35-38 million sft space to be made available in three years
In the Hyderabad market, which is galloping in real estate, high-quality business parks with a total space of 35–38 million sft are going to be set up in the next three years, according to a report issued by CBRE South Asia.
In the backdrop of Hyderabad emerging as a destination attracting global investments, several multinational corporations have entered the Hyderabad market. As a result, the demand for office space has registered an unprecedented increase since 2019.
In 2022, grade office stock crossed 100 million sft, up from only 73 million sft in 2019.
During the July–September quarter of the current year, the stock crossed 119 million sft. In the office space lease agreements undertaken during the January–Sep period, the Hyderabad market topped the list, with office space leases crossing 6.6 million square feet. In tune with the demand, it is estimated that business parks offering a total office space of 38 million square feet are going to be set up in Hyderabad during the next three years.
The report indicated the possibility of starting 1.30 lakh residential units during the next two or three years. The West Hyderabad, offering mid-segment, high-end, premium-category homes, will continue its position as a residential hub. The micro-markets in North, East, and South Hyderabad will continue to attract buyers, offering mid-segment buyers.
