The year 2021 began with revived optimism and reimagined workspaces with lessons learnt and implemented from first wave of the pandemic. The business started to stabilise when the unanticipated, second wave hit hard in India.

Despite the temporary pause, the top cities of Bengaluru, Delhi NCR and Mumbai constituted around 69% of the total leasing activity in H1 2021. Mumbai & Hyderabad tie at third spot with similar levels of absorption.     

Sizeable consolidations and expansions contributed to the share of large deals (>100,000 sq. ft.) accounting for about 43.2% of the overall pie. Small-sized occupiers (<25,000 sq. ft.) also continued to optimize their portfolios. The technology sector emerged to be the primary demand driver for office real estate with a 51% share, notably higher than last year’s number during the same period.

Savills India brings to you India Market Watch, Office: H1 2021 that assesses India’s Office Market performance in H1 2021 and further deep dives into the performance of six major cities: Bengaluru, Chennai, Delhi NCR, Hyderabad, Mumbai and Pune.