Over 7,400 office leases up for renewal in 2021

13 May 2021 CW Team

The year 2021 is also the highest lease expiry pipeline compared to the next two years – 2022 and 2023. In 2022, the estimate for 7,000 leases for approximately 78 mn sq ft and the lease renewal for 2023 for approximately 55 million sq ft. With around 7,400 leases expiring in 2021, Mumbai has the highest share of around 44% and Pune with 15% share. Both these cities are adversely affected by the second wave of Covid-19. The impact of leasing over the year bears watching, the research said.

The total leasing that comes up for renewal accounts for 90 million sq ft. In terms of space, Bengaluru has the highest share of around 37% and Mumbai with the second-highest area share of around 19%.

Out of total leasing renewal in 2021, Chennai has a 5% share in terms of area, and has a 12% share in total. Gurugram has a 15% share in terms of number and overall area. Noida has the lowest share of lease renewal of 3% for both lease numbers and the overall area.

The second wave of Covid is way more destructive than the first, and some companies are waiting and watching over their real estate decisions. The leasing activity has begun to tame down. It is also because of the average vacancy levels in Grade A office space across the top seven cities, breaching the 15% mark.

The rising number of the Covid-19 cases in the Mumbai Metropolitan Region (MMR) and Bengaluru, the markets with the highest commercial demand and stringent curfew restriction are a cause of concern.

Mumbai and Pune have seen a decline in daily cases of Covid. IT, ITeS companies are hiring in bulk to fulfil the increase of work orders and have a healthy pipeline for the current year as well.

Image Source

Also read: Co-working startup leases 2.5 lakh sq ft in Hyd

Around 7,400 leases of 90 million sq ft are up for renewal in 2021 in the top six commercial real estate hubs in India – Bengaluru, Pune, Mumbai, Chennai, Gurgram, and Noida, according to Industry data and Anarock Research. The year 2021 is also the highest lease expiry pipeline compared to the next two years – 2022 and 2023. In 2022, the estimate for 7,000 leases for approximately 78 mn sq ft and the lease renewal for 2023 for approximately 55 million sq ft. With around 7,400 leases expiring in 2021, Mumbai has the highest share of around 44% and Pune with 15% share. Both these cities are adversely affected by the second wave of Covid-19. The impact of leasing over the year bears watching, the research said. The total leasing that comes up for renewal accounts for 90 million sq ft. In terms of space, Bengaluru has the highest share of around 37% and Mumbai with the second-highest area share of around 19%. Out of total leasing renewal in 2021, Chennai has a 5% share in terms of area, and has a 12% share in total. Gurugram has a 15% share in terms of number and overall area. Noida has the lowest share of lease renewal of 3% for both lease numbers and the overall area. The second wave of Covid is way more destructive than the first, and some companies are waiting and watching over their real estate decisions. The leasing activity has begun to tame down. It is also because of the average vacancy levels in Grade A office space across the top seven cities, breaching the 15% mark. The rising number of the Covid-19 cases in the Mumbai Metropolitan Region (MMR) and Bengaluru, the markets with the highest commercial demand and stringent curfew restriction are a cause of concern. Mumbai and Pune have seen a decline in daily cases of Covid. IT, ITeS companies are hiring in bulk to fulfil the increase of work orders and have a healthy pipeline for the current year as well. Image SourceAlso read: Co-working startup leases 2.5 lakh sq ft in Hyd

Equipment

12 Dec 2025

Schwing Stetter India Unveils New Innovations at Excon 2025

Schwing Stetter India unveiled more than 20 new machines at Excon 2025, marking one of its most significant showcases and introducing several India-first technologies to the construction equipment sector. The company launched the country’s first 56-metre boom pump designed and manufactured in India, the first fully electric truck mixer, the first CNG mixer variant and the first hybrid boom pump. Executives said the launch portfolio was engineered to support India’s move toward faster, greener and more vertically oriented infrastructure through advanced engineering, clean-energy solutions a..

Infrastructure Energy

12 Dec 2025

SEPC Resolves Hindustan Copper Dispute, Wins Rs 725 Mn Order

Engineering, procurement and construction firm SEPC Ltd has recently settled a dispute with Hindustan Copper Ltd (HCL) and secured a mining infrastructure order valued at Rs 725 million from the state-owned company. SEPC informed the stock exchanges that it has executed a settlement deed with HCL, bringing closure to all inter-se claims and counterclaims arising from arbitration proceedings. As part of the settlement, SEPC will receive Rs 304.5 million as full and final payment, marking the resolution of all pending disputes between the two entities. The company also stated that Hindustan Co..

Infrastructure Energy

12 Dec 2025

20% Ethanol Blending Cuts India’s CO2 Emissions by 73.6 Mn Tonnes

Union Road Transport and Highways Minister Nitin Gadkari recently said that India has reduced carbon dioxide emissions by 73.6 million metric tonnes due to the adoption of 20 per cent ethanol blending in petrol. He made the statement while replying to supplementary questions during the Question Hour in the Lok Sabha. Describing ethanol as a green fuel, the minister said it plays a key role in reducing pollution while also supporting higher incomes for farmers. He underlined that ethanol blending contributes both to environmental sustainability and rural economic growth. Nitin Gadkari also po..