Outlook 2023 India

MUMBAI

DEMAND & VACANCY

NET ABSORPTION (MSF) AND VACANCY RATE (%)

FORECAST

6

30.0%

 Driven by BFSI, IT BPM and Professional Service sectors, office space demand has rebounded during the first nine months of 2022 and is set to reach ~3.0 msf by year-end.  2023 and 2024 are likely to witness higher demand momentum with an annual average net absorption of 4.5 msf.  Despite healthy demand, considering the quantum of supply expected In 2024-2025, vacancy

5

25.0%

4

20.0%

3

15.0%

2

10.0%

levels are expected to see a marginal uptick beyond 2024.

1

5.0%

0

0.0%

2020

2021

2022F

2023F

2024F

2025F

2026F

Net Absorption

Vacancy Rate

Source: Cushman & Wakefield