Hyderabad set to beat Bengaluru in office absorption this year

  • | Wednesday | 14th August, 2019

A+ A-Hyderabad: Hyderabad is likely to beat Bengaluru, in terms of office market absorption, with over 11-12 million square feet (sq ft) during 2019, according to real estate consultancy firm JLL. A few years ago, the Hyderabad office market was at a low of about 2 million sq ft.Ramesh Nair, CEO and Country Head, JLL India, said, “Investments in Hyderabad surged more than five times to approximately Rs 10,000 crore since the beginning of 2015 till the first half of 2019. He said going ahead, Hyderabad is likely to be the front runner in office segment with 13.2 million sq ft constituting 28 percent of the overall new completions in India in 2019. “In the last few years, global technology giants and companies have entered Hyderabad market resulting in its tremendous economic development. All these developments added to the real estate sector’s growth in the city,” Sandip Patnaik, MD, Hyderabad, JLL India, said.

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