HYDERABAD: Hyderabad’s offshoring market witnessed a leasing volume of 6.6 mn sq ft in 2023. This is the second highest office transactions, constituting 32 percent, across eight offshoring markets in the country. The office transactions surged by over 53 percent YoY during 2023 as against 4.3 mn sq ft in 2022.
In the latest report from Knight Frank, Asia Pacific Horizon : Harnessing the potential of Offshoring 1, India has been cited amongst the leading offshoring locations in the world. Indian Offshoring market has evolved itself as a significant occupier in India’s office space with leasing over 46 percent of office space in 2023, with GCCs being the biggest offshore occupier.
India’s offshoring market witnessed an overall leasing volume of 27.3 mn sq.ft in 2023, making it a significant increase of 26 percent from the previous year.
In recent years, India’s office real estate market has seen a positive trend from GCCs, seeking growth opportunities in the global offshoring industry. The GCC landscape in India has grown significantly by fostering more than 1,580 centres across the nation in 2023. The GCC’s proposition in the Indian leasing transactions has increased from 25% in 2022 to 35% in 2023.