India is poised to become the driving force of demand for office space in the Asia Pacific market in 2024, with its top eight cities including Bengaluru, Mumbai and Delhi expected to contribute to more than half of the region’s total demand.
The combined demand forecast for Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai, and Pune is around 40 million square feet (msf), equivalent to around 52% of regional demand, said Cushman & Wakefield, a global real estate services company, in its 2024 Asia Pacific Office Outlook.
"It is fascinating to see India coming of age and anchoring commercial real estate demand for the Asia-Pacific region. It is unsurprising though, given the faster-than-expected rise in GDP growth, controlled inflation, vast tech talent pool, and the recent trends of global corporations entering India. Elsewhere in Asia, demand in main cities in China improved YoY, while markets like Sydney, Melbourne, Tokyo fared positively as well. Singapore showed resilience in demand despite a tough economic environment,” said Anshul Jain, managing director, India & Southeast Asia and head of APAC, tenant representation.
According to the report, Mainland China's four key cities of Beijing, Shanghai, Guangzhou and Shenzhen are expected to sustain a gentle recovery, with a demand forecast of 18 msf for 2024, up from the 13 msf expected by this year-end.
Southeast Asian markets are also expected to contribute to the regional topline demand, with Kuala Lumpur and Manila office markets likely to benefit from their countries’ expansive economic growth outlook while Singapore is likely to remain a steady performer, the report said.
By Sobia Khan
https://economictimes.indiatimes.com/epaper/delhicapital/2023/dec/16/brands-companies/india-office-market-to-account-for-over-half-of-apac-demand/articleshow/106033114.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
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