COVID-19 seriously disrupted the Indian office sector in 2020. The total sector-specific office leasing activity in the three dominant IT hubs Bengaluru, Hyderabad and Pune declined by approx. 55% against the preceding year – from 62.35 mn sq. ft. in 2019 to 27.80 mn sq. ft. in 2020. However, these three cities are witnessing a significant rise in leasing activity by the non-IT/ITeS sectors like the BFSI segment.

Leading diversified professional services and investment management company Colliers today released the  Growth engines of innovation: How Asia Pacific’s technology hubs are reshaping regional real estate report, an in-depth analysis of how the growth of the APAC technology sector is transforming the region’s property markets.

JLL recently launched an exclusive Pune city report titled “Real Estate in Post Pandemic Pune – Opportunities in the making” which highlights that the city attracted institutional investments of ~INR 9,600 crore during 2015-20. The report further states that office assets accounted for the highest share of 49% of the total institutional investments.

We have been in lockdown for more than a year and are eager to return to some in-person working that accommodates the preferences and priorities of individual employees so that our entire team is stronger. As a software company, we have been able to work effectively. We were able to launch our new Flexible Service Platform during the pandemic and we are rapidly growing in the U.S. because the demand for flexible office space is robust.

The leasing momentum in the upcoming quarters will mainly depend on the time taken to contain the second wave of COVID-19 cases. The increasing attendance in offices across the major markets before the second COVID-19 wave bears testimony to the confidence and commitment of corporates to get back to working from office. It is important that landlords continue to be receptive to the demands of tenants and offer flexible options, in terms of space as well as value.