COMMERCIAL REAL ESTATE OUTLOOK
- The BFSI and IT/ITeS sectors have sustained their share of total transactions in Jan-Mar 2021.
- Almost 60 percent of the transactions during the reported period took place in CBD West, which includes areas, such as Bodakdev, SG Highway, Prahlad Nagar and Keshav Baug.
- With the increase in fresh office space completions, which amounted to almost four times the transacted volumes in 2020, vacancy levels have crossed the 50 percent mark in Jan-Mar 2021.
- With increasing vacancy levels, commercial and office space rentals remained under pressure and reported a further dip of 15-20 percent in Jan-Mar 2021.
- The landlords are ready to extend short-term discounts up to 10 percent in commercial rentals, and the trend is likely to continue in the ensuing quarters.