Telangana Hyderabad Ranks Top 3 in Office Space Absorption
According to a survey by CBRE South Asia Pvt. Ltd., hyderabad has risen to become one of the top three cities in india in terms of office space absorption from July to september 2023. The city saw a startling 261 percent rise in office space rental year over year.
According to the research, hyderabad leased 3.1 million square feet of office space during the quarter. The primary industries driving this absorption were the life sciences sector, which had a 30% share and was followed by the banking, financial services, and insurance (BFSI) sector (24%), and the technology sector (23%).
Several significant trades took place during this time. Bristol Myers Squibb leased a data-sizeable 300,000 square feet in Block A of the international Tech Park hyderabad (ITPH). Pinnacle Reliability took 20,000 square feet in My home Twitza, while The Executive Centre obtained 30,000 square feet in Nexity (Tower 30). The survey also showed that smaller-data-sized purchases, with a focus on those under 50,000 square feet, were what drove Hyderabad's sharp increase in office space absorption.
Though Bengaluru, hyderabad, Delhi-NCR, and chennai are anticipated to lead absorption in 2023, international and domestic technology firms and consulting firms are also looking into opportunities in a few tier-II markets because of the improved infrastructure, the availability of a skilled talent pool, and the attractive rental options available there. ram Chandnani, managing director for advice and transactional services at CBRE in india, claims that return-to-office initiatives are gaining momentum and that there will be more investments in workplace technology, better collaboration across functions, and a focus on modernising workplaces.
According to the research, hyderabad leased 3.1 million square feet of office space during the quarter. The primary industries driving this absorption were the life sciences sector, which had a 30% share and was followed by the banking, financial services, and insurance (BFSI) sector (24%), and the technology sector (23%).
Several significant trades took place during this time. Bristol Myers Squibb leased a data-sizeable 300,000 square feet in Block A of the international Tech Park hyderabad (ITPH). Pinnacle Reliability took 20,000 square feet in My home Twitza, while The Executive Centre obtained 30,000 square feet in Nexity (Tower 30). The survey also showed that smaller-data-sized purchases, with a focus on those under 50,000 square feet, were what drove Hyderabad's sharp increase in office space absorption.
Though Bengaluru, hyderabad, Delhi-NCR, and chennai are anticipated to lead absorption in 2023, international and domestic technology firms and consulting firms are also looking into opportunities in a few tier-II markets because of the improved infrastructure, the availability of a skilled talent pool, and the attractive rental options available there. ram Chandnani, managing director for advice and transactional services at CBRE in india, claims that return-to-office initiatives are gaining momentum and that there will be more investments in workplace technology, better collaboration across functions, and a focus on modernising workplaces.