Corporates seem to be in a rush to home in on Hyderabad to set up a base as the city clocked a 129% spike in office space completion in the last six months. Residential realty, too, has come up with a 47% increase in units launched and a massive 67% decrease in unsold inventory in this period. The city saw one of the best periods in new office space completions and transactions in the first half of 2019, global property consultant Knight Frank said in its half-yearly report ‘India Real Estate’ recently.
Hyderabad added 3.97 million square feet of ready office space between January and June as against 1.73 million sq ft a year ago. The volume of office space transactions shot up 43% to 3.85 million sq ft in this period as against 2.69 million sq ft in the same period last year.
“The office property market of Hyderabad continues to witness an increased surge in interest mainly from global technology firms, making it the city of choice for national as well as regional expansion,” Knight Frank Hyderabad director Samson Arthur told the media.
The share of coworking space in the total office space picked up during the first half of the current year to 46% — up from 25% a year back.
Knight Frank expects the rise in office transactions and project completions by developers to continue. Pre-commitments and built-to-suit transactions also saw strong demand trends in the Hyderabad office space market. The Telangana capital saw 5,430 residential units launched in the first half of 2019 — up from 3,706 units launched in the year-ago period.
News Source: Economic Times, Url: https://bit.ly/2xVMbKg