This could actually be the next big crisis for the commercial real estate business in India as Indian IT and financial services companies are deferring new leases and favouring work from home for an extended period even after the lockdown is lifted. In Mumbai, reputed private banks are vacating their premises in central Mumbai's best known commercial spaces. More companies from the finance and technology sectors are likely to follow suit as they look to trim rental outgo. According to ANAROCK, nearly 42% of commercial spaces are occupied by the IT/ITES sectors, 15% by co-working providers, 10% by industries and 7% by BFSI sector. Most are considering moving parts of their current operations from prime offices to less expensive locations amid the global health crisis triggered by COVID-19. Some are even renegotiating rental contracts to gain 10-20% in the process. In March this year, most businesses deferred their real estate decisions due to the impending crisis. According to JLL, net absorption of office spaces in January-March is 30% lower YOY.