Asia Pacific Office Outlook 2024

BENGALURU

NEW SUPPLY

N EW S U P P LY ( M S F )

18

FORECAST

16

 New supply for 2023 is expected to reach ~12 msf, consistent with the supply seen in the previous year.  Supply during 2024 & 2025 is likely to total ~31 msf with the prime Outer Ring Road (ORR) submarket accounting for approx. 40% of new supply.  Average annual supply beyond 2025 is expected to range between 11-13 msf.  Emerging sub-markets such as Peripheral North are gradually seeing a rise in supply, although traditionally prime markets such as ORR

14

12

10

8

6

4

2

0

2021

2022

2023F

2024F

2025F

2026F

2027F

and Peripheral East will continue to dominate.

Source: Cushman & Wakefield