Colombo Property Market Monitor 4Q21

The Real Estate Quarterly Report of Colombo City  
March 07, 2022
  • Pramuk Amarakoon

Economic activities across Sri Lanka rebounded during 4Q21. Citizens started actively participating in social and economic activities, defying the setback due to Omicron. Grade A office market in Colombo witnessed a robust absorption driven by varied industry sources while the rentals continued to soften. The nation’s macroeconomic performance and import bans reinforced the already swelling residential market. Despite declining hotel market indicators, Sri Lanka remained an attractive destination for tourists during the quarter with rapid growth in footfall. The retail market shifted towards a positive sentiment due to relaxation in social distancing rules. The industrial vertical too experienced heightened activities supported by the surge in exports, further strengthening the rental growth.

Key Highlights
  • Despite cascading challenges, economic activities remained resilient

  • Lowest vacancy rates recorded for 2021 Grade A office market

  • Positive macro-economic sentiment swelled the residential market

  • Retail sales rebounded with heightened consumer activity in lieu of festive season

  • New launches across varied industry verticals

  • Positive signals across hotel market 

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