During 2023, India’s office sector is likely to see about 35-38 mn sq ft of leasing, in an optimistic scenario wherein the impact of the looming recession and economic headwinds on the office sector would be limited.
Key highlights of the report include:
- In a pessimistic scenario, office leasing could linger around 30-33 mn sq ft during 2023, where the expected impact of economic headwinds would be prolonged
- Hybrid work will lead to optimum space utilization and occupiers may split office spaces across business hubs, pivoting office dynamics
- Despite externalities, occupiers’ preference for flex spaces is likely to remain strong led by flexible lease terms, and cutting-edge amenities