ASIA PACIFIC OUTLOOK 2025

MUMBAI

DEMAND & VACANCY

BFSI and the Professional Service sectors have been in the limelight for office space takeup in the recent past, and office demand is expected to see a steady level of 9.0 msf in 2024. Between 2024 and 2026, higher demand is expected, with average annual net absorption exceeding 7 msf, driven by demand for newly added supply. Despite strong demand, vacancy levels are likely to stay within a certain range beyond 2025, given the volume of supply expected between 2024 and 2026.

25.0%

2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0

FORECAST

20.0%

15.0%

10.0%

5.0%

0.0 1.0

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