India | May 2021

Research Report

Office Market
Update: Q1 2021
Office occupiers press ‘pause’ again
The office market in India has shown considerable vibrancy over the past few years, setting new benchmarks in 2019. Net absorption1
across the top seven cities in India grew at a robust 40% year-on-year, reaching a historic high of more than 46 million sq. ft. At the
same time, new completions grew at 45% year-on-year, crossing the 50 million sq. ft. mark.

The market was expected to continue an upward trajectory in 2020. However, the COVID-19 pandemic and subsequent containment
measures brought about unprecedented challenges for the office sector in the second quarter of 2020. Corporate occupiers were
forced to adopt work from home practices and reconsider their workplace strategies. Major real estate decisions were delayed,
hampering demand. In the face of this unprecedented crisis, the office market displayed remarkable resilience. With the gradual
opening of the economy in Q3 2020 (July-September), business activities resumed, and the office market in India witnessed early
signs of recovery. Net absorption increased by 63%, while new completions grew by 59% quarter-on-quarter. Sentiments improved
further in the last quarter of 2020 with the news of potential vaccine development. On expected lines, the office market continued its
recovery momentum. Net absorption across the seven cities under review increased by 52% and new completions swelled by 39%
over the previous quarter. This resurgence was also attributable to the strong pent-up demand from the previous quarters.

On an annual basis, the year 2020 witnessed net absorption of 25.6 mn sq ft while new completions were recorded at 36.3 mn sq ft.
Market activity dipped substantially when compared to 2019,. However, 2019 was a year of historic highs and a comparison to the
average annual levels during 2016 to 2018 shows a more realistic picture. Net absorption levels reached 81% of what was observed
between 2016 and 2018 while new completions surpassed the average levels of ~34 million sq. ft. witnessed during the same time
frame. In the backdrop of a global pandemic, this was a significant achievement.

While 2020 ended on a relatively high note, there was still uncertainty in the market with respect to resumption of business as usual. In
Q1 2021, occupiers adopted a cautious approach and focused on reassessing their real estate portfolios and long-term commitments.
Moreover, a spike in COVID-19 cases in the second half of March pushed the occupiers to press ‘pause’ again. Consequently, market
activity in Q1 2021 remained subdued with net absorption decreasing by 33% when compared to Q4 2020.

1
Net Absorption includes fresh leasing in completed buildings and pre-commitments in buildings that become operational during the time period being
reviewed, and excludes exits/terminations, churns, renewals and pre-commitments in future supply.

India office market update Q1 2021 2

 Net absorption dips after a 2-quarter rally
The office market witnessed a net absorption of 5.53 mn sq ft in the first quarter of 2021, a decrease of 33% when
compared to the last quarter of 2020. As corporate occupiers postponed their real estate decisions, net absorption
of Grade A office spaces reduced in most of the markets under review. On a y-o-y basis, net absorption in Q1 2021
stands at 64% of the levels witnessed in Q1 2020.

Figure I Net absorption decreases

Net Absorption

3.32 5.43 8.24 5.53 -33%

Q2 2020 Q3 2020 Q4 2020 Q1 2021 Growth
(mn sq ft) (mn sq ft) (mn sq ft) (mn sq ft) Q1 2021 over
Q4 2020

Note: Figures indicate aggregate net absorption in the top 7 cities of Delhi NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune and Kolkata
Source: Real Estate Intelligence Service (REIS), JLL Research

The markets of Bengaluru, Hyderabad and Delhi NCR accounted for nearly 80% of the net absorption during
the quarter. Moreover, Bengaluru and Delhi NCR were the only two markets which witnessed an increase in net
absorption when compared to Q4 2020.

Figure II Bengaluru, Hyderabad and Delhi NCR account for nearly 80% of net absorption

4% 9%
Bengaluru
13% 17% Chennai
1%
12% Delhi NCR

2% Q4 2020 10
%
Hyderabad 20% Q1 2021 40%
Kolkata
12% Mumbai
34% Pune 19% 7%

Source: Real Estate Intelligence Service (REIS), JLL Research

It is pertinent to note that the leasing momentum in some of the larger markets have remained promising in the
first quarter of 2021. The quarter witnessed gross leasing volumes2 of 7.5 million sq ft across the top seven markets.
Interestingly, the larger market of Mumbai saw a massive jump in leasing volume - from 0.5 million sq ft in Q4 2020
to 1.6 million sq ft in Q1 2021. This was majorly driven by select large pre-commitment deals in upcoming spaces
within the BFSI space. Also, leasing volumes in Delhi NCR increased marginally from 1.9 million sq ft in Q4 2020 to 2
million sq ft in Q1 2021.

Gross leasing volumes (GLV) includes fresh leasing in completed buildings, pre-commitment deals in under construction buildings, churns and excludes renewals
2

India office market update Q1 2021 3

 Pre-commitments play a significant role
In 2020, office absorption was backed by strong pre-commitment levels, with nearly 60% of the
Grade A supply during the year already pre-committed. More than 80% of the new completions
in Bengaluru and Hyderabad during the year was represented by pre-commitments. Of the
13 mn sq ft of new supply which became operational during Q1 2021, nearly one-third was
precommitted. Interestingly, the southern markets of Bengaluru and Hyderabad continued to
observe maximum pre-commitment activity in Q1 2021.

Figure III Strong pre-commitment levels in Bengaluru and Hyderabad

Grade A office supply (Q1 2021) mn sq ft Pre-commitment

Total 13.43 31%

Bengaluru 4.33 51%

Chennai

Delhi NCR 4.01 15%

Hyderabad 2.20 45%

Kolkata

Mumbai 2.18 10%

Pune 0.70 9%
Source: Real Estate Intelligence Service (REIS), JLL Research

India office market update Q1 2021 4

 IT/ITeS occupiers continue to run the show
The resilience displayed by the office market in India since the pandemic owes much to the fact that the IT/ITeS
sector has been largely unaffected by the economic downturn. IT/ITeS occupiers continued to account for a
majority of the office leasing activity in 2020. At the same time, the year witnessed increased traction from sectors
such as e-commerce, manufacturing and healthcare. In Q1 2021, the dominance of IT/ITeS occupiers continued
while sectors such as manufacturing and healthcare witnessed healthy activity.

Figure IV IT/ITeS occupiers account for more than 50% of the leasing activity

Q2 2020 11% 9% 3% 61% 5% 7% 4%

2%
Q3 2020 15% 2% 16% 43% 17% 4% 1%

Q4 2020 5% 5% 8% 16% 39% 15% 9% 3%

Q1 2021 11% 10% 4% 53% 10% 10% 2%

BFSI Consultanacy Co-Working E-Commerce IT & ITES Manufacturing / Telecom, Miscellaneous

Business Provider Industrial Healthcare-
Biotech, Real Estate
Source: Real Estate Intelligence Service (REIS), JLL Research Construction

India office market update Q1 2021 5

 New completions maintain the growth spree
New completions during Q1 2021 were recorded at 13.43 mn sq ft, a marginal increase of 5% when compared to Q4
2020. On a y-o-y basis, new completions across the top 7 cities jumped by 56% from the 8.6 mn sq ft recorded in Q1
2020. Interestingly, new completions even surpassed the average quarterly levels of ~13 mn sq ft witnessed during
the historic year of 2019.

Figure V New completions on track

New Completions

5.77 9.18 12.78 13.43 5%

Q2 2020 Q3 2020 Q4 2020 Q1 2021 Growth
(mn sq ft) (mn sq ft) (mn sq ft) (mn sq ft) Q1 2021 over
Q4 2020

Note: Figures indicate aggregate new completions in the 7 cities of Delhi NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune and Kolkata
Source: Real Estate Intelligence Service (REIS), JLL Research

In sync with net absorption, the markets of Bengaluru, Hyderabad and Delhi NCR accounted for nearly 80% of the
new completions during the quarter.

Figure VI Bengaluru, Hyderabad and Delhi NCR account for nearly 80% of new completions

7%
11% 18%
1 %

Q4 2020
23%
29%
11%

5%
16% 32%
Q1 2021
17%

30%

Bengaluru Kolkata
Chennai Mumbai
Delhi NCR Pune
Hyderabad

Source: Real Estate Intelligence

Service (REIS), JLL Research

India office market update Q1 2021 6

 Vacancy increases in most markets
The office real estate market in India has grown considerably over the past decade, driven primarily by IT-ITeS sector.
As of March 2021, the Grade-A office stock in the top seven markets in India stands at 641.6 million sq. ft. While the
stock increased, vacancy has stayed below the 15% mark in the last few years. Even during a pandemic-riddled year,
vacancy increased marginally with the market exhibiting balanced demand-supply dynamics.

In Q1 2021, occupiers continued to review their real estate portfolios and adopted space optimisation strategies in
order to minimize costs. The subdued net absorption levels could not keep pace with new completions. This resulted
in overall vacancy increasing from 14.0% in Q4 2020 to 14.9% in Q1 2021.

Figure VII Vacancy remains below the 15% mark

Vacancy

13.1% 13.5% 14.0% 14.9%

As of June, As of Sept, As of Dec, As of March,
2020 2020 2020 2021

Note: Figures indicate average vacancy in the 7 cities of Delhi NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune and Kolkata
Source: Real Estate Intelligence Service (REIS), JLL Research

Despite the rise in vacancy levels, the markets of Bengaluru, Chennai and Pune continued to hover in single digits. This
augurs well for a strong rebound in these markets as business conditions gradually improve in the coming quarters.

India office market update Q1 2021 7

Rentals across markets remain stable
Office rents in Q1 2021 remained stable across the major office markets in India.
With vacancy levels still below 15% and limited upcoming Grade A supply across key
markets in the next few years, the office market in India continues to be tilted towards
landlords. Hence, reduction of headline rents is not a popular phenomenon and
rents are expected to remain range bound in the short to medium term. However,
landlords continue to be accommodative to the demands of occupiers. Landlords
across markets are more flexible in providing increased rent-free periods, reduced
rental escalation and fully furnished deals to occupiers in order to close deals.

Occupiers remain cautiously optimistic about

the future
Q1 2021 saw office occupiers adopting a cautious approach while reviewing real
estate requirements. With increasing fears of a resurgence in the COVID-19 pandemic
in the second half of March, certain occupiers have gone into a wait and watch mode.

The leasing momentum in the upcoming quarters will mainly depend on the time
taken to contain the second wave of COVID-19 cases. However, it is important to
point out a few things that give us confidence that there is light at the end of the
tunnel. The vaccination drive has picked up pace across the country and occupiers
remain cautiously optimistic about the future. The increasing attendance in offices
across the major markets before the second COVID-19 wave bears testimony to the
confidence and commitment of corporates to get back to working from office. The
second wave of COVID-19 cases is likely to only be a short term blip and the year 2021
is expected to witness close to 38 mn sq ft of new completions, while net absorption
is likely to hover around 25-30 mn sq ft. This will be at par with the net absorption
levels witnessed during 2020. It will continue to be lower than the average annual net
absorption levels of around 32 mn sq ft seen during 2016-2018.

Nevertheless, it is important that landlords continue to be receptive to the demands

of tenants and offer flexible options, in terms of space as well as value. Flexibility and
increased focus on sustainability are expected to define the office market in the next
normal world.

