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Hyderabad Surpassing Bengaluru, Grabs Top Spot In Office Space Absorption.
Between April and September, Hyderabad had the highest absorption of office space, around 8.2 million square feet, in the country, surpassing Bengaluru.
The office real estate market has gained momentum in the State capital with several corporations and companies calling back their employees to work either part-time or full-time.
Anarock, a real estate services company, reported that Hyderabad's office space market continues to dominate the IT/ITeS sector, accounting for approximately 39% of total absorption. Office space was also in high demand from manufacturing and industrial occupiers and co-working spaces.
“Manufacturing/Industrial occupiers have gained ground by commanding a 22% share in the market, followed by co-working providers taking up 21% of the office leasing share,” the report stated.
The average monthly office rental in the city was Rs 61 per square foot, according to the data. Begumpet, Gachibowli, Kokapet, and Uppal had the highest monthly rental rates of Rs 50 to 75 per square foot, followed by Banjara Hills and Hitec City.
Accounting for the highest share of 34% in new office space influx across the top 7 Indian markets between April and September this financial year, the city saw an 82% rise compared to the new office supply in the previous year.
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