Hyderabad has emerged as one of the top three cities in India in terms of office space absorption during the period of July to September 2023, according to a report by South Asia Ltd. The city recorded a remarkable 261 per cent year-on-year increase in office space leasing.
Several noteworthy transactions occurred during this period. Bristol Myers Squibb leased a substantial 300,000 sft in International Tech Park Hyderabad (ITPH) – Block A. The Executive Centre secured 30,000 sft in Nexity (Tower 30), and Pinnacle Reliability took up 20,000 sft in My Home Twitza.
The report also revealed that the surge in office space absorption in Hyderabad was driven by smaller-sized deals, with a strong emphasis on those under 50,000 square feet.