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A rise in demand for commercial office space in Hyderabad

Published & Updated as on - 2012-09-06

Hyderabad is expected to see a 48% increase in pre-commitments of office space over last year at 2 million sq.ft by the end of 2012, indicating a positive demand trend for the city, mentioned Cushman & Wakefield, a global real estate consultancy firm in a report. "The demand for commercial office space in the city is expected to increase moderately from the next year onwards as the economic conditions improve. Most of the demand is still expected to be driven by the existing corporate within the city through consolidation and relocations," says Sanjay Dutt, executive managing director, South Asia, Cushman & Wakefield.

As per the real estate consultancy firm, 2.38 million sq.ft of office space was absorbed for the last eight months of 2012, which is expected to reach 3.5 million sq ft by the end of current year. The suburban areas of Madhapur and Gachibowli continue to remain the most popular commercial office locations with over 60% of total absorption taking place in these areas, says Cushman & Wakefield."The fresh supply has been in the form of larger contiguous floor plates to accommodate growing trend of consolidation and expansions of corporate in the city," it says.

Majority of the supply continued to remain in the suburban areas of Madhapur and Gachibowli. These areas witnessed most of the Grade A supply in the city. The report also mentioned, overall vacancy for the city has decreased from 15% at the end of 2011 to 13.6% currently. The vacancy of Grade A properties in the suburban area was lower than city average at 7.4 % as these locations remain high on demand.

"The rentals are expected to remain stable in most of the micro markets in the short term due to the moderate demand and substantial new supply entering the market," says Dutt.

Source: The Economic Times, Hyderabad

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