Hyderabad achieved a milestone by recording the highest office space completion (premises ready for occupancy) in the country with 5.3 million square feet of office space attaining completion during Q3 (July-September) 2023, according to the latest report released by Knight Frank India.
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The report, titled “India Real Estate Q3 2023”, brings to light office and residential space transactions from July to September. Hyderabad, during this time, saw 2.9 million square feet of office space transactions. The report emphasises that the city’s real estate market has reached a nearly three-year high in quarterly transacted volumes.
City takes the lead
In the residential sector, Hyderabad took the lead once again, by recording the highest residential price appreciation, standing at an impressive 11% year-on-year during the quarter. The average price level was noted at ₹5,518 per square feet. The residential market saw a total of 8,325 units sold, while 11,034 units were launched. Simultaneously, the eight leading residential markets in India continued to display robust growth, with a surge in demand evident in the sales of 82,612 units, reflecting a commendable 12% year-on-year growth.
Global Capabilities Centres took the lead in leasing activities during this quarter, constituting 75% of the total transacted area. Hyderabad contributed significantly to this trend, accounting for 31% of the consolidated Global Capabilities Centres transacted area in the entire country. Flex office spaces followed closely, making up 13% of the total volume transacted, succeeded by India Facing Businesses and Third Party IT Services, transacting 10% and 2% of the area, respectively.
The report also indicates that the top eight markets in India collectively witnessed total office transactions reaching 16.1 million square feet, marking a substantial year-on-year growth of 17% in the quarter.