How has real estate's office segment performed in Q1 2020?
The year 2020 presents challenges as uncertainty grips the world with the outbreak of COVID-19. The last month of Q1 2020 saw most businesses defer their real estate decisions due to the impending crisis. With a nationwide lockdown in place, there was enhanced emphasis on business continuity plans and management of costs to mitigate the adverse effects of the pandemic. Net absorption of office spaces in Q1 2020 witnessed a decline of 30% from the peak observed in Q1 2019. Furthermore, construction activity and the process of obtaining requisite approvals from the government also slowed down in the beginning of March, in line with growing concerns of the impact of COVID 19, before it came to a standstill.
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