India Market Monitor Q4 2023 - Office

The Indian economy continues to demonstrate resilience as it maintains its growth trajectory aided by a narrowing current account deficit and near-record foreign exchange reserves, among other factors. The Reserve Bank of India’s (RBI) upward revision of its FY 2023-24 GDP forecast also adds buoyancy to the overall business sentiment. In addition, record inflows are being witnessed in the financial markets by domestic and foreign investors alike. However, government and private expenditure, along with the manufacturing sector, are showing some signs of weakness.

With this backdrop, here is a review of key trends witnessed in the office sector in 2023:

-        Office: Led by a steady space uptake in 2023, the o­ffice market in India performed better than anticipated during the year, registering the second highest absorption figures after 2019. Additionally, improved occupier confidence led to an increase in deal closures during H2 2023, with Q4 2023 recording the highest-ever quarterly off­ice leasing activity.

To delve deeper into our analysis of the office landscape in India in 2023, please click on the download button.