Asia Pacific Office Outlook 2024

CHENNAI

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

3.5

30.0%

3.0

 Net absorption for full-year 2023 is forecast at 2.45 msf in light of sustained demand from IT-BPM occupiers. Fresh demand for space has been

25.0%

2.5

20.0%

on the rise as occupiers continue to expand their footprint.

2.0

15.0%

1.5

 Net absorption is forecast to reach around 2.5 msf in 2024 with higher demand for space anticipated mainly from the IT-BPM, BFSI and Engineering & Manufacturing sector.  Vacancy is expected to increase to 18.6% by the end of 2023 due to increased supply levels.

10.0%

1.0

5.0%

0.5

0.0

0.0%

2021

2022

2023F

2024F

2025F

2026F

2027F

Net Absorption

Vacancy Rate

Source: Cushman & Wakefield