Hyd holds 14% of India’s office stock
City’s total office space leasing stood at 4.4 million sqft in Jan-June 2024
Telangana Minister for Irrigation, Food and Civil Supplies N Uttam Kumar Reddy, lighting the lamp to inaugurate the Statecon 2024 convention in Hyderabad on Tuesday
Hyderabad: Hyderabad is a key player in India’s office space market, holding 14 per cent of the nation’s total office stock, reveals a new report.
The top five developers in the city account for 39 per cent of this office space, emphasising their crucial role in the sector’s expansion, according to the ‘Telangana Going Global’ report, released on Tuesday by CBRE South Asia Pvt Ltd and Credai Telangana at Statecon 2024.
Hyderabad has been a magnet for Global Capability Centres (GCC) accounting for 21 per cent of the total India GCC leasing of nearly 53 million sqft between 2022 - H1 2024. City’s total office space leasing stood at 4.4 million sqft in January-June 2024. Technology and research, consulting and analytics (RCA) firms are the primary drivers of office space demand in Hyderabad.
Telangana’s large talent pool is an attractive proposition for businesses looking to expand in India. Workforce readiness presents opportunities for the manufacturing sector, startups, and office spaces, contributing to market expansion and rapid growth in tier-II and tier-III cities. Hyderabad has established itself as one of India’s premier technology centers, with its office stock surging to 127 million square feet in the second quarter of 2024, the report noted. Anshuman Magazine, Chairman & CEO, India, Southeast Asia, Middle East & Africa, CBRE, said, “As we look ahead, the city’s office market is poised for continued evolution and growth.
