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In a significant rebound, office space leasing in Hyderabad has gone up by 46 per cent in the fourth quarter ended March 31, 2024, at 2 million sq ft as against 1.4 million sq ft in the same quarter last year. This is over one-seventh of the office space absorption (14.4 m sq ft) in nine major cities in the country in the quarter.
The technology sector continues to drive growth in office space leasing with a share of 70 per cent.
Key transactions
Some key transactions included HCL leasing 3.30 lakh sq ft, followed by Table Space which leased 1.96 lakh sq ft and Altsom at 1.40 lakh sq ft, according to real estate consulting firm CBRE South Asia.
“Hyderabad office space take-up was driven by small-sized (less than 50,000 sq. ft.) deals during the quarter. Absorption in the IT segment accounted for 70 per cent of the total space absorbed,” it said.
Bengaluru led office leasing activity, followed by Delhi NCR and Hyderabad. These three cities accounted for 65 per cent of the total office-space absorption registered during the quarter.
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