Hyderabad’s office space market recorded strong growth in the first nine months of 2024, with net leasing rising 41% year on year to 7.3 million square feet. The increase came as demand in several other major Indian cities weakened.
Across India’s eight major office markets, net leasing fell 20% to 36.7 million square feet during the same period. The reported reasons included limited availability of quality office space and a high comparison base from the previous year.
Bengaluru also posted growth, with net leasing up 16%, while Ahmedabad recorded an 81% increase. In contrast, net leasing declined in Delhi-NCR, Chennai, Mumbai, Pune and Kolkata.
The figures point to a stronger leasing trend in Hyderabad than in the wider national market. The city’s 7.3 million square feet of net leasing made it one of the growth centres among India’s major office markets during the nine-month period.
Cushman & Wakefield executives said India’s office market remained fundamentally strong despite global uncertainties, even as net leasing across the eight cities fell to 36.7 million square feet.
