Office gross leasing to close at 40-45 mn sq ft in 2023; sturdy domestic economy weighs in: Colliers
Annual gross leasing likely to be at 40-45 million sq ft, 15-20% higher than predicted in early 2023
Supply to be in tandem with demand
Rentals hold upside in key micro-markets
GURGAON, 24 Aug 2023 – India office sector is expected to close stronger at 40-45 million sq feet of gross leasing across the top 6 markets in 2023, perceptibly higher than predicted in Mar 2023, according to Colliers’ latest report “India office market – Changing winds.” Domestic office demand is holding up well, supported by resilient economic outlook in spite of the drag from weak external demand. At the global level, the economic forecast for 2023 is modestly higher than predicted in April 2023, pulled by marginal improvements in the US, UK and Europe. This gradual but definite recovery surely faste...