Office: With several large deals gradually coming back to the market, further recovery in office leasing is expected over the next 6-12 months. Nearly 7- 8 msf of space enquiries are currently active in the market and we expect office demand to pivot with long-term positive sentiments.
Retail: We expect early signs of recovery witnessed this quarter would be sustained next year on the back of speedy economic recovery and consumer sentiment bouncing back to pre-COVID levels.
Residential: More than 7,500 units were launched in Q4 2020 with the market witnessing more than a 2X rise on a quarterly basis (84% y-o-y). For the full year 2020, over 13,000 units have been launched, almost on par with last year suggesting a minimal impact on the residential market. Early relaxation of lockdown restrictions (as compared to other tier 1 cities) and proactive measures by the developers to resume construction have helped the market to recover on a faster note. Enquiries and conversion rates have picked up pace steadily since Q3 and Q4 has witnessed sales reaching up to 75-80% of pre-COVID levels.
Industrial: Demand for logistics and warehousing space has picked up in H2 2020 with e-commerce, 3PL players, consumer electronics and pharma companies driving a bulk of the market activity.
India Investment: Despite the disruption and delayed decision making due to COVID, annual investments (INR 377.4 bn) were just 4% lower than the 5-year (2015-19) average PE inflows of INR 392.2 bn.
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