In January-March this year, the net absorption stood at 11.55 million square feet.
However, net absorption jumped nearly threefold from 2.98 million square feet in the April-June period of last year on a lower base effect. Office demand plunged in the April-June quarter of 2021 because of the second wave of the Covid-19 pandemic.
Net absorption is calculated as the new floor space occupied less floor space vacated. Floor space that is pre-committed is not considered to be absorbed until it is physically occupied.
"The lower quarterly completions (of office space) were a likely cause for the quarterly decrease in net absorption," JLL pointed out.
On a half-yearly comparison, absorption in the first six months of 2022 is higher than the corresponding period of both 2020 and 2021 and is 87% of the H1 2019 number.
This indicates that growth and expansion plans for occupiers were back to a significant extent during the last few quarters.
This story is from the July 04, 2022 edition of Financial Express Mumbai.
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This story is from the July 04, 2022 edition of Financial Express Mumbai.
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