Office: In Q4, office leasing was recorded at 1.46 msf of which fresh transactions and pre-commitments accounted for 0.95 msf with the rest coming from term renewals. Fresh office leasing improved significantly in Q4 as compared to previous quarters, as decisions delayed earlier on relocation/consolidation and in some cases expansion plans were executed during the quarter.
Retail: During the quarter, the overall mall vacancy saw a decline of 40 bps q-o-q and was recorded at 9.7%. Rentals across key malls and main streets remained range-bound during the quarter.
Residential: Pune witnessed a spike in demand for residential units during the fourth quarter, which was largely due to the festive season aligning with improved affordability, policy incentives and various discounts/benefits offered by the developers.
Industrial: The heavier reliance on e-commerce in the post-COVID era has led to an incremental transition from offline to online retail, leading to larger inventories held by e-commerce players, which has given a further push to the industrial/warehousing sector.
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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