India records office space absorption of 34.8 msf in H1 2023: Report Housing.com
Office space absorption in India’s six major cities reached a record high of 34.8 million square foot (msf) in the first half (H1) of 2024, according to a report by real estate advisor Savills India. This marks the strongest H1 ever recorded, representing a significant 29% increase compared to H1 2023. Meanwhile, new office space supply witnessed a sharp decline of 32% year-over-year (YoY), with only 17.4 msf completed in H1 2024. This limited supply, coupled with increased transaction activity, led to a decrease in the overall vacancy rate. By the end of June, the vacancy rate had dropped to 15.9%, down from 18% in the previous year.
