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Per Anurag Mathur, CEO of Savills, India, the threats that omicron poses for the real estate sector are temporary, and in the long term, every type of real estate asset is expected to perform well.
Let’s dive straight into the uplifting stuff then.
Commercial Leasing
The year 2020 saw many leasing renewals going AWOL, however nothing as such has been noticed ever since the second wave died down. There could be delays due to the present threat of Omicron, however, there is little to no chance of leasing commitments being cancelled.
Industrial And Warehousing
Tier 2 and 3 cities have seen a boom in warehousing activities, credit to e-commerce, pharma among others. The trend seems to be moving in the positive direction.
Moreover, operators are now willing to move inlands for data centres. The people of Noida be on the lookout.
Return To Normal?
It may take us a couple more years to come back to the pre Covid levels of leasing and rental activity.
🔼 Post the second wave, not many construction activities were delayed or stopped and developers are taking the requisite precautionary measures to ensure projects get completed on time.