Hyderabad absorbs 3.1 million sqft office space in July-Sept. quarter: CBRE

Hyderabad: Hyderabad stood among the top three cities dominating office space leasing in July-September and recorded 3.1 million sq ft of office space absorption, with a 261 per cent year-on-year increase. The demand was driven by life sciences, which covered 30 per cent, BFSI 24 per cent and technology 23 per cent).

Key transactions during the quarter included Bristol Myers Squibb (3,00,000 sq. ft in International Tech Park -Block A), The Executive Centre (30,000 sq. ft in Nexity Tower 30), Pinnacle Reliability (20,000 sq. ft in My Home Twitza), according to CBRE India office figures Q3 2023 report.
Hyderabad office space absorption was driven by small-sized (less than 50,000 sq. ft) deals, the report said. On a pan-India basis, office leasing activity across nine cities increased by 33 per cent y-o-y and touched 15.8 million sq. ft during the quarter. Mumbai (3.3 million sq. ft), Bengaluru (3.3 million sq. ft) and Hyderabad (3.1 million sqft) were the top three cities in the office absorption, collectively accounting for about 60 per cent of the total office space transaction activity.