New office space supply falls 6% across top 8 cities in 2024: Report
India’s eight major office markets saw a 6 per cent annual decline in fresh supply of workspaces during 2024, even as the demand hit an all-time high, according to Cushman & Wakefield.Real estate consultant Cushman & Wakefield (C&W) data showed that new supply of office space stood at 451.5 lakh square feet in 2024 as against 477.9 lakh sq ft in the preceding year.New supply declined in Delhi-NCR, Pune, Chennai, Hyderabad, Kolkata and Ahmedabad, while it jumped in Mumbai and rose marginally in Bengaluru.Among cities, the new office space supply in Mumbai jumped more than 4 times to 83.2 lakh sq ft in 2024 from 20.5 lakh sq ft in the preceding year.In Bengaluru, the new supply grew to 133.4 lakh sq ft from 133.1 lakh sq ft.However, Delhi-NCR witnessed a 5 per cent fall in new supply to 46.8 lakh sq ft from 49.2 lakh sq ft.In Chennai, the new supply fell 59 per cent to 21.7 lakh sq ft from 53.3 lakh sq ft.Pune saw a dip of 27 per cent to 42.2 lakh sq ft from 57.4 lakh
Read more
Source: Business Standard
