The demand for office space in Hyderabad has been ever growing, compared to the growth in the demand for the office space in other cities. One of the world’s leading property agents Savills has predicted that this year will see property transactions for an office space in excess of 80-lakh sft. As of now, construction of 10-lakh sft of office space is through in Hyderabad. Last year, the total transaction undertaken for the sale of office space was put at 57-lakhs sft. Of which, 70 per cent of the transactions pertained to office space as large as one lakh sft. In 2021, 86-lakh-office space was built.
On reopening of offices after lockdown, there will be an increase in leasing of office space activities on a strong business sentiment, Savills India Hyderabad office managing director Seshasai has predicted. He said the total office area transactions this year will range between 1.0-crore sft to 1.20-crore sft. He further predicted that the demand for the office space will increase exponentially to 8.5-crore sft by the end of the year 2022. The areas in demand for office space would be Manikonda, Gachchibowli, Nanakramguda and the financial district.
Encouraging government policies, better infrastructure, availability of skills and affordable prices are some of the contributory factors for the development of office space by promoters, Seshasai felt. As was the case with the year 2021, there will be huge demand for co-office space from the banking, financial services and insurance sector (BFSI). The demand for the premium office space buildings has increased with the advent of the multinational companies. At the same time, the rent, compared to the office space in other cities, is stable in Hyderabad, he reasoned.
