Friday, December 1, 2023

Hyd office market shines with sharp jump in demand-supply

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In Hyderabad, the leasing of office space jumped 270 per cent to 3.7 million square feet. New supply soared 175 per cent to 5.5 million square feet, while India’s most prominent office market Bengaluru remained slow during the July-September period as office space gross leasing fell by 28 per cent year-on-year while new supply declined 25 per cent, according to the Vestian report.
As per the data, the absorption of office space in the July-September period rose 21 per cent year on year to 15.9 million square feet across seven major cities, which are Bengaluru, Hyderabad, Chennai, Mumbai, Pune, Delhi and Kolkata. Across these seven cities, the new office space supply increased 26 per cent annually to 13.4 million square feet during the third quarter of this calendar year.
Shrinivas Rao, CEO, Vestian, said, “In Q3 2023, the Indian office sector witnessed heightened real estate activities as absorption reached the highest level since pandemic and new completions increased to a five-quarter high.” “The sector also reported healthy vacancy levels with an appreciation in average rentals. This showcases the robust fundamentals of the sector and a healthy demand for quality office spaces in India,” Rao added.

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