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With the omicron variant of Covid-19 threatening to bring the real estate industry to a standstill yet again, experts believe that a mild impact of this variant will not have much effect. Rather, the commercial real estate industry in India might reach the benchmark of a massive 32 million Sq. Ft. The sales of commercial properties picked up pace after the second wave of the pandemic hit India.
However, among different sectors, the IT segment happened to be the largest space consumer during the second quarter. It accounted up for around 34% of the transacted space .The increased transaction marks the high demand for commercial or office spaces in India. Besides, the top eight markets in India witnessed a sale of 23,500 seats for co working. The revival of the commercial real estate market stems from the fact that the Indian population has been vaccinated to a large extent, thereby helping commercial activities ease up.
In the third quarter of 2021, the net absorption was more than the overall sales of the first quarter of 2021 by 12%. This clearly indicates that the commercial market sentiment has been improving among the occupiers significantly. The commercial real estate markets in Bengaluru, Hyderabad, and Delhi-NCR look impressive. These cities accounted for as much as 60% of the net property absorption. It also includes fresh leasing in building that has been completed. It also includes pre-commitments in properties that have started functioning during the period.
Currently, experts believe that if the impact of Omicron is mild, the commercial real estate segment will keep increasing. Incidentally, it might touch a record 32 million Sq. Ft. benchmark in the coming year.
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