Hyderabad overtakes Bangalore in office leasing market
BRE South Asia Pvt. Ltd, India’s leading real estate consulting firm today announced the findings of its latest India Office MarketView – Q1 2019 report. As per the findings of report, Hyderabad overtook Bangalore for the first time to be the dominant office market driving quarterly space take-up, on the back of culmination of several pre-commitments. Moreover, in the first quarter of 2019, gross leasing touched 12.8 million sq. ft., recording a growth of 3% on a quarterly basis with Hyderabad, Bangalore, Mumbai and Delhi-NCR accounting for more than 75% of the leasing activity.
Anshuman Magazine, Chairman & CEO, South East Asia, Middle East and Africa, CBRE, said:
“Office leasing activity is expected to remain stable in the short term, backed by corporates looking to expand or consolidate their operations. While interest from American corporates is expected to sustain, we anticipate that India’s position as a preferred outsourcing destination would continue to attract corporates from other geographies such as EMEA and APAC. Moreover, policy initiatives such as Make in India, Digital India etc., along with the emphasis on smart cities and industrial corridors, will likely boost operations of both Indian and multinational corporates.”