Commercial Office

67% of all leasing transactions during the year were in Gurugram.

Supply will increase 13% y-o-y to hit 6.9 million sqm.

But full-year rents declined 0.3% in 2021.

Total net absorption was -162,000 sq ft in Q4 2021.

Supply was stagnant at 6.96 million sq m in Q4 2021.

2021 demand was eight times higher than 2020 totals.

This could increase significantly this year, especially in decentralised office markets.

Flexibility is one of the most pertinent advantages of this model, especially post-pandemic.

One of the reasons is the limited proliferation of remote work. 

There will be over 40,000 tsubo of Net Rentable Area to be added in 2022.

The vacancy rate also increased 1.8ppts to 2.8%.

They are expected to stabilise earlier than their Grade A counterparts.

Christie’s took around 50,000 sq ft in The Henderson in late 2021.

Most office layouts are being transformed to accommodate hybrid working.

Rents will remain under pressure with a 15% decline expected over 2022.

Demand will mostly come from technology, health and the defence sectors.