In spite of the ebbing growth momentum, commercial leasing activity is likely to grow at a healthy 10-15 per cent this fiscal and the next, a report said on Wednesday.

At this growth rate, commercial leasing space will touch 28-30 million sq ft (msf) this fiscal and grow further to 31-33 msf, riding on the improvement in demand as more and more employers are going back to work from office, the report by Crisil said.

However, even at this rate of growth, demand will be below the pre-pandemic high of 42 msf in fiscal 2020, but within sniffing distance of the fiscal 2019 level of 34 msf.

This can be attributed to growing global recessionary headwinds and slower hiring in technology companies and subdued demand growth. It also said credit profiles of commercial realtors will continue to be healthy during these two years, backed by adequate leverage.

The report is based on an analysis of players with an over Rs 63,000- crore debt and a total leasable area of 170 msf.

Grade-A office space hasan operational stock of around 670 msf as of March across seven cities: Bangalore, Chennai, Hyderabad, Calcutta, Mumbai Metropolitan Region, Delhi-NCR, and Pune.