The demand for sprawling office spaces goes up in the Hyderabad market
Reveals Knight Frank report
The office space deals in 2023 registered 32 percent growth compared to the deals transacted in 2022. In the post-Covid scenario, there was a sea change from the perspective of the property buyers. They have been inclined to buy sprawling homes. In the same fashion, the demand for sprawling offices has gone up.
Earlier, organisations were inclined to have small office spaces to cut operational costs in the post-COVID scenario. Now, they have apparently changed their perspective. Several organisations in the Hyderabad market have been evoking interest in having sprawling offices. Organisations like Global Capability Centres and IT and ITES firms vote for sprawling office spaces, Knight Frank disclosed in its report.
In 2023, deals pertaining to 88 lakh sft of office space were transacted as against the deals transacted for 67 lakh sft of office space in 2022, registering 32% growth in the transactions.
Transactions for over 1 lakh sft of office space have registered 50% growth. In 2023, 54 lakh sft of office space was transacted under this category, compared to 36 lakh sft of office space deals transacted in 2022.
Similarly, last year, 14 lakh sft of office space was transacted in the category of 50,000 to 1,00,000 sft of office space, as against 15 lakh sft of office space deals transacted in 2022, registering 6.67% fall in this category.
Transactions pertaining to office space less than 50,000 sft registered 31.25% growth, leading to transactions to sell 21 lakh sft of office space. In 2022, only 16 lakh sq ft of office space in this category was transacted.
