Hyderabad among top four office space markets: CBRE

[snoww]

Hyderabad: Hyderabad is amongst the top cities contributing to the growth of office space in the country. For the year 2018, the gross leasing activity in India touched 47.4 million sq ft, registering a growth of 5.3 per cent year-on-year.

Bengaluru, NCR, Hyderabad and Mumbai dominated the office leasing on annual basis, accounting to 80 per cent of the overall space take-up, according to the latest report by real estate consulting firm CBRE South Asia.

 

Hyderabad witnessed an increase in office space project completions in the fourth quarter of 2018 in the form of two medium-sized SEZ developments in Kokapet and Raidurg in the extended IT corridor. Supply influx and culmination of pre-commitments in the extended IT Corridor led to the rise of office space take-up. Absorption by technology firms, followed by engineering and manufacturing companies drove leasing activity. Flexible space providers remained active.

Several large-sized deals over 2 lakh sq ft were closed by foreign companies keen on expanding operations in the city. The US-based FactSet Research Systems leased 4,50,000 sq ft of office space in Divyasree Orion Block 4 in the extended IT Corridor, while Mind Tree took 63,200 sq ft and Salesforce took 58,200 sq ft in the same property.

Office rental values in Hyderabad went up by 2-3 per cent on a quarterly basis across IT and SEZ developments. Estimates show that Hyderabad will have 100 million sq ft of office space available by 2021. About 65 million sq ft is already operational and additional 30-35 million sq ft to be added. Hyderabad saw 5 million sq ft leasing during the first three quarters of 2018.

The quarterly leasing activity in India dropped marginally by 2 per cent during Q4 2018. Bengaluru, NCR, Pune and Hyderabad accounted for 75 per cent of the leasing activity. The tech sector accounted for 40 per cent of the office space take-up in the country during the quarter, followed by engineering and manufacturing at 17 per cent and BFSI at 13 per cent. Flexible space operators accounted for 6 per cent of quarterly leasing.

Supply addition in the fourth quarter rose by over 50 per cent on a quarterly basis to about 10.9 million sq ft. Mumbai, Bengaluru, NCR and Pune accounted for almost 80 per cent of the quarterly supply addition. In 2018, share of the tech sector rose to 34 per cent from about 32 per cent in 2017. Multinationals accounted for 75 per cent of the overall space by tech firms.

[Spartan]

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[dasara_bullodu]

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[boeing747]

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