India office market update Q1 2021 8

 City trends BENGALURU

Growth
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q1 2021 over Q4 2020

Net absorption
0.45 2.72 1.37 2.22 61%
(mn sq ft)

New completions
- 4.70 2.30 4.33 88%
(mn sq ft)

Vacancy
5.3 6.5 7.0 8.2 -
(%)

Rent
76.2 76.9 78.0 78.2 0.2%
(INR/sqft/month)

Source: Real Estate Intelligence Service (REIS), JLL Research

Bengaluru witnessed net absorption of 2.2 mn sq ft, a rise of 61% q-o-q, largely attributed to precommitments in newly
completed projects. SBD submarket (including Outer Ring Road, C V Raman Nagar, Koramangala etc) accounted for 44% share
of the total net absorption. Leasing continued to be driven by IT/ITeS, followed by manufacturing/industrial sectors.

New completions during the quarter improved as well, in sync with demand. SBD, Whitefield, and Electronic City witnessed
inflex of new supply. CBD did not witness incremental supply as it remains a landlocked submarket.

However, the vacancy level increased to 8.2% in Q1 2021 from 7.0% in the previous quarter due to the combined impact of
higher net supply infusion into the market and exits by select occupiers. A surge in Covid-19 cases has resulted in caution being
practiced amongst occupiers in the city.

Overall rents saw a slight rise of 0.2% during the quarter. Whitefield and Electronic City saw a rise of 2-2.5% each primarily due
to the past precommitments in the new supply. At the same time, select developers are willing to discuss and offer extended
rent-free periods and discounts on parking charges on a case to case basis.

The overall outlook for the city remains positive as large IT sector MNCs and other Fortune 500 companies continue to hold
their spaces. A low vacancy rate in some of the prime business parks in the city may be one of the reasons for the same. In
the medium term, rents are likely to be under pressure with growing concerns of the surge in the severity of the pandemic.
While developers in the city remain bullish and project completion timelines are expected to stay on track, absorption pace is
expected to be steady, which might result in a rise in vacancy levels in the city.

India office market update Q1 2021 9

 City trends CHENNAI

Growth
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q1 2021 over Q4 2020

Net absorption
0.10 0.21 0.86 0.37 -57%
(mn sq ft)

New completions
- - 2.99 - -
(mn sq ft)

Vacancy
7.9 7.6 10.4 9.8 -
(%)

Rent
60 60 60 60 -
(INR/sqft/month)

Source: Real Estate Intelligence Service (REIS), JLL Research

In Q1 2021, Chennai witnessed a net absorption of 0.36 mn sq ft, which is a drop of 57% from the previous quarter. The
uncertainty caused by the concerns over the spread of the second wave of the pandemic has led occupiers to reassess their
real estate portfolios and put their expansion plans on hold to ensure business continuity and insulate themselves against
business fluctuations.

SBD was the most preferred submarket for the occupiers this quarter as it contributed to 49% of the leasing activity. Leasing
was driven by IT/ITES, BFSI and manufacturing sectors. The demand for fully fitted office space has also been on rise as
occupiers remain cautious towards incurring capital expenditures.

The city saw exits to the tune of 0.25 million sq ft mainly by MSME and smaller IT firms who either relocated to lower grade
building or other submarkets with lower rentals. Vacancy reduced by 60 bps and stood at 9.8% in Q1 2021.

No new supply was witnessed during this quarter. While overall rents remained almost stable; sub-markets with
higher vacancies and fewer quality assets saw moderate reduction in rentals. Developers across the city have taken an
accommodative stance by reducing the rentals to retain existing occupiers and attract new occupiers. They continued to offer
extended rent-free periods, discounts on parking charges and common area maintenance charges on a case to case basis.
Given the resilient nature of the city and active vaccination drive by the Government, the demand for commercial real estate is
expected to bounce back once the impact of Covid-19 pandemic gradually eases in the upcoming quarters.

India office market update Q1 2021 10

 City trends DELHI NCR

Growth
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q1 2021 over Q4 2020

Net absorption
0.50 0.20 1.02 1.07 5%
(mn sq ft)

New completions
1.94 0.22 1.35 4.01 197%
(mn sq ft)

Vacancy
28.0 27.9 27.9 29.3 -
(%)

Rent
78.5 78.8 78.7 78.2 -0.7%
(INR/sqft/month)

Source: Real Estate Intelligence Service (REIS), JLL Research

In Q1 2021, healthy leasing activity was recorded in Delhi NCR office market. Select big-ticket transactions contributed
substantially to the leasing activity. There were few relocations by occupiers in a bid to reduce real estate cost and obtain
fresh office spaces on attractive lease terms. IT/ITES, BFSI, Healthcare, legal and consulting firms dominated leasing during
the quarter.

The major transactions in Delhi NCR in the first quarter included Cyril Amarchand Mangaldas at Max Towers in Noida, Syneos
Health at DLF Downtown in Gurgaon, Webhelp at DLF Center Court in Gurgaon, etc.

Eight projects totalling to 4 mn sq ft were completed during the quarter. The newly completed projects were just 15% pre-
committed in terms of cumulative area. The vacancy rate stood at 29.3% as at the end of quarter, increasing by 140 bps over
the previous quarter. Vacancy levels rose in select prominent prime business districts where occupiers either downsized
current occupancy or shifted to locations with relatively lower rents.

Rents remained stable with developers offering increased rent-free periods on a case-by-case basis. It is expected that rents
will continue to remain rangebound in the short-term as leasing momentum in the next few quarters will mainly hinge on the
containment of the second wave of COVID-19 cases.
India office market update Q1 2021 11
 City trends HYDERABAD

Growth
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q1 2021 over Q4 2020

Net absorption
1.18 1.54 2.83 1.09 -61%
(mn sq ft)

New completions
2.38 3.33 3.72 2.20 -41%
(mn sq ft)

Vacancy
9.2 11.3 12.0 12.7 -
(%)

Rent
56.3 56.5 56.8 57.3 0.7%
(INR/sqft/month)

Source: Real Estate Intelligence Service (REIS), JLL Research

In Q1 2021, Hyderabad recorded net absorption of about 1.1 mn sq ft, a dip of 61% over the previous quarter. Postponement in
construction completions and delays in obtaining approvals constrained new supply during the quarter. The submarket of Hitec
City continued to attract occupiers and accounted for a major proportion of the leasing activity. With ongoing consolidations by
large MNCs and exits by relatively smaller occupiers, vacancy levels rose to 12.7% at the end of the first quarter.

At the same time, the city recorded new completions of 2.2 mn sq ft, a drop of 41% over the previous quarter. In sync with
net absorption, Hitec City accounted for a maximum share in new completions. However, new completions as well as net
absorption are expected to gain pace in the next two quarters as major projects (currently on schedule), which have been fully
pre-committed are expected to get operational.

Rentals have largely remained range bound across most of the submarkets in the city during the quarter and are expected to be
at similar levels in the medium term.

India office market update Q1 2021 12

 City trends KOLKATA

Growth
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q1 2021 over Q4 2020

Net absorption
Negligible 0.023 0.15 0.04 -73%
(mn sq ft)

New completions
- - 0.10 - -
(mn sq ft)

Vacancy
26.4 26.3 26.1 25.9 -
(%)

Rent
51.8 51.8 52.1 52.1 -
(INR/sqft/month)

Source: Real Estate Intelligence Service (REIS), JLL Research

Net absorption in Kolkata stood at 0.04 mn sq ft in Q1 2021 as against 0.15 mn sq ft recorded in Q4 2020. Office space leasing
activity has remained subdued during the pandemic. The current quarter absorption was led by Salt Lake.

The city did not witness any new Grade A office space completion during the quarter as well. Post-elections, the market is likely
to see a gradual pick up in space take up and construction activities. However, the recent surge and the concerns of the spread
of the pandemic might impact the expansion plans of occupiers.

Further, vacancy declined to 25.9% with no new supply and rentals remained stable across all submarkets.

India office market update Q1 2021 13

 City trends MUMBAI

Growth
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q1 2021 over Q4 2020

Net absorption
0.45 0.28 0.96 0.24 -74%
(mn sq ft)

New completions
1.45 0.30 1.46 2.18 50%
(mn sq ft)

Vacancy
13.4 13.4 13.6 14.9 -
(%)

Rent
124.3 124.6 125.1 125.3 0.17%
(INR/sqft/month)

Source: Real Estate Intelligence Service (REIS), JLL Research

Miniscule Net absorption of 0.24 million sq ft was observed in Q1 2021, dropping by 74% over the previous quarter and by
almost 90% from the pre-Covid levels of Q1 2020. with the support from the.
Leasing activity during the quarter was driven majorly by renewals and consolidation. SBD BKC saw the maximum leasing
activity followed by West Suburbs and Navi Mumbai. The quarter witnessed few large deals in West suburbs and Navi Mumbai
while absorption in SBD BKC was mostly contributed by the pre-committed office space in the newly completed project.
Sectors such as IT/ITes, Consultancy and manufacturing/Industrial sectors drove leasing during the quarter.
Five new projects were completed in this quarter, with two projects in Navi Mumbai - Loma IT Park Phase 2 ( 1 mn sqft) and
CBD 614 (0.13 mn sqft), INS Tower (0.75 mn sqft) in SBD BKC, Lodha Palava-Phase 2 (0.15 mn sqft) in Thane and Polson Center
(0.15 mn sqft) in West Suburbs. Resultantly, the Grade A office stock swelled to more than 130 mn sqft.
Exits by few occupiers and higher increase in new supply as compared to increase in net absorption led to rise in vacancy rate
by 130 bps to 14.9% at the end of the first quarter.
Overall city’s rent and capital value were stable during the quarter. However, rents remained under pressure in the submarkets
of SBD North, SBD Central and Navi Mumbai where vacancy was relatively higher.
Occupiers continue to remain cautious and focused to reduce their real estate cost by renegotiating rents, reducing existing
office space, and relocating to projects with lower rents. Landlords are largely being flexible to the needs of the occupiers and
are offering extended rent-free period and willing to absorb capex cost on fit outs for the occupiers.
The investment appetite remained strong with investors and funds constantly looking to pick up marquee commercial and
stressed assets. YES Bank acquired Reliance Centre (0.68 mn sqft), Santacruz, for INR 12 billion from Reliance Infrastructure Ltd.
India office market update Q1 2021 14
 City trends PUNE

Growth
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q1 2021 over Q4 2020

Net absorption
0.64 0.46 1.05 0.49 -53%
(mn sq ft)

New completions
- 0.63 0.86 0.70 -18%
(mn sq ft)

Vacancy
4.4 4.7 4.3 4.6 -
(%)

Rent
68.3 68.3 68.7 69.0 0.3%
(INR/sqft/month)

Source: Real Estate Intelligence Service (REIS), JLL Research

Pune saw net absorption plummet by more than half in Q1 2021 when compared to the previous quarter. Importantly, net
absorption during the quarter fell below the average quarterly levels witnessed during 2020. Majority of this net absorption
was concentrated in the micro market of Viman Nagar-Yerwada. Leasing activity during the quarter was driven by IT/ITeS, co-
working and manufacturing/industrial sectors.

New completions in Q1 2021 stood at 0.70 mn sq ft, a decrease of 18% over the previous quarter. Baner accounted for a
majority (64%) of the new completions during the quarter. In contrast to the past 2 years, pre-commitments have witnessed a
significant dip and formed merely 9% of the newly completed projects during the quarter (lowest in the past eight quarters).

Vacancy levels at the overall city level increased to 4.6% at the end of the quarter, from 4.3% in Q4 2020 as supply outpaced
demand. At the same time, rentals also remained range bound across most of the submarkets in the city. Importantly,
market fundamentals continue to remain strong with low single digit vacancy combined with strong demand potential in the
upcoming quarters.

India office market update Q1 2021 15

About JLL
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About JLL India

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India office market update Q1 2021 16
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Santanu Ghosh
City Lead, Markets & PWG, East India
Santanu.Ghosh@ap.jll.com
98303 59103

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