Asia Pacific Office Outlook 2024

HYDERABAD

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

30.0%

0 1 2 3 4 5 6 7 8 9 10

25.0%

 Anticipated annual net absorption of 7.5 msf in 2023 was driven by ongoing expansions in the IT-BPM, flexible workspace, and BFSI sectors.  Net absorption for 2024 and 2025 is expected to range between 8.5 and 9.2 msf.  Vacancy is projected to increase consistently through 2025 due to the substantial supply volume.  Although net absorption is forecast to slow beyond 2025, a decline in vacancy is expected as new supply decreases.

20.0%

15.0%

10.0%

5.0%

0.0%

2021

2022

2023F

2024F

2025F

2026F

2027F

Net Absorption

Vacancy Rate

Source: Cushman & Wakefield