Outlook 2023 India
KEY MESSAGES BRISBANE
Bengaluru shall continue to remain as a leading KEY OUTLOOK
Bengaluru is set to witness a record high supply of 13-14 msf in 2022. Beyond this, ~34 msf of total supply is expected to complete during 2023 -2024, with the Outer Ring Road submarket being the major (>40%) contributor. Beyond 2024, average annual supply is expected at 11-12 msf.
Year 2022 is likely to witness a record demand volume of around 14 msf, which would be 2x growth compared to 2021. 2023 and 2024 are also likely to record high net absorption volumes in the range of 12-13 msf driven by rising return to office ratios and demand for quality spaces. City vacancy is expected to see marginal uptick during 2023 and 2024 on account of high volume of supply. However, prime submarkets will likely continue to experience tight vacancy levels in the range of 3-5%.
Rents remained largely unchanged during 2021 and 2022. As rising demand translates into higher space take-up in the near-to-medium term, rents are likely to resume growth from 2023 onwards. Upward rental movement will take rents to INR 1160/sft/yr by end 2024.
destination for GCCs not just in India but globally, backed by its existing tech ecosystem, competitive office rentals and large talent pool.
Made with FlippingBook flipbook maker