Out of gross leasing of 15msf in CY18, net leasing is estimated at 8-9msf, which implies that many existing tenants are moving to new and better properties/locations. Around 32-33msf of new supply is likely to come on board in the city by 2021, and the current low vacancy rate of 5-6% (7-8% in East Bangalore where tech gardens are located has) indicates that this supply is likely to be absorbed well. Rental growth was estimated at 5-6% YoY for CY18, with large part of demand coming from MNC IT companies. management cited that two LOIs have been signed recently at Brigade Tech Gardens (BTG) for 2 lakh sq.ft. of space, with a hard option of 1.5+ lakh sq.ft. The pipeline in BTG too appears strong at more than 1m sq.ft. which will primarily cater to A&B; grade tenants. WTC Chennai also has a strong pipeline. As discussed in the last concall, management is confident to lease 5-7 lakh sq.