- 32 percent increase in 2023
- Reveals Knight Frank report
The demand for office space in Hyderabad has increased tremendously. Last year, there was a 32 percent increase (8.8 million square feet). Leading real estate consultancy firm Knight Frank India revealed that office space leasing in eight major cities across the country grew by 15 percent last year, reaching 59.6 million square feet. Global Capability Centres (GCCs) have played an important role in leasing office space. The lease size of these is recorded at 20.8 million square feet, which means a 58 percent increase compared to 2022.
Knight Frank India said office space leasing in 2019 was the highest, with 60.6 million square feet. City-wise, office space leasing in Mumbai has increased by 16 percent (7.4 million square feet) in 2023; Delhi saw a 14 percent increase (10.1 million square feet); Pune registered a 9 percent growth (6.7 million square feet); in Chennai, it grew by 92 percent (10.8 million square feet), whereas in Kolkata, the demand grew by 20 percent (1.4 million square feet). Office space leasing in the Bengaluru market declined by 14 percent to 12.5 million square feet. Ahmedabad also recorded a 15 percent decrease to 1.8 million square feet.
