Asia Pacific Office Outlook 2024

AHMEDABAD

DEMAND & VACANCY

N E T A B S O R P T I O N ( M S F ) A N D VAC A N C Y R AT E ( % )

FORECAST

40.0%

1.6

35.0%

1.4

30.0%

1.2

 Office absorption is expected to reach 1.35 msf by the end of 2023 backed by rising demand from IT BPM and flex space operators.  This momentum is expected to continue for the next few years as flex operators are expanding and the city is attracting new occupiers.  Vacancy is expected to stay in the range of 30–31% by the end of 2023. The vacancy is likely to stay

25.0%

1.0

20.0%

0.8

15.0%

0.6

10.0%

0.4

5.0%

0.2

0.0%

0.0

2021

2022

2023F

2024F

2025F

2026F

2027F

Net Absorption

Vacancy Rate

range-bound in the coming years due to strong demand.

Source: Cushman & Wakefield