Asia Pacific Office Outlook 2024

DELHI NCR

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

8

30.0%

 2023 net absorption remained weaker than the previous year, largely owing to occupiers delaying execution of large deals on the back of global economic uncertainty and cost pressures.  Demand is expected to pick up during the coming two subsides and large deals get executed. A turnaround in the IT-ITES outlook is also anticipated in the coming years.  Despite higher supply entering the market post 2024, vacancy is expected to subside as stronger demand is likely to offset pressure emanating from higher supply. years (2024–25) once economic uncertainty

7

25.0%

6

20.0%

5

4

15.0%

3

10.0%

2

5.0%

1

0.0%

0

2021

2022

2023F

2024F

2025F

2026F

2027F

Net Absorption

Vacancy Rate

Source: Cushman & Wakefield