Hyderabad: The office space dominated the leasing volume from January-June 2024 in Hyderabad. The city experienced a 71 percent year-on-year growth with a total of 5.0 million sq ft of area being transacted.
Large office space contributed 61 percent of Hyderabad’s total transactions with 3.08 million square feet. There was 109 percent year-on-year growth in the first half of 2024 as compared to to 1.47 million sq ft during the same period of 2023.
The increased demand for large office spaces has resulted in increased absorption by Global Capability Centres (GCCs) and flex space.
In the first half of 2024, approximately 26 percent of transactions of 1.29 million sq ft, occurred in mid-sized office spaces ranging from 50,000 sq ft to 100,000 sq ft. This category experienced a significant YoY growth of 200 percent up from 0.43 million sq ft in the first half of 2023.
Small office spaces, measuring below 50,000 sq ft, made up 13 percent of transactions from January-June 2024, totaling 0.67 million sq ft.
Joseph Thilak, National Director-Occupier Strategy and Solutions (Hyderabad & Chennai), Knight Frank India said, “Hyderabad has seen strong growth in demand in recent years, reinforcing its
position as a preferred hub for businesses.”
Thilak further said that this demand is fueled by Hyderabad’s enhanced quality of life, strong infrastructure, and steady influx of top-tier talent.
The recovery of the Information Technology sector in 2024, along with increased hiring activity, particularly by Global Capability Centres (GCCs), is anticipated to further boost commercial leasing demand in the coming months.
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