Office absorption up 64% in Q3 vs Q2 2020, new completions increase 59%: JLL
- Bengaluru and Hyderabad account for 80% net absorption in Q3, also witness maximum growth in new completions
- Vacancy in Grade A offices marginally up from 13.1% in Q2 2020 to 13.5% in Q3 2020
- Vacancy levels in Bengaluru, Chennai and Pune stayed in single digits
Mumbai, October 05, 2020: India’s office market witnessed a net absorption of 5.4 million sq. ft. in quarter ending September 2020 (Q3), an increase of 64% versus quarter ending June 2020 (Q2). This is an encouraging trend especially after net absorption dipped almost at a similar rate in the second quarter, according to JLL Research.
The third quarter office rebound growth was led by Bengaluru and Hyderabad, which together accounted for nearly 80% of the net absorption in Q3 2020. The heightened activity in Bengaluru indicates a gradual resurgence in take up of spaces coupled with the translation of pent up demand from Q2 this year.
Net absorption1 gaining pace
|Q2 2020 (mn sq ft)||Q3 2020 (mn sq ft)||Growth (%) - Q3 2020 over Q2 2020|