ASIA PACIFIC OUTLOOK 2025

MUMBAI

KEY MESSAGES

Supply

Demand

Rents

Key Outlook

As new supply emerges in prime and key suburban markets, office activity will likely gain momentum in the near-to-medium term. With increasing occupier demand for quality Grade A office spaces, the gap between the rental premium over the other quality assets is likely to widen further.

The year 2024 saw the highest number of project completions compared topast few years.

Net absorption remains in ine with our earlier forecast at 9.0 msf for 2024.

The overall city rents are likely to see growth in the medium term as Grade A quality supply hits the market. Occupiers are increasingly looking for quality assets, preferably with sustainability certifications.

The 2024–2026 period is likely to witness growth in net absorption, with newly added supply in key submarkets of the city to drive growth.

The supply pipeline for 2027 – 2029 is likely to remain robust with a pipeline of almost 27.0 msf.

Prime markets are expected to record relatively higher growth rates due to low availability of quality Grade A office space.

Upcoming supply is relatively distributed across both prime and other suburban submarkets.

Overall vacancy is expected to be rangebound given the increasing demand by occupiers for quality Grade A projects.

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025