ASIA PACIFIC OUTLOOK 2025

DELHI NCR

DEMAND & VACANCY

Full-year 2024 net absorption was stronger than in the previous year, largely owing to delays in new project completions cobined with healthy leasing activity.

26.0%

8.0

FORECAST

7.0

25.0%

6.0

Demand is expected to remain stable in 2025 and then pick up again in 2026 and 2027 as new quality

24.0%

5.0

23.0%

supply is projected to become operational.

4.0

22.0%

3.0

Despite higher supply entering the market post 2025, vacancy is expected to decline as stronger demand is likely to offset pressure emanating from higher supply.

21.0%

2.0

20.0%

1.0

0.0

19.0%

2022 2023 2024F 2025F 2026F 2027F 2028F 2029F

NET ABSORPTION (MSF) AND VACANCY RATE (%)

Net Absorption

Vacancy Rate

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield