Hyd Sees 2.2 Million Sqft Office Space Transactions, GCCs Bankroll Demand

Hyderabad: Hyderabad recorded office space transactions involving 2.2 million square feet during the July- September quarter. Of this, the demand from global capability centres (GCC) was one million sq ft or 46 per cent of the total demand.

Following the GCC, India-focussed businesses contributed 20 per cent of the demand and third-party IT services at 18 per cent.

The city also witnessed the completion of office space projects involving 4.2 million sq ft during the period, which is the highest amongst the eight Indian cities, said real estate consultancy Knight Frank.

The average transacted rent of the city grew by six per cent year-on-year (yoy) to `69 square foot a month during the quarter.

The residential market witnessed the sale of 9,114 units with a YoY growth of nine per cent. It witnessed 10,902 units being launched in the quarter, which is one per cent lower than the year-ago period. About 63 per cent of the residential sales were in the ticket size of Rs 1 crore and above registering, up 33 per cent over last year.

“Hyderabad's commercial market continues to be dominated by GCCs, which remain the largest occupiers of office space in the city. Strong leasing activity has driven an upward trend in rental values. The city’s appeal as a prime destination for buyers seeking both luxury living and solid investment opportunities is undeniable,” said Joseph Thilak, national director- of occupier strategy and solutions (Hyderabad and Chennai), Knight Frank India.