The Connect Q3 2024
Key Insights
Q3 2024 reported the highest quarterly absorption in 2024, reaching 18.61 Mn sq ft
Bengaluru recorded its highest-ever quarterly absorption of 6.63 Mn sq ft, accounting for 36% of pan-India absorption
BFSI and Flex Spaces emerged as key demand drivers during Q3 2024, accounting for 39% of the pan-India absorption
Key Takeaways
· India’s office market continued to expand in Q3 2024, despite growing geopolitical friction in the Middle East. The growth momentum is expected to continue, with yearly absorption projected to surpass 65 million square feet and new completions reaching 50 million square feet for the first time.
· India’s robust GDP growth, sub-dollar rentals, skilled workforce, and favorable business ecosystem will continue to fuel the growth of Global Capability Centers (GCCs) in India.
· According to the Manpower Employment Outlook Survey for Q4 2024, India’s net employment outlook stands at 37%, the highest among 42 countries. New hiring is expected to drive office space expansions and new office space take-up in upcoming quarters, boosting the demand for office spaces across the country.
