ASIA PACIFIC OUTLOOK 2025

PUNE

DEMAND & VACANCY

Net absorption is projected to reach ~ 5.1 msf in 2024, and this trend expected to continue in the following years, driven by demand from the IT-BPM and flexible workspace sectors. Vacancy is expected to stay largely stable from 2027 onwards, hovering around 13.0%, due to a balance between strong supply and absorption.

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0%

6.0

FORECAST

5.0

4.0

3.0

2.0

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