Hyderabad leads in office space

Hyderabad: Hyderabad has emerged as one of the top three cities in India in terms of office space absorption during the period of July to September 2023, according to a report by CBRE South Asia Pvt Ltd. The city recorded a remarkable 261 per cent year-on-year increase in office space leasing

The report highlighted that Hyderabad absorbed 3.1 million sft of office space during the quarter. The key sectors driving this absorption included Life Sciences firms, contributing significantly with a 30 per cent share, followed by Banking, Financial Services, and Insurance (BFSI) sector at 24 per cent, and the technology sector at 23 per cent. Several noteworthy transactions occurred during this period. Bristol Myers Squibb leased a substantial 300,000 sft in International Tech Park Hyderabad (ITPH) – Block A. The Executive Centre secured 30,000 sft in Nexity (Tower 30), and Pinnacle Reliability took up 20,000 sft in My Home Twitza.

The report also revealed that the surge in office space absorption in Hyderabad was driven by smaller-sized deals, with a strong emphasis on those under 50,000 square feet., please rewrite it

According to a report from CBRE South Asia Pvt. Ltd, Hyderabad has positioned itself as one of the top three cities in India for office space uptake in the period spanning July to September 2023.

The city exhibited a remarkable 261 percent year-on-year increase in the leasing of office spaces.

The report underscores that Hyderabad managed to absorb a total of 3.1 million square feet of office space during this quarter. This remarkable growth was propelled by various sectors, with Life Sciences companies making a significant contribution at 30 percent, followed by the Banking, Financial Services, and Insurance (BFSI) sector at 24 percent, and the technology sector at 23 percent.

During this period, several noteworthy transactions took place, including Bristol Myers Squibb leasing an extensive 300,000 square feet in International Tech Park Hyderabad (ITPH) – Block A, The Executive Centre securing 30,000 square feet in Nexity (Tower 30), and Pinnacle Reliability taking up 20,000 square feet in My Home Twitza.