New completions during the quarter stood at just 8.8 MSF, moderating on both a q-o-q and y-o-y basis. The limited supply has resulted in tighter vacancy levels, with vacancies declining to 13.85%, down ~48 basis points q-o-q and nearly 191 basis points y-o-y, marking the eleventh consecutive quarter of compression.
Rental values also saw an upward push. Pan India stock weighted average rents crossed Rs 100 per sq. ft per month, an all time high.
Even amid global uncertainty, India's office market fundamentals remain resilient, with demand clearly leading the market.
In a recent interview with NDTV Profit, Anshul Jain, Chief Executive – India, SEA, MEA and APAC Office & Retail, shares his perspective on what is driving occupier demand, where supply constraints are most visible, and how this demand–supply dynamics is shaping vacancies and rentals across markets.
Watch the full interview here.
