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Rents Begin To Fall As Virus Disrupts India’s Office Space Boom
As rents fall amid Covid-19, what are commercial properties doing to hold on to their tenants? Or are the tenants leaving?
14 Jul 2020, 11:54 AM IST
When Apurva Mankad decided to shift his software firm to a smaller office in Mumbai after the pandemic decimated demand, his landlord made him an offer he couldn't reject: to slash the rent by more than a third.“My landlord asked us to stay back,” said Mankad, 47, whose 40-employee-strong WebXpress operates out of a Grade B office space in suburban Marol. He was also promised that the rent would rise 5% after a year—against the stand...
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