Asia Pacific Office Outlook 2024

MUMBAI

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

25.0%

6

5

20.0%

 Driven by the BFSI and Professional Service sectors, office demand has remained strong and is expected to reach ~4.4 msf by year-end.  The next 3 years (2024-26) is expected to see higher demand, clocking an annual average net absorption of over 5 msf, driven by demand in newly-added supply.  Despite healthy demand, considering the quantum of supply expected in 2024– 2026, vacancy levels are expected to see a marginal uptick beyond 2025.

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