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Business EconomyPosted at: Jan 27 2021 1:31PM


Hyderabad: net absorption jumps to 83 pc in Q4 over previous quarter : JLL report

Hyderabad, Jan 27 (UNI) Hyderabad ’s office market net absorption stood at 2.83 mn sq. ft, a jump of 83 per cent in Q4 2020 against the previous quarter.
This was backed by new completions during the quarter getting operational with full occupancy, JLL, a leading professional services firm that specializes in real estate and investment management, said in its research report here on Wednesday.
The City recorded new completions of 3.72 mn sq.ft, a jump of 12 per cent over the previous year while Hitech City and Gachibowli continued to attract occupiers accounting for a major chunk of the leasing activity.
In sync with net absorption, Hitec City and Gachibowli accounted for all of the new completions.
New completions as well as net absorption is expected to further increase in the next two quarters as major projects, which have been fully pre-committed, are expected to get operational,” said Sandip Patnaik, Managing Director and head, Telangana and Andhra Pradesh, JLL.
As the year witnessed occupiers resorting to space and cost optimisation strategies, the vacancy levels in the city continued to rise in Q4 2020.
Rentals have largely remained range bound across most of the submarkets in the city during the quarter.
In another big sign of a continued recovery, new completions during the October-December quarter were recorded at 12.78 million sq ft., an increase of 39 per cent when compared to Q3 2020.
“The southern markets of Hyderabad, Chennai and Bengaluru accounted for a major chunk (71%) of the total new completions in Q4 2020.
On an annual basis, new completions across the top 7 cities dipped by 30 per cent to about 36.34 million sq ft in 2020 as compared to 51.62 million sq ft in 2019. This being said, it is important to point out that new completions surpassed the average annual levels of ~34million sq ft witnessed during 2016-18,”said Dr. Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
“The year 2021 is expected to witness close to 38-40 million sq ft of new completions, while net absorption is likely to hover around 32-35 million sq ft. This will be at par with the annual net absorption levels seen during 2016-2018,” he added.
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