Real estate sector expects IT recovery to revive office space segment
With nearly 90 million square feet of office space coming up for renewal this year, real estate sector is pinning its hope on recovery of big IT companies
Rukmini Rao | May 19, 2021 | Updated 18:04 IST
With nearly 7,400 leases of approximately 90 million square feet coming up for renewals in 2021 across the six major commercial real estate hubs Bengaluru, Mumbai, Pune, Chennai, Gurugram and Noida real estate firms are now hoping for renewals to pick up on the back of hiring spree in big companies.
According to ANANROCK s research and industry data, 2021 has the highest lease expiry pipeline compared to the next two years - 2022 and 2023. An estimated 2022 is likely to see nearly 7,000 leases for approximately 78 million square feet come up for renewal, while an approximate 4,200 leases for over 55 million square feet in 2023.