The commercial office space absorption has been picking up in Bengaluru, with Q3 2020, according to a statement from property consultant Colliers International. During January-September 2020, Bengaluru accounted for 30% of the total gross absorption of 6.5 million sq.ft. of commercial property in the country, with around 2 million sq.ft., in the QoQ period.
The rise in leasing activity signals that occupiers are returning to the drawing board to close ongoing deals that were stalled earlier while the landlords are being flexible, added Colliers.
Residential property sales down 55%
On the other hand, sale of residential properties in Bengaluru during the first nine of months of 2020 was down 55% at ₹12,569 crore versus ₹28,159 crore in the corresponding period in 2019, said Anarock Property Consultants. The city saw sale of nearly 17,020 units between January and September 2020, it added.
Severely impacted by the pandemic, the top seven cities, Anarock said, saw homes worth approximately ₹88,730 crore sold in the first three quarters of 2020 versus ₹1,54,320 crore in 2019. This is a 43% decline, with value reduction of ₹65,590 crore.
