Even in a year of remote working, India’s IT companies kept the office leasing industry alive

India was forced into a mass remote working experiment in 2020 due to the Covid-19 pandemic which many said would kill the office space industry—but that hasn’t really happened.

As business activities slowly restarted in India in the second half of 2020, “the office market witnessed green shoots of recovery,” UK-based commercial real estate services company JLL said in a report on Feb.22. In October-December, the news of vaccine deployment boosted sentiments further.

In the last quarter of 2020, net absorption—space that was physically occupied minus that which became vacant—increased by 52%. In 2021, net absorption is likely to hover around 30 million square feet, which will be at par with the levels seen during 2016-2018, JLL said.

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