Market Report
The Connect Q4 2023
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Key Insights
1
Absorption increased by 15% annually in 2023, surpassing pre-pandemic levels
2
Bengaluru, Chennai, and Hyderabad accounted for 56% of absorption
3
Construction activities maintained momentum with a completion of 48 Mn sq ft of grade-A stock in 2023
Key Takeaways
- The office markets of India have recovered from the setback brought by the pandemic, and are now, on an upswing
- The substantial absorption in 2023 could be attributed to an increase in office demand due to work-from-office mandates from several large multinational companies
- Amid global headwinds, active participation of domestic investors kept construction activities buoyant
