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Hyderabad likely to outsmart Bengaluru soon
Hyderabad is likely to overtake Bengaluru when it comes to office space absorption, according to a study released by JLL. The real estate consultancy opened its office in the city on Wednesday.
Hyderabad: Hyderabad is likely to overtake Bengaluru when it comes to office space absorption, according to a study released by JLL. The real estate consultancy opened its office in the city on Wednesday.
The study also pointed out that developers were also launching quality office in the city in the wake of higher demand. "Because of these factors, Hyderabad will witness 11 million sft to 12 million sft of office space consumption by end of 2019, which is on par with Bengaluru," Ramesh Nair, CEO and Country Head, JLL India, said after releasing the study.
In the next four months, Hyderabad will touch 11 million sft of office space consumption. In Bengaluru also, the consumption will be 11 million sft to 12 million sft. By end of this year, Hyderabad will be on par with Bengaluru and very soon, it will overtake the Garden City, he added.
Nair further said that, going ahead, Hyderabad is likely to be the front runner in office space segment with 13.2 million sft of newly completed office space. This accounts for 28 per cent of total new office space in India.
According to the latest study, the investments in Hyderabad has surged more than five times to around Rs 10,100 crore from 2015 till the first half of 2019. Compared to this, the city received Rs 1,800 crore during 2008 to 2014. And, as per the research, the office segment attracted 70 per cent of these investments.
Jayesh Ranjan, Principal Secretary - IT, Telangana, said that the government is looking forward to tap new sectors such as GICs, electronics manufacturing, life science, biotechnology, etc. "Global Inhouse Centres (GICs) is poised to be a $30 billion market and India is an attractive destination for GICs which has been gravitating towards Bengaluru. The government would like to work together with the stake holders to attract GICs to Hyderabad," he said.
