{"id":179,"date":"2023-12-01T08:18:10","date_gmt":"2023-12-01T08:18:10","guid":{"rendered":"https:\/\/www.floortap.com\/resources\/?p=179"},"modified":"2023-12-01T08:40:36","modified_gmt":"2023-12-01T08:40:36","slug":"indian-office-sector-thrives-in-first-halfh1-of-2023","status":"publish","type":"post","link":"https:\/\/www.floortap.com\/resources\/indian-office-sector-thrives-in-first-halfh1-of-2023\/","title":{"rendered":"Indian Office Sector Thrives in First Half(H1) of 2023"},"content":{"rendered":"\n<p>The Indian office sector has powered through the 1st half of 2023 on the back of strong economic fundamentals. Despite an unsteady geopolitical environment, office real estate demand numbers have shown resilience in the Indian market. <a href=\"https:\/\/www.floortap.com\/demand\/commercial-property-for-lease\/4\/bengaluru\/multiple?filter=%7B%22city_id%22%3A%5B%224%22%5D%2C%22area_range%22%3A%5B%222500%22%2C%2210000%22%5D%7D\">Office demand<\/a> in Q2 CY\u201923, at 11.5 msf, was driven by Hyderabad and Bengaluru, contributing 42% to this quarter\u2019s demand. In particular, Hyderabad surpassed Bengaluru for the 1st time ever in terms of quarterly office demand. Despite Bengaluru being the pan India market leader in office stock, demand and vacancy, Hyderabad is already showing signs of becoming a strong contender as large-sized leasing deals in Hyderabad gain momentum.<br><br><\/p>\n\n\n\n<p><br><a href=\"https:\/\/www.floortap.com\/supply\/commercial-property-for-lease\/7\/hyderabad\/multiple?filter=%7B%22city_id%22%3A%5B%227%22%5D%2C%22area_range%22%3A%5B%2280%22%2C%22260000%22%5D%2C%22price_range%22%3A%5B%2218%22%2C%222500%22%5D%7D\">Office supply<\/a>, at 10.6 msf, was slightly lower than last 10 quarter\u2019s average. Developers\u2019 sentiment remained at an all-time high with 253 msf supply pipeline in the next 14 quarters, indicating an average supply of 18 msf in every quarter. MMR, Delhi-NCR and the Pune office market witnessed a healthy demand-to-supply ratio, indicating scope for supply infusion in the future. Also, office vacancies at a pan-India level moved up slightly and these cities have witnessed only a marginal increase in vacancies as well.<\/p>\n\n\n\n<p><br>Outlook<\/p>\n\n\n\n<p>We believe office demand to pick up in the 2nd half of 2023 and is likely to settle at 40-45 msf for the full year CY 2023. With the current dip in market rentals, leasing activity is likely to accelerate as occupiers find lucrative deals. However, strong occupancy levels are likely to push market rentals upwards in H2 2023. Some of the major themes dominating the office leasing segment will continue to be: The Co-working sector, Green Leasing and a 100% push towards Return-to-Office.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"403\" height=\"578\" src=\"https:\/\/www.floortap.com\/resources\/wp-content\/uploads\/2023\/12\/image.png\" alt=\"\" class=\"wp-image-180\" srcset=\"https:\/\/www.floortap.com\/resources\/wp-content\/uploads\/2023\/12\/image.png 403w, https:\/\/www.floortap.com\/resources\/wp-content\/uploads\/2023\/12\/image-209x300.png 209w\" sizes=\"auto, (max-width: 403px) 100vw, 403px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"526\" height=\"659\" src=\"https:\/\/www.floortap.com\/resources\/wp-content\/uploads\/2023\/12\/image-1.png\" alt=\"\" class=\"wp-image-181\" srcset=\"https:\/\/www.floortap.com\/resources\/wp-content\/uploads\/2023\/12\/image-1.png 526w, https:\/\/www.floortap.com\/resources\/wp-content\/uploads\/2023\/12\/image-1-239x300.png 239w\" sizes=\"auto, (max-width: 526px) 100vw, 526px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"529\" height=\"282\" src=\"https:\/\/www.floortap.com\/resources\/wp-content\/uploads\/2023\/12\/image-2.png\" alt=\"\" class=\"wp-image-182\" srcset=\"https:\/\/www.floortap.com\/resources\/wp-content\/uploads\/2023\/12\/image-2.png 529w, https:\/\/www.floortap.com\/resources\/wp-content\/uploads\/2023\/12\/image-2-300x160.png 300w\" sizes=\"auto, (max-width: 529px) 100vw, 529px\" \/><\/figure>\n\n\n\n<p>In the first half of 2023, the Grade A real estate market in India is finely balanced. There&#8217;s a demand for 23.2 million square feet, and the supply is close to 22.6 million square feet, leaving a small gap of 0.6 million square feet. Despite a substantial Grade A stock of 740 million square feet, there&#8217;s a 17.3% vacancy rate. This suggests opportunities for businesses looking for prime office spaces. The market&#8217;s ability to stay balanced shows its strength, and businesses handling these changes well can make smart decisions in India&#8217;s ever-evolving commercial real estate scene.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.floortap.com\/\">FloorTap<\/a> is the only marketplace in India with verified listings for supply and demand for sale and leasing. Acquire comparables, analytics, and registered agreements to make better commercial real estate acquisitions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Read More :&nbsp;<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.floortap.com\/resources\/2023\/11\/22\/a-comprehensive-guide-to-leasing-commercial-property-in-india\/\"><strong>A Comprehensive Guide to Leasing Commercial Property in India<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Indian office sector has powered through the 1st half of 2023 on the back of strong economic fundamentals. Despite an unsteady geopolitical environment, office real estate demand numbers have shown resilience in the Indian market. Office demand in Q2 CY\u201923, at 11.5 msf, was driven by Hyderabad and Bengaluru, contributing 42% to this quarter\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":188,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":""},"categories":[12],"tags":[],"class_list":["post-179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Indian Office Sector Thrives in First Half(H1) of 2023 - FloorTap Resources<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.floortap.com\/resources\/indian-office-sector-thrives-in-first-halfh1-of-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indian Office Sector Thrives in First Half(H1) of 2023 - FloorTap Resources\" \/>\n<meta property=\"og:description\" content=\"The Indian office sector has powered through the 1st half of 2023 on the back of strong economic fundamentals. Despite an unsteady geopolitical environment, office real estate demand numbers have shown resilience in the Indian market. 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