Market Report
The Connect Q1 2024
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Key Insights
1
Absorption increased by 13% annually in Q1 2024, though down 31% from Q4 2023
2
IT-ITeS sector dominated absorption with 47% share
3
Rentals appreciated in the range of 2.4% to 6.8% annually across the top seven cities
Key Takeaways
- Southern cities (Bengaluru, Chennai, and Hyderabad) accounted for 61% of the Pan-India absorption in Q1 2024, its share increased from 54% a year earlier
- Flexible spaces garnered interest from large conglomerates post-pandemic, accounting for 8% of the pan-India absorption in Q1 2024
- ‘Return to Office’ mandates are likely to renew demand for office spaces across the country and may drive the next wave of growth amid global headwinds
- Sustained absorption activities and limited new completions in the past year guided rentals northward
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