Large office spaces measuring one lakh square feet and above remained in demand in Hyderabad, in 2023, with transactions totalling 5.4 million square feet. Hyderabad demonstrated a Year-on-Year (YoY) growth of 50% in the transaction volume of large office spaces, rising from 3.6 million square feet in 2022 to 5.4 million square feet in 2023, a study by Knight Frank India shows.
Nonetheless, transactions for mid-sized office spaces—ranging from 50,000 square feet to 1 lakh square feet—experienced a YoY decline of 6.67%, falling from 1.5 million square feet in 2022 to 1.4 million square feet in 2023. These mid-sized transactions constituted 15% of the city’s overall office transactions.
Meanwhile, small office spaces, defined as those below 50,000 square feet, saw a YoY growth of 31.25% in transactions, rising from 1.6 million square feet in 2022 to 2.1 million square feet in 2023. These smaller office spaces accounted for 23% of the total office spaces transacted in the city.
