Hyderabad is poised to become the second-largest office space supply market in India, after Bengaluru, according to a report by CBRE South Asia Pvt. Ltd. The report, titled “Office Space Revolution,” reveals that office supply completions across the country’s top seven cities are projected to exceed a staggering 165 million square feet between 2023 and 2025, marking a substantial increase from the 142 million square feet recorded during the 2020-2022 period.
Hyderabad is expected to contribute 20% of the total new office space supply in India during this period, or 33 million square feet. This will make it the second-largest office space supply market in the country, after Bengaluru, which is projected to contribute 29%.
The report attributes the strong growth in Hyderabad’s office space supply to the city’s emergence as a major hub for the IT, BFSI, and pharmaceutical sectors. The city is also home to a number of multinational companies and startups.
The report also highlights the fact that Hyderabad is a relatively affordable city, with lower office space rents than other major Indian cities such as Bengaluru and Mumbai. This is making the city an increasingly attractive destination for businesses looking to expand or relocate their operations.