Has the office space demand picked up in Sep-21 quarter?

For the quarter ended September 2021, there has been a perceptible pick-up in office space demand and the trigger has come from the expansion plans of the IT sector. It is the ubiquitous IT sector that is driving the demand for office space in most major cities. As per realty consultant, Knight Frank, a total of 12.5 million SFT of office space got absorbed across major cities like Chennai, Bengaluru and NCR regions.

This is not only the best recovery on a quarterly basis, but represents a clear 168% jump in demand on a yoy basis. It has more than doubled from the median pre-COVID levels, so the growth is genuine and not just a dead cat bounce. The IT sector absorbed 34% of the space transacted. Corporates are targeting getting back to working from office.