India’s office market will remain resilient in 2021, property consultancy Knight Frank said on Monday.
In its latest report on ‘Asia-Pacific Real Estate Outlook 2021: Navigating the Post-Pandemic Recovery’, the consultancy said that Bengaluru market is expected to experience a rise in rental values in the next year while Mumbai and NCR are expected to remain stable in rental values.
“These trends indicate that despite a bleak period between April and June 2020, the overall demand for office space could remain strong in the new year. For the main office markets of India, the positive trends are a draw out of the encouragement received in the subsequent part of 2020 (July-Sept) which saw office space demand making a comeback, albeit still short of pre-Covid periods,” the report said.
In particular, it pointed out that Bengaluru has the benefit of existing low vacancies that will enable absorption of much of the upcoming supply.
“The city also has the advantage of relatively lower rentals compared to global markets and large talent pool that should help in quicker revival of this market as global economies move towards normalcy,” it said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.