Asia Pacific Office Outlook 2024

PUNE

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

16.0%

6

14.0%

5

12.0%

4

10.0%

8.0%

3

 Net absorption is estimated to be around 4.8 msf in 2023 which is likely to remain consistent for the upcoming years, driven by demand from the IT-BPM and flexible workspace sectors.  Vacancy will remain largely range-bound at 13% given the parity between strong supply and absorption.

6.0%

2

4.0%

1

2.0%

0.0%

0

2021

2022

2023F

2024F

2025F

2026F

2027F

Net Absorption

Vacancy Rate

Source: Cushman & Wakefield