Market Report
The Connect Q4 2024
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Key Insights
1
The highest-ever absorption of 70.7 Mn sq ft
2
The highest-ever new completions of 51.1 Mn sq ft
3
IT-ITeS sector dominates with 36% share of pan-India absorption
Key Takeaways
- India's economy remained resilient amid global macroeconomic uncertainty and geopolitical challenges. The growth momentum is expected to strengthen further in 2025, driven by domestic consumption and increased capital expenditure by the government.
- 2024 turned out to be a remarkable year for the office market as absorption and construction activities swelled amid global headwinds.
- According to the Manpower Employment Outlook Survey for Q1 2025, India's net employment outlook has surged to 40%, the highest globally. Hiring sentiment stands 15 percentage points above the global average, which is expected to drive demand for office spaces.
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