Hyderabad office stock crosses 90 mn sq ft by Q3 2021
Driven by extensive government policies and efficient urban infrastructure: CBRE
Hyderabad: Witnessing a rising office demand and huge influx of supply, especially along IT and Extended IT Corridor, Hyderabad's investment-grade office stock has doubled from 2016 – crossing over 90 million sq ft at the end of July-September quarter (Q3) of 2021 as per a report by real estate consulting firm CBRE South Asia Pvt Ltd.
Continuing the momentum, the city is expected to add about 30-35 million sq ft of investment-grade business parks over the next three years. CBRE in partnership with Hyderabad Software Enterprises Association (HYSEA) launched a report 'The Next Normal – Reimagining Hyderabad's Real Estate Landscape' at The HYSEA Infrastructure Summit 2021 here on Friday.
Over the years, Hyderabad has positioned itself in the national spotlight by attracting large-scale investments in industries such as IT/ ITeS, life sciences and electronics. The report deep dives into the growth of the office sector in the city, owing to the extensive government policies, efficient urban infrastructure, and availability of skilled workforce.
With Hyderabad succeeding in containing the pandemic and relaxing restrictions on business and social activities, corporates have now slowly started to reopen their offices. According to the report, the IT and corporate firms have been successful in changing their strategies to ensure seamless functioning, they have effectively leveraged potential changes in work styles.
Anshuman Magazine, Chairman, India and South-East Asia, Middle East and Africa, CBRE, said: "The pandemic influenced the way business's function, and their overall strategies. They have adopted new working models that keep workplace flexibility at the centre, balancing employee benefits and business profitability."
"The demand for physical office spaces will continue to rise as employees look forward to normal workdays; with mass vaccination propelling further sectoral growth. Hyderabad's policy initiatives along with efficient urban infrastructure are expected to further aid the region's overall development," he added.