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India's office space demand surges in H1 2024 (Savills India)
The Business Guardian
|July 11, 2024
Office space absorption in India’s six major cities reached a record high of 34.8 million square feet in the first half (H1) of 2024, reflecting a 29 percent increase compared to H1 2023, according to Savills India.
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In contrast, new office space supply declined sharply by 32 percent year-overyear (YoY), with only 17.4 million square feet completed in H1 2024. This limited supply, combined with increased transaction activity, led to a reduction in the overall vacancy rate, dropping to 15.9 percent from 18.0 percent the previous year.
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