Anarock – INDIA Office Market Annual Update, Jan 2024

The main theme of the report is the analysis of the Indian office real estate market in 2024. Key findings include significant achievements in the Indian office real estate market in 2024, with the highest net absorption of office space since 2019. Southern office markets led the way, capturing 55% of total absorption, followed by western markets with 24% and NCR with 19%. The average office space vacancy decreased to 16.5% from 17.8% in 2023, despite substantial new space additions. Changes in tenant structure were observed: the share of the IT-ITeS sector decreased, while the BFSI sector and coworking spaces increased their presence. Southern markets showed significant rent growth, especially in Bangalore, Chennai, and Hyderabad.