters
Hyderabad witnessed a growth in new launches gaining pace in Q4 2020, which increased by 91% to 10,313 units when compared to the previous quarter with 5,396 units
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New office space supply was less impacted than the demand, which fell by around 45-50 per cent with corporates deferring their expansion plan and adopting work-from-home policy for employees.
Safety, security and government policies helped the city attract investments
The survey takes into account a combination of variables like interest rates, household income and price of property
Office space investment appetite remained intact and the segment was the first to bounce back, shows JLL research
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