Hyd accounts for 31% office space leased by GCCs in H1

Hyderabad: Global capability centres (GCCs), which have emerged as key drivers of office space absorption in the country, accounted for 60% or 3 million sq ft of the total 5 msft office space transactions clocked in the Hyderabad market in the first half of 2024.
With this, Hyderabad accounted for 31% of the total office space transacted by GCCs across the country in H1 2024.This helped the city’s overall office market notch up a 71% surge in H1 of 2024 at 5 msft as compared to 2.9 msft in H1 of 2023, as per the H12024 report released by Knight Frank.
Meanwhile, realty consulting firm CBRE, in its report, said office space leasing in Hyderabad stood at 4.4 million sq ft in H1 of 2024 as against 3.4 msft in H1 of 2023. Of this, 2.3 msft transactions were recorded in the second quarter of 2024 with sectors such as life sciences as well as research, consulting & analytics accounting for 27% share each.
The key transactions during Q2 of 2024 included Sanofi leasing 3 lakh sq ft in The Spire, Vishwa Samudra leasing 1,11,100 sq ft in Jyothi Valencia and Bristol Myers Squibb leasing 1,10,600 sq ft in ITPH-Block A, CBRE said.