Hyderabad in top 4 cities with high demand for office space
Hyderabad is among top four cities to account for strong office space absorption, and it also witnessed a revival in residential properties launch in Q2, 2018, said a corporate service company
Hyderabad: Hyderabad is among top four cities to account for strong office space absorption, and it also witnessed a revival in residential properties launch in Q2, 2018, said a corporate service company.
Vestian, a global corporate service organisation providing real estate support to corporate occupiers, recently released a quarterly newsletter titled, The Connect Q2, 2018. The report mentions Hyderabad along with Bengaluru, Mumbai and Chennai as the major cities to absorb nearly 7.69 million sft of office space during Q2, 2018.
The demand depicts strong occupier demand mainly driven by IT, ITes, and banking sectors. Going forward, along with the main sectors, co-working space will also further augment the office space demand, in the forthcoming period across these four major cities, stated Vestian in the report.
Whereas, supply of office space continued to be constraint compared to the robust demand and was estimated at 4.62 mn sft. Comparatively, the two cities to register highest supply of office space is Bengaluru with 2.12 mn sft and Mumbai with 1.5 mn sft.
Looking towards a positive outlook are the launch and sale of residential properties. The top three cities, Bengaluru, Hyderabad and Chennai witnessed recovery post a rather cold 2017. In Q2 2018, both buyers and developers returned to the market with nearly 18,288 new residential units launched overall, in the three cities.