Office: With the COVID-19 declared a global pandemic, activity tapered off from mid-March and as a result, gross leasing volumes of 3.74 msf in Q1 were actually lower by 19% y-o-y.
Residential: Capital values remained largely stable across categories and sub-markets with unsold inventory levels and the slowly improving sales momentum not offering any support to prices. This was further exacerbated by the outbreak of the pandemic in the city.
Retail: Anticipation of a longer shutdown and revenue loss is also pushing retailers to ask for longer rent abatements or re-working rent agreements for a short duration till a full recovery is visible.
India Investment: The COVID pandemic put a lot of countries on lockdown mode and some ongoing deals and those in advanced stages went on hold due to investment decisions being delayed or final contracts not yet signed.
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