Demand For Hyd Office Space Falls 26%

Hyderabad: The gross leasing of workspace in Hyderabad decreased 26 per cent to 2.2 million (22 lakh) sft during July-September (Q3) 2024, from 2.9 million (29 lakh) sft in the year-ago period, according to Knight Frank.

Real estate consultant Knight Frank India on Thursday released its report ‘India Real Estate’ for the third quarter of 2024 calendar year.

Addressing a virtual press conference, Knight Frank India CMD Shishir Baijal said, “India-facing businesses and GCCs have continued to expand operations, remaining the primary drivers of volumes. In Hyderabad, the leasing was led by the sectors - Information Technology and Healthcare.”

The YTD (year-till-date) office completions in Hyderabad reached 9.2 million sft, mostly witnessed in Raidurgam and the Financial District, due to its proximity to Hitec City, the real estate consultant said.

Speaking about overall office demand in India, across the top cities, Baijal said, “We expect office leasing numbers crossing 70 million sft by the end of 2024, an astounding 10 million sft increase, or a 20 per cent growth over the previous high. This exceptional growth underscores India’s position as a thriving global business hub.”