Hyderabad ranks top 3 in office space absorption
The city recorded a remarkable 261 per cent year-on-year increase in office space leasing.
Hyderabad: Hyderabad has emerged as one of the top three cities in India in terms of office space absorption during the period of July to September 2023, according to a report by CBRE South Asia Pvt. Ltd. The city recorded a remarkable 261 per cent year-on-year increase in office space leasing.
The report highlighted that Hyderabad absorbed 3.1 million sft of office space during the quarter. The key sectors driving this absorption included Life Sciences firms, contributing significantly with a 30 per cent share, followed by Banking, Financial Services, and Insurance (BFSI) sector at 24 per cent, and the technology sector at 23 per cent.
Several noteworthy transactions occurred during this period. Bristol Myers Squibb leased a substantial 300,000 sft in International Tech Park Hyderabad (ITPH) – Block A. The Executive Centre secured 30,000 sft in Nexity (Tower 30), and Pinnacle Reliability took up 20,000 sft in My Home Twitza.
The report also revealed that the surge in office space absorption in Hyderabad was driven by smaller-sized deals, with a strong emphasis on those under 50,000 square feet.
