Hyderabad: There has been a 92% increase in office space demand across six major Indian cities, and in Hyderabad, the gross leasing of office space has grown by 57% to 2.7 million square feet, compared to 1.7 million square feet in the same period last year, according to a recent report by Colliers India.
During the October-December quarter, Hyderabad was just behind Bengaluru which saw a 58% rise in leasing office spaces across South India.
The total leasing of office space across Hyderabad Bengaluru, Chennai, Delhi-NCR, Mumbai, and Pune cities rose by 16% to 58.2 million square feet during 2023, marking a significant recovery from 50.3 million square feet in the previous year.
The report also suggested that the tech sector’s contribution to office leasing has declined from around 50% in 2020 to 25% in 2023.
However, sectors like BFSI (Banking, Financial Services, and Insurance) and Engineering and manufacturing have almost doubled their share, rising from 10-12% to 16-20% during the same period.
