Indian office REITs had a tough time over FY21-22 owing to multiple Covid waves impacting portfolio occupancies by 500-900bps. Over 9MFY23 (Apr-Dec’22), the outlook appeared to be improving with the waning of Covid leading to increased physical footfalls across offices, occupiers going ahead with their expansion plans and pre-commitments, and market rentals also improving in high single digits in preferred micro-markets.