Outlook 2023 India
KEY MESSAGES BRISBANE MUM I
Supply is likely to remain
Net absorption has rebounded from 2021 levels and is expected to reach ~3.0 msf by end-2022. 2023 and 2024 are likely to witness higher momentum with annual average net absorption of 4.5 msf. Overall vacancy is expected to be largely range-bound
After a decline during
Compared to the pandemic years of 2020-21, the current year is likely to witness a rebound in demand as ~3.0 msf of net absorption is likely by end-2022. Thereafter, demand is likely to rebound further to more than 4.0 msf/yr almost consistently until 2026. .
lower than 2021 at 3.75 msf for full year 2022, although a pipeline of ~12 msf is expected to complete in 2023 and 2024. New supply is relatively evenly distributed across both prime and suburban submarkets.
pandemic years, rents are likely to witness marginal
growth of less than 1% during 2022-2024 and then plateau. However, prime markets are expected to record higher growth rates.
between 24-26% over the forecast period, marginally higher than current levels.
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