Asia Pacific Office Outlook 2024

KOLKATA

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

35.0%

1.6

 Office leasing activity gained momentum in 2023 with expansion by tenants in the IT-BPM and professional services sectors. Flexible workspace operators have also accounted for a significant proportion of lease volumes.  Net absorption has crossed 1 msf in 2023 and is likely to maintain robust growth over 2024–25 with the IT-BPM sector expected to remain a key driver of leasing activity. Developers have been expediting projects due to rising demand for premium office space.  Vacancy is expected to sustain its declining trend

1.4

30.0%

1.2

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

despite higher supply entering the market.

Source: Cushman & Wakefield