Even so, some key parameters have shown improvement. For instance, the aggregate vacancy for offices in the top seven Indian cities fell in the March quarter (Q4FY23) compared to Q3. Further, in FY23, the leased area increased by 8% year-on-year (y-o-y) to 524 million square feet with record absorption, said a Kotak Institutional Equities report dated 5 June.
However, repeating the same feat in FY24 would be a tall order now given the array of challenges. “The robust growth seen in the office real estate market in the first half of FY23 was short-lived. The slowdown in major economies of the world cast a shadow on the Indian office market in the second half," said Prashant Thakur, senior director and head – research at property consultant Anarock Group.
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