Mumbai: Indian IT and financial services companies are reorganising their office properties by deferring new leases and favouring work from home for an extended period even after the lockdown is lifted.
Last week, a large private bank decided to vacate its premises in one of central Mumbai's best known commercial spaces. Reports suggest that more companies from the finance and technology sectors are likely to follow suit as they look to trim rental outgo.
According to real estate broking firm ANAROCK , of the total commercial leasing net absorption of 40 million square feet in 2019, nearly 42% was occupied by the IT/ITeS sectors, followed by 15% by co-working providers, 10% by manufacturing/industrial and over 7% by the banking, financial