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As Hyderabad's IT sector thrives, multinational companies are seizing the opportunity, leasing over 8.7 lakh square feet of office space across the city. Key players include Qualcomm, LTIMindtree, IBM India, and S&P Capital IQ India. Qualcomm leads with 4.14 lakh sq. ft in Hitech City's Skyview, followed by IBM India and S&P Capital IQ India in the same building. LTIMindtree secures 1.09 lakh sq. ft. These five-year leases with built-in rent increases signify the city's robust commercial real estate market. Moreover, Hyderabad's residential sector, particularly in West Hyderabad, has witnessed a significant uptick, underlining the city's promising growth trajectory.
Hyderabad's booming IT sector is fuelling a rise in demand for office space. In a recent wave of activity, four major multinational companies (MNCs) leased a combined total of over 8.7 lakh square feet (sq. ft) of office space across the city. Advertisement
The companies involved in these significant deals include Qualcomm, LTIMindtree, IBