ASIA PACIFIC OUTLOOK 2025

KOLKATA

DEMAND & VACANCY

Office leasing activity remained healthy in 2024 with expansion by tenants in the IT BPM and professional services sectors and space takeup by prominent domestic financial institutions.. Flexible workspace operators continue to expand their footprint in the city. Net absorption has crossed 1 msf for the second consecutive year and is likely to maintain strong growth over 2025–2026 with the IT-BPM sector expected to remain a key driver of leasing activity.

35.0%

1.6

FORECAST

1.4

30.0%

1.2

25.0%

1.0

20.0%

0.8

15.0%

0.6

10.0%

0.4

5.0%

Vacancy is expected to remain rangebound on the back of higher supply entering the market.

0.2

0.0

0.0%

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