Hyderabad office space transactions surge 71% in H1 2024, led by GCCs

Sales have surged by 21% YoY in the first half of 2024, with 18,573 units getting sold.
Image used for representation only.
Image used for representation only.File Photo

HYDERABAD : The Global Capability Centres (GCC) played a pivotal role in influencing an overall surge of 71% year-on-year (Y-o-Y) in volume growth in the office market of Hyderabad in the first six months of CY 2024, according to Knight Frank India’s latest report, India Real Estate: Residential and Office (January-June 2024).

Hyderabad recorded office transaction volume of five mn sq.ft in H1 2024 from 2.9 mn sq.ft in H1 2023. The office transactions from GCCs increased from 0.2 mn sq.ft in H1 2023 to 3 mn sq.ft in H1 2024, underscoring the growing importance of Hyderabad as a hub for global operations.

The new office supply in the city was recorded at 5 mn sq.ft. The average transacted rent recorded an increment of 4% to Rs 68/sq.ft/month.

The Hyderabad residential market continues to show robust growth, propelled by economic factors, infrastructural enhancements, and changing buyer preferences. Sales have surged by 21% YoY in the first half of 2024, with 18,573 units getting sold.

This highlights the city’s increasing attractiveness as a preferred destination for homebuyers seeking lifestyle upgrades and improved living conditions. Residential launches in the city declined by 2.4% YoY to 22,300 units in H1 2024.

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