Tech firms spur rebound in India office leasing from decade low

Leasing of offices in India have recovered to pre-pandemic levels after government-imposed lockdowns to combat the coronavirus led to the steepest fall in a decade, according to data from Knight Frank.

Gross leasings across the top eight cities in October-December reached 115% of the quarterly average for 2019 from 31% the previous quarter, the research firm said in a report published on Wednesday. The technology sector dominated with 41% of total leasings across the second half of 2020 with Bengaluru, known as India’s Silicon Valley, seeing transactions rise 8% during the period from the previous year.