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Hyderabad Office Rent: Office leasing in Hyderabad 3rd highest among top markets | Hyderabad News
HYDERABAD: Office transactions saw a 12% jump in Hyderabad during 2022 with the city clocking the third highest leasing volumes of 6.7 million sq ft among the top eight markets despite a 20% decline in leasing volumes in H2 of 2022 at 3.5 msft as compared to H2 of 2021, according to the latest Knight Frank India report.
Hyderabad was behind only Bengaluru, which saw 14.5 msft office space transactions in 2022, and Delhi NCR which recorded 8.9 msft, and ahead of major markets such as Mumbai and Chennai.
However, when it comes to new office space completions, Hyderabad emerged second after Bengaluru (15.6 msft) with office completions rising 146% to the city’s highest in over a decade at 11.2 msft space with 92% of new supply concentrated in West Hyderabad areas of Hitec City (44%) and Financial District (34%).
Elaborating on the office market demand, Samson Arthur, senior branch director – Hyderabad, Knight Frank India said the IT industry remained the mainstay of the city’s office market during H2 2022 driven largely by large-scale transactions inked by IT giants.
“Growth in IT transactions is a very positive indicator for the Hyderabad market, as the city continues to attract IT players. The IT sector businesses have been driving up volumes generated by managed office and co-working players in the city,” he explained.
On the residential realty front, the report said that a strong buyer sentiment ensured a 28% jump in housing sales at 31,046 units during 2022.
Hyderabad was behind only Bengaluru, which saw 14.5 msft office space transactions in 2022, and Delhi NCR which recorded 8.9 msft, and ahead of major markets such as Mumbai and Chennai.
However, when it comes to new office space completions, Hyderabad emerged second after Bengaluru (15.6 msft) with office completions rising 146% to the city’s highest in over a decade at 11.2 msft space with 92% of new supply concentrated in West Hyderabad areas of Hitec City (44%) and Financial District (34%).
Elaborating on the office market demand, Samson Arthur, senior branch director – Hyderabad, Knight Frank India said the IT industry remained the mainstay of the city’s office market during H2 2022 driven largely by large-scale transactions inked by IT giants.
“Growth in IT transactions is a very positive indicator for the Hyderabad market, as the city continues to attract IT players. The IT sector businesses have been driving up volumes generated by managed office and co-working players in the city,” he explained.
On the residential realty front, the report said that a strong buyer sentiment ensured a 28% jump in housing sales at 31,046 units during 2022.
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