Hyderabad: Coldwell Banker Richard Ellis (CBRE), a commercial real estate services and investment firm’s latest report stated that in the first quarter (Q1) of 2023, the total office space occupied in the city reached 1.4 million square feet.
Banking, Financial Services and Insurance (BFSI) sector, technology and flexible office space operators drove the absorption of office spaces in the city, the report said.
The report reveals that the office leasing activity has increased by 9 per cent Year-over-Year (YoY) and reached 12.6 million square feet in India.
Bangalore, Delhi- NCR and Chennai account for 62 per cent of the activity.
Managing director, of Advisory and Transaction Services, CBRE, Ram Chandnani said that Hyderabad is expected to continue to drive absorption in the office space sector keeping in line with past trends.
The report also informed that domestic firms overtook American firms accounting for nearly 50 per cent of the leasing activity in the last quarter.
The key sectors that took the office space absorption in Hyderabad in Q1 2023, are BFSI with 42 per cent, technology with 28 per cent and flexible space operators with 13 per cent.
According to the report, office space by small-sized deals, less than 50,000 square feet drove the absorption.
A BSFI first leased 3,40,000 square feet in Salarpuria Knowledge City, Warner Bros. Discovery leased 120,000 square feet in International Tech Park and flexible space operators leased 97,000 square feet in Mindspace in the city from January – March, 2023.
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