Hyderabad has surged ahead of Bengaluru with the highest new office supply in FY23: Report

According to a report by Anarock Research, Hyderabad outperformed Bengaluru with the greatest new office supply in FY23, adding nearly 14.94 million square feet of space, or 31% of the total supply in the top seven cities.

Completions of office supplies in Hyderabad were 27% higher than in FY22. In contrast, Bengaluru had completions of office supplies totalling about 12.66 million square feet. In the top metros, Bengaluru had a 26% share of the total supply. It was followed by National Capital Region (NCR), completing 8.82 million square feet of office space in FY23, an increase of 52% yearly.

Net office absorption was highest in Bengaluru (about 9.88 million square feet), then in NCR and Hyderabad (about 6.89 million square feet and 6.88 million square feet, respectively).

Pune and Bengaluru were in first place with the largest year-over-year (YoY) increases in average office rental values, with growth rates of 10% and 9%, respectively. Following Hyderabad with a 7% year-over-year increase, MMR and NCR both had growth of 5%.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.