HYDERABAD: Hyderabad has witnessed transactions of 5.4 mn sq ft in 2023 in terms of large office spaces or space of one lakh sq ft and above, or 61% of the overall office transactions recorded in the city, according to a study by Knight Frank India.
Hyderabad witnessed a staggering YoY growth of 50% in large office space transactions from 3.6 mn sq ft in 2022 to 5.4 mn sq ft in 2023. The transactions for mid-office spaces or office spaces between 50,000 sq ft to 1 lakh sq ft declined moderately by 6.67% YoY from 1.5 mn sq ft in 2022 to 1.4 mn sq ft in 2023, representing 15% of the overall office transaction recorded in the city.
Small office spaces or office spaces below 50,000 sq ft in the city witnessed 31.25% YoY growth in transactions from 1.6mn sq ft in 2022 to 2.1 mn sq ft in 2023 representing 23% of the overall office spaces transacted in the city.
The Hyderabad office leasing market witnessed a significant growth of 32% YoY with a total area of 8.8 mn sq ft being transacted in 2023 compared to 6.7 mn sq ft in 2022. The surge can be attributed to the involvement of Global Capability Centres (GCCs), particularly those outsourcing their IT and back-office functions to the city, which has been instrumental in achieving these robust figures.