Hyderabad: Hyderabad is located in the top cities in terms of rental office space in the Global Capacity Centre (GCC).
The Gulf Cooperation Council in Bangalore, Chennai and Hyderabad jointly leased approximately 5.34 million square feet (MSF) of total office space leased in India for a total of 8.35 milliseconds. During this period, Hyderabad accounted for 0.8 milliseconds, with a contribution of 1.22 milliseconds continued from the same period last year.
In the first three months of this year, total office space rentals were 19.4 milliseconds.
“The total office space lease in the first seven cities was 19.4, while the GCC had a total share of about 8.35 milliseconds or 43% of the total. In Q1 2024, the GCC leased about 4.87 milliseconds. Their office space absorption rate was 72% per year.
In the past two years (2023 and 2024), office space in the top 7 cities has exceeded 141.4 milliseconds. Among them, only GCC rented only about 52.88 milliseconds of MSF, accounting for more than 37%. IT/ITE accounts for 35% of the lion’s share throughout the GCC lease. BFSI is next with a 22% share, followed by manufacturing and industry, accounting for 13%. E-commerce holds a 6% share and consulting business is 5%.
The GCC is also keen on a variety of 2ns 3 cities, including Ahmedabad, Kochi and Coimbatore. The report said the GCC of India is headquartered in the United States, followed by Europe and the Middle East.
