GRID Policy likely to create 35-40 million sq. ft of IT supply in the non-western corridors of Hyderabad: JLL

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Hyderabad is a city on the move. With Grade A office stock of 90.4 million sq. ft by end of 2021, the city is already the fourth biggest office market in the country, behind, Bengaluru, Mumbai, and Delhi-NCR. It also stands on the cusp of following these three cities to become a 100 million sq. ft office market before the end of 2022.

Hyderabad leads all other major Indian cities in terms of intensity of office space absorption measured through the *SA Index. In fact, it is observed that the tech cities are ahead of the rest. Hyderabad tops with an average SA Index score of 24.1, ahead of Bengaluru (18.3) and Pune (16.7) in the last 12 quarters (2019-21). This shows the scale of new space absorption Hyderabad has witnessed for office space in the last few years.

The city’s office market has performed significantly well over the past five years both in terms of office stock growth and increases in occupied space (net absorption basis). It is no surprise that Hyderabad has seen its Grade A office stock increase by 81% from 2016-to 2021, making it the fastest growing office market in the country.

While Hyderabad currently holds a 12.7% share in India’s Grade A stock, it has accounted for 25% of new supply by adding 34.7 million sq. ft between 2019-2021, second only to Bengaluru. This is a testament to its emergence as a major office market over the past three years. During the same period, the city also was the second-highest contributor to the cumulative pan India office space net absorption with 22.6 million sq. ft, next only to Bengaluru (25.4 million sq. ft).

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