Hyderabad dominates large office space transactions in H1 2023
Hyderabad has emerged as the frontrunner in large office space transactions during the first half of 2023.
Hyderabad: According to the latest report from Knight Frank India, an international property consultancy in the country, Hyderabad has emerged as the frontrunner in large office space transactions during the first half of 2023.
The report highlights that Hyderabad accounted for 50 per cent of office area transactions in spaces measuring 100,000 sq ft or more in H1 2023. The total volume of area transacted for these large office spaces reached 1.47 million sq ft during the same period.
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According to the Knight Frank report, the surge in demand for such large office spaces in Hyderabad can be attributed to several factors, including the increasing demand from India-facing businesses and the growing confidence of GCC in the Hyderabad office market.
Emerging sectors in the city have also played a pivotal role in driving the demand for these expansive office spaces.
In a breakdown of the transactions, it was found that an estimated 35 per cent of the transactions, totaling 1.04 million sq ft, were witnessed in office spaces below 50,000 sq ft. Meanwhile, mid-sized offices, which fall within the range of 50,000 sq ft to 100,000 sq ft, constituted 15 per cent of the transactions with a total area of 0.43 million sq ft transacted in H1 2023.
