BFSI (Banking, Financial Services and Insurance), technology and flexible space operators are key industries driving Hyderabad’s uptake, according to CBRE South Asia report
Posted on – Wed 05 Apr 23 at 07:12pm
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Hyderabad: According to CBRE South Asia’s latest office report, Hyderabad’s office sector has seen significant growth between January and March 2023, with a total space taken up of 1.4 million sq. ft.
The report highlights that BFSI (Banking, Financial Services and Insurance), technology and flexible space operators are key industries driving Hyderabad’s uptake. Additionally, the report indicated that smaller transactions of less than 50,000 square feet drove office space occupancy.
CBRE India Office Figures Q1 2023 report has documented some notable deals in Hyderabad such as a major BFSI company leasing 340,000 sq ft in Salarpuria Knowledge City Parcel V – Opel, Warner Bros. ITPH) – Lease of 120,000 sq. ft. in Tower A – Phase 1, a large flexible space operator leased 97,000 sq. ft. in Mindspace West – Building 9.
The report indicated that office leasing activity in India grew by 9% year-on-year to reach 12.6 million sq. ft. in the January-March 2023 period, with Bengaluru, Delhi-NCR and Chennai accounting for 62% of overall transaction activity.
In addition, the report indicated that domestic companies outpaced U.S. companies in quarterly leasing, accounting for nearly half of leasing activity in the January-March ’23 quarter.
Based on past trends, Hyderabad is expected to continue to drive uptake, said Ram Chandnani, managing director, advisory and transaction services, CBRE India.
– In Hyderabad, key industries driving uptake include BFSI (42%), technology (28%) and flexible space operators (13%)
– Hyderabad office space uptake is driven by smaller (less than 50,000 sq ft) deals
– The main transactions recorded in the city during Jan-March 23 were:
• A large BFSI company leased 340,000 sqm. ft. in Salarpuria Knowledge City Lot V – Opel
• Warner Bros. Discovery leased 120,000 square feet.International Technology Park Hyderabad (ITPH) – Zone A – Phase 1
• A large flexible space operator leased 97,000 sq. ft. at Mindspace West – Building 9
