Global slowdown could dent office space demand in H1 2023 after strong 2022

Demand from domestic companies will, however, lend stability to the market

India’s commercial real estate (office segment) market shrugged off the two-year long Covid-induced downturn and bounced back strongly in 2022. According to a recent report from JLL, the net absorption of office space in 2022 across the top seven cities (Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Kolkata and Pune) has been 38.25 million square feet (sq ft). In the past decade, net absorption was higher only in 2019.

High-net-worth individuals with large sums to deploy should consider adding office space to their investment portfolio.

Driven by GDP growth

India emerged as one of the world’s fastest-growing economies in 2022. Its growth