India

There is almost 50 million sq ft of new supply lined up in the next three years.

Supply is expected to outpace demand by the end of the year.

Around 14 million sq ft of supply is expected to be completed by year-end.

Tech firms, flex operators, and healthcare firms are expected to drive demand.

Over two-thirds of the new supply will come from the Gurugram submarkets. 

Luxury units accounted for over half of the new launches in Q4.

Only 3.69 million sq ft of projects were completed in 2022.

Almost 57% of all mall leasing activity was from new leases.

Around 68,000 sq ft of leasing activity was recorded during the quarter.

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Over 4 million sq ft of new supply is expected to come onstream in the Suburbs submarket alone.

Eastern Suburbs I accounted for 31.5% of the launches.

There were also few launches in the quarter.

Over 60% of the sales were from Gurgaon.

Net absorption was at 14,800 sq ft during the quarter.

These projects will add 3 million sq ft of space to the market.