Mumbai witnessed a notable 23 percent decline in new supply of office space last year, totalling 2.7 million square feet, primarily attributed to developers' reduced focus on this sector in anticipation of declining demand amid the Covid-19 pandemic, according to Vestian, a real estate consultancy.

Vestian highlighted that a surge in housing demand in recent years also contributed to the decreased supply of office spaces. Data revealed that fresh office space supply amounted to 3.5 million square feet in the 2022 calendar year. The figures stood at 7.5 million square feet in 2018, 5.3 million square feet in 2019, 4.1 million square feet in 2020, and 6.5 million square feet in 2021.