According to research released Friday, India accounted for more than 70% of the overall demand in the Asia-Pacific office market during the July–September quarter, maintaining its position as the market leader.

India remained the market leader in APAC office leasing, with 17.3 million square feet. According to Colliers India research, Bengaluru and Hyderabad accounted for over half of India’s Grade A space absorption.

The research also noted that with over 14.4 million square feet of new completions in Q3, India’s total new supply also followed the demand pattern, maintaining vacancy levels rangebound at around 17%.

“The general rental property cycle is in line with some markets like Australia, Japan, and New Zealand, even if rental growth would differ across Indian cities. The posture of the Indian office market in the APAC region will also be strengthened by competitive rents and strong demand from a variety of occupier groups, according to Arpit Mehrotra, Managing Director, Office Services, Colliers India.

According to recent statistics, demand in the top markets increased 10.7% year over year in the third quarter, indicating that the Asia Pacific office market is expected to expand in 2025.

According to the survey, the demand momentum was especially strong in nations like Singapore, New Zealand, and India, where office lease growth exceeded 30% annually.

Furthermore, India may see the absorption of 54–64 million square feet of Grade A space in 2024 if leasing activity continues to pick up steam, solidifying its place as a major force in the APAC commercial real estate market. said Vimal Nadar, Colliers India’s Senior Director and Head of Research.

Significant project completions in important markets have the potential to significantly increase supply in the next quarters on the Asia Pacific supply side.

According to the survey, despite market concerns, total rents are projected to be rangebound going ahead as supply and demand dynamics balance each other out.