The city witnessed a robust annual growth of 17.71 per cent in transactions of office spaces above 100,000 sq ft, cementing its position as a dynamic business hub in India.
Published Date – 31 October 2023, 01:55 PM
HyderabadKnight Frank India has released a report highlighting Hyderabad’s remarkable performance in the commercial real estate sector. In the third quarter of 2023, the city demonstrated a robust growth of 17.71 per cent year-on-year (YoY) in transactions for office spaces over 100,000 sq ft, cementing its position as a dynamic business hub in India.
The report shows that Hyderabad will account for 23.58 per cent of total transactions in the large office space segment across India’s leading eight markets in the third quarter of 2023.
The steady growth in office property transactions in Hyderabad is noteworthy, with positive trends observed across three office space segments. In the category of large office spaces, which are over 100,000 sq ft, Hyderabad saw a significant increase in transactions. The total area transacted in this segment grew from 290,000 sq ft in Q3 2022 to 341,364 sq ft in Q3 2023, marking a substantial 17.71 per cent year-on-year growth.
Further, mid-sized office spaces ranging from 50,000 sq ft to 100,000 sq ft also displayed positive signs with an annual growth of 3.49 per cent. The transaction area in this category grew from 66,000 sq ft in Q3 2022 to 68,304 sq ft in Q3 2023.
Even small office spaces of less than 50,000 sq ft witnessed a significant rise in transactions, growing by 15.44 per cent. The total area transacted in this segment grew from 20,021 sq ft in Q3 2022 to 23,112 sq ft in Q3 2023.
Hyderabad’s office space market recorded major leasing activities during Q3 2023. Global Capabilities Centres led the way, followed by flex office spaces, India facing businesses, and third party IT services.