commercial office sector, which has continued to see a dip in leasing volumes this year.As expected, the office market saw a 47% year-on-year decline in the January-March quarter with net absorption at 3.6 million sq ft.Also Read | India needs to learn from the Suez crisis“While green shoots were emerging in January with a pick-up in leasing enquiries and large pre-leasing transactions, the second wave may lead to a delayed recovery for the office market.
We now expect a leasing pickup towards the end of September, as international travel may pick up again along with effective covid vaccines, versus July as estimated earlier and the current trend of occupiers downsizing and delaying new leasing decisions to continue in the near-term," ICICI.