Large office space segment registers 17% growth in Q3

Hyderabad: Knight Frank India, a property consultant, on Monday said that Hyderabad constituted 23.58 per cent of total transactions in large office space segment, among the leading eight Indian markets, in Q3 (October-December), 2023. During the period, major leasing activity was recorded by Global Capabilities Centers followed by flex office spaces and third party IT service providers.

The property consultant said that Hyderabad showcased resilience in office assets with consistent year-on-year growth in transactions across three office space segments. In the large office spaces (1 lakh sft above), the city witnessed an increase of 17.71 per cent y-o-y in transactions from 2.9 lakh sft in Q3, 2022 to 3,41,364 sft in Q3, 2023. The mid-office spaces (between 50k sft to 100k sft) witnessed an increase of 3.49 per cent y-o-y in transactions from 66,000 sft in Q3, 2022 to 68,304 sft in Q3, 2023. Small office spaces or office spaces less than 50,000 sft witnessed a y-o-y surge in transactions with a growth of 15.44 per cent from 20,021 sft in Q3, 2022 to 23,112 sft in Q3, 2023.