Hyderabad: Google Connect Services India Private Limited recently renewed the lease for office space for the next three years. The space is located in Nanakramguda, Hyderabad.
As per media reports, the annual rent of the six lakh sq feet office space will be Rs. 37.03 crores. The company has reportedly deposited Rs. 28 crores too.
At a rent of Rs. 52.90 per sq foot per month, the office space has been leased for a duration from October 2022 to October 2025.
Rise in demand for office space in Hyderabad
Between April and September, the demand for office space was so high that Hyderabad surpassed Bengaluru in terms of office space absorption.
The office space market is dominated by companies from the IT/ITeS sector. These companies take 39 percent of the total absorption.
As Hyderabad is the second IT hub of the country, the demand for office space is continuously rising.
Demand for office space rises due to end of Work from Home
Ever since companies started putting an end to work from home or shifting to hybrid mode, the demand for office space in Hyderabad is rising.
It is good news for the real estate market, especially for the office real estate market which has suffered a lot after the outbreak of the pandemic.
Due to the rise in demand, currently, the average monthly rent per sq. feet is Rs 61. In the city, the highest rent i.e., Rs 50-75 per sq. feet is registered at Banjara Hills, Hitec city.