CBRE closes Hyderabad’s biggest flexible office space deal for 2021
Hyderabad: In a major boost to Hyderabad’s real estate sector, CBRE has closed the biggest flex deal of Hyderabad in 2021 with Smartworks at Aurobindo Galaxy, Gachibowli. With businesses evaluating new working models that keep workplace flexibility at the centre, the 2,32,000 sq ft offering will help balance employee benefits and business profitability as companies resume normal operations.
Hyderabad is seeing an uptick in flexible office space demand with the city’s stock till September 2021 touching about 6 million sq ft and is expected to grow at a rate of 15 per cent for the next two years, according to CBRE South Asia. As of September 2021, India’s flex stocks tood at about 39 million sq ft, with Hyderabad accounting for about 6 million sq ft. The city is further expected to see 15 per cent flex stock growth in the next 2 years following the increase in demand for IT and extended IT corridors.
Major growth drivers over the last year for the city have been the need for cost effective and flexible solutions, evolution of hybrid working and hub-and-spoke solutions and the increased adoption of managed office solutions by large enterprises.
Anshuman Magazine, chairman & CEO, India, South East Asia, Middle East & Africa, CBRE said that “Hyderabad’s real estate market has proven to be extremely resilient over the last year and we at CBRE are optimistic that the market’s steady growth will continue in the future as well. It gives us immense pleasure to be the advisory and transaction partner on such a deal as it stands a testimony of our market leadership and the sector growth. Our experience, intelligence and focus around the flex sector along with having a dedicated practice demonstrate our commitment and earnestness towards this space.”
Uptick in demand
Ram Chandnani, MD, Advisory & Transactions Services, India, CBRE said, “Hyderabad’s commercial market is making great progress especially when we consider office spaces, and the outlook looks promising. We are glad to add another testament to the CBRE and Smartworks relationship. We will continue to be at the forefront of assisting our clientele in Hyderabad and the country.”
Neetish Sarda, founder, Smartworks, said, “Our rapid growth and expansion in Hyderabad over the last three years is driven by strong market fundamentals and an uptick in demand for flexible workspaces post-Covid. Our follow-on expansion at the state-of-the-art facility, Aurobindo Galaxy, is in line with our growth plans led by strong pre-leasing commitments from enterprises looking at fully-serviced flexible office solutions.”
He added, “This new facility is India’s largest tallest pre-cast tower, tech-enabled, thoughtfully- designed with smart features, collaborative spaces and world-class amenities.”
With the largest market demand and supply share for flex transactions in the country, CBRE India has represented over 800 occupier clients in around 1,300 flex deals. Along with helping key operators acquire almost 7.6 million sq ft of fresh space across the country, major corporate occupiers have also leased almost 86,000 workstations through CBRE India in the last five years.
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