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Mumbai’s commercial net absorption up 241% in Q4 2020 vs Q3: JLL

Leasing activity during the quarter was driven by occupiers from BFSI, consulting, IT/ITeS and manufacturing/industrial sectors

Mumbai witnessed net absorption increase for commercial real estate from 0.28 mn sq. ft in Q3 2020 to 0.96 mn sq ft in Q4 2020, according to a JLL report.

Commercial net absorption increased by almost 241 percent in the fourth quarter of 2020 compared to the third quarter, the report said.

East suburbs accounted for 85 percent of the net absorption during the quarter, backed by pre-commitments in new completions. Leasing activity during the quarter was driven by occupiers from BFSI, consulting, IT/ITeS and manufacturing/industrial sectors.

It is important to note that the net absorption in Q4 is still lower when compared to the average quarterly levels witnessed during 2016-18.