Asia Pacific Office Outlook 2024

MUMBAI

NEW SUPPLY

N EW S U P P LY ( M S F )

12

FORECAST

10

 The annual supply for 2023 dropped to around 1.7 msf, marking the lowest observed in recent years.  A number of projects that were supposed to hit the market in 2023 have been pushed to later years owing to slow construction progress. As a result, the supply pipeline is higher in coming years.  A lot of the new supply anticipated is concentrated in prime markets like the BKC, suburban markets like Andheri-Kurla Road, and also the Central Suburbs.

8

6

4

2

0

2021

2022

2023F

2024F

2025F

2026F

2027F

Source: Cushman & Wakefield