Market Report
The Connect Q3 2023
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Key Insights
1
Absorption reached 15.9 Mn sq ft in Q3 2023, driven by IT-ITeS, BFSI, and Manufacturing & Engineering sectors
2
Hyderabad led absorption and new completions with 23% and 41% shares, respectively
3
Overall vacancy declined by 60 bps over the previous quarter
Key Takeaways
- In Q3 2023, the Indian office sector witnessed heightened real estate activities as absorption reached the highest level since the pandemic and new completions increased to a five-quarter high
- The sector also reported healthy vacancy levels with an appreciation in average rentals, showcasing the robust fundamentals of the sector and a healthy demand for quality office spaces in India
- The key office markets in Southern cities evolved and commanded the highest share of the pan-India absorption and new completions
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