Outlook 2023 India

AHMEDABAD NEW SUPPLY

NEW SUPPLY (MSF)

5

 2022 witnessed a rebound in supply (3.8 msf) following the pandemic.  New supply of ~3.5msf is expected to enter the market in 2023 and 2024 spread across submarkets.  The Ahmedabad office market is nascent and so supply beyond 2024 is currently uncertain.  Two projects, which are soon to commence construction, are likely to add around 0.6 msf during 2025.

FORECAST

4

3

2

1

0

2020

2021

2022F

2023F

2024F

2025F

2026F

Source: Cushman & Wakefield