Economic and business activities are rapidly returning to normal in the country. Due to Kovid, most of the work from home employees have returned to the office. As a result, the demand for office space is also increasing rapidly. In the first quarter of 2022, office sales and leasing in the country’s six largest cities tripled annually to 13 million square feet. This is the highest figure in the last two years. The supply also doubled to 1.43 million square feet during this period. This information has come to the fore from a recent report by real estate management company Colliers India.
Notably, the number of vacant properties in the Grade A office market in the top 6 cities has increased to 18.5 per cent for the first time in two years. According to Colliers, the first quarter of this year has been a turning point for the commercial office sector, which has been experiencing a steady decline in demand for the past two years. This trend is expected to continue in the next quarter.
Office demand will increase in 2022.
Two years after the pandemic, companies are now excited to work from office. The office lease rate will be maintained. The demand for office space will increase in 2022. > Ramesh Nair, CEO, Colliers India