Hyderabad: Hyderabad witnessed 10.13 percent increase in office space absorption in 2024; it is the highest among eight major cities in India.
Hyderabad recorded 70,535 square feet for office space in the year 2024 as compared to 64,042 sq ft in 2023. The city continues to witness a surge in the demand for office space.
Factors contributing to increased demand for office space in Hyderabad include the city’s exceptional quality of life which offers a balance of modern amenities and a relatively affordable living environment compared to other major cities.
Additionally, Hyderabad’s state of-the-art infrastructure, including well-connected transport networks and growing business districts, enhances its appeal to both national and international companies.
Hyderabad: Office space leasing sees 71 pc growth in six months
According to a report by Knight Frank India, a real estate research firm, in terms of office space absorption, Hyderabad is followed by Bengaluru which recorded 55,726 square feet of office space last year.
Mumbai stood third with 40,150 square feet; Delhi NCR with 40,025 square feet; Pune with 36,953 square feet; Chennai with 34,045 square feet; Ahmedabad with 30,731 square feet and Kolkata with 14, 542 square feet.
The average deal size for commercial markets across the eight major markets in the country has increased by 10.24% from 37,976 sq ft in 2023 to 41,867 sq ft in 2024.
The surge in average deal size is a reflection of the growing demand for higher quality office spaces with a greater occupier commitment to lease tenure and investment in the workspace during the year 2024.
The highest percentage growth was observed in Mumbai’s commercial market, where the average deal size expanded by 54.59% year over year in 2024.
