In the third quarter of 2021, lease transactions of over 1.03-crore sft of commercial space took place in the country, registering 89 per cent growth compared to the lease of commercial space in second quarter.
Out of the total transactions, the share of commercial space sale in IT hubs of Hyderabad, Bangalore and Pune is put at 62 per cent.
As many have received two doses of the vaccine against Covid-19, resumption of work from office, lifting of curbs on transportation, the demand for commercial space in domestic market has recovered to a great extent, says Colliers India MD and CEO Ramesh Nair.
For the first time the number of transactions for leasing of office is more in Hyderabad compared to the lease operations in Bangalore. The Hyderabad office space sector is gradually recovering from the Covid-19impact.
In the third quarter– July-September of 2021, 25-lakh sft of office space was leased out in Hyderabad as against 21-lakh sft in Bangalore.
Over 32-lakh sft of commercial space has been made available during the same period as against only nine-lakh sft in Bangalore.
The impact of Covid-19 second wave is almost nil on construction sector. The developers have focussed on giving available office space on lease. Out of the total transactions in Hyderabad, the banking, financial services and insurance sector, flexible workplace share is put at 66 per cent.
The highest amount of leasing operations took place for office space in Rayadurgam – 53 per cent, while hi-tech city accounts for only 40 per cent.
During the third quarter, 1.08-lakh sft of office space has been brought on to the market. Hyderabad accounts for availability of 29 per cent office space, while Pune accounts for 25 per cent.
In the office space lease transactions, the share of flexible workplace is growing annually. In the third quarter, flexible work place share increased to 26 per cent. In all major cities, companies want to acquire work stations in over one-lakh sft. Flexible work places share is high in Hyderabad after Pune in the country.
