Outlook 2023 India

BENGALURU DEMAND & VACANCY

NET ABSORPTION (MSF) AND VACANCY RATE (%)

FORECAST

16

12.0%

 Bengaluru is expected to witness annual net absorption of approximately 14 msf during 2022, a record high demand volume.  This is being driven by new leasing as well as pre-leasing in delivered projects during the year.  2023 and 2024 are anticipated to record high net absorption volumes in the range of 12-13 msf.  Despite healthy demand, considering the quantum of supply expected in 2023 and 2024, vacancy levels are expected to see a marginal uptick in the near term.

14

10.0%

12

8.0%

10

8

6.0%

6

4.0%

4

2.0%

2

0

0.0%

2020

2021

2022F

2023F

2024F

2025F

2026F

Net Absorption

Vacancy Rate

Source: Cushman & Wakefield