Hyderabad: In what can be called as the first time, Hyderabad has taken over Bangalore in net absorption of office space for the first time. It also crossed 10M sq ft in net absorption in a single calendar year for the first time as well.
According to a report by Cushman Wakefield, Delhi NCR came next to Hyderabad and a surprise left behind Bangalore in the process for the year 2019.
The report has taken the Top 8 Indian Metropolitan cities namely, Hyderabad, Delhi NCR, Bangalore, Mumbai, Pune, Ahmedabad, Chennai and Kolkata into consideration.
The report was divided into five categories namely, construction completions (in a million sq ft), Net absorption (in a million sq ft), Vacancy, Gross leasing ( In million sq ft ) and Under construction office space to be ready by 2022 ( In million Sq ft ).
Out of the five categories listed, Hyderabad topped in 2 types, namely Net absorption and Under construction office space to be ready by 2022 (in a million sq ft).
Hyderabad’s net absorption of 10.01million sq ft was very close to Delhi NCR’s net absorption of 9.85 million sq ft. The lowest was of Kolkata ( 1.41 million sq ft ).
Moving on to the category of Under construction office space to be ready by 2022 (in a million sq ft), Hyderabad once again topped the list with a staggering 36.63 million sq ft. It was again followed by Delhi NCR which has a space of 30.41 million sq ft.
A much more interesting fact to be known is that 25% of all the upcoming supply in Hyderabad until 2022 has already been pre-leased by MNCs.
Compared to the 2018 report, Hyderabad has had a significant increase in its Net absorption. Back in 2018, it had a Net absorption of 6.15 million sq ft which was second to Bangalore’s 7.86 million sq ft.