Outlook 2023 India

PUNE

DEMAND & VACANCY

NET ABSORPTION (MSF) AND VACANCY RATE (%)

FORECAST

16.0%

5

 Net absorption is forecast to reach around 4.0 msf in 2022 and increase further over the next few years with the IT-BPM and Flexible workspace sectors expected to remain a key driver of leasing activity.  Developers are expediting new projects due to the improvement in tenant enquiries and rising demand for premium office space.  Vacancy will see a marginal dip over the next few years (from 2023) given matching supply and net absorption trends.

14.0%

4

12.0%

10.0%

3

8.0%

2

6.0%

4.0%

1

2.0%

0.0%

0

2020

2021

2022F

2023F

2024F

2025F

2026F

Net Absorption

Vacancy Rate

Source: Cushman & Wakefield