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Hyderabad: The Rising Star of India's Office Space Market Set to Overtake Bengaluru

In recent years, Hyderabad has been emerging as a strong contender in the Indian office space market, and the latest statistics suggest that the city is poised to overtake Bengaluru as the most prominent office space market in the country. A combination of factors such as a favourable business environment, supportive government policies, and a booming tech industry has fueled the growth of Hyderabad's office space market. This blog will look closer at the latest Hyderabad office space market trends and the reasons behind its meteoric rise.

According to a recent report by real estate services firm JLL, Hyderabad witnessed a 31% YoY growth in office space absorption in 2022 compared to 2020. In contrast, Bengaluru's office space absorption has declined by 38% YoY during the same period. As a result, Hyderabad's overall office space stock has reached 63 million square feet, compared to Bengaluru's 74 million square feet. Moreover, Hyderabad has emerged as a preferred destination for global tech giants like Amazon, Google, and Microsoft, who have been expanding their operations in the city.


Reasons behind Hyderabad's Growth


The growth of Hyderabad's office space market can be attributed to several factors:

  1. The Telangana government's proactive policies and incentives have created a favourable business environment in the city, attracting several multinational corporations.
  2. The availability of a skilled workforce and a lower cost of living than other major Indian cities have also played a significant role in Hyderabad's rise.
  3. The city's robust infrastructure, including a modern airport and a well-connected metro network, has made it an attractive destination for businesses.


Conclusion


In conclusion, Hyderabad's office space market has grown remarkably. The latest statistics suggest that the city is poised to overtake Bengaluru as the country's most prominent office space market. Hyderabad's growth includes a favourable business environment, supportive government policies, and a booming tech industry. Therefore, as Hyderabad continues attracting global businesses and top talent, it will likely remain a rising star in the Indian office space market.


Office space in Hyderabad


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Location: Hyderabad, Telangana, India

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