Asia Pacific Office Outlook 2024

MUMBAI

K E Y M E S S AG E S

SUPPLY

DEMAND

RENTS

KEY OUTLOOK

 2023 saw the slowest volume of project completions in recent

 Net absorption remains broadly consistent with close to 4.4 msf anticipated in 2023.  The 2024–26 period is likely to witness growth in net absorption with newly added supply in prime submarkets likely to drive growth.  Overall vacancy is expected to witness a marginal uptick year-on-year over the coming years, driven by an influx of new supply.

 On the back of the limited supply of recent years, upward pressure on rents is anticipated as demand picks up in the near- to medium- term.  Prime markets are expected to record higher growth rates.

 As new supply is created in both prime and key suburban markets, office activity is likely to witness greater momentum in the near term.  As demand picks up in the coming years and occupier preference for quality assets grows, the gap in premium commanded for quality assets is expected to widen further.

times, clocking merely 1.7 msf of additions.  With spillover supply, the pipeline for 2024–26 remains high at close to 26 msf.  Upcoming supply is relatively distributed across both prime and key suburban submarkets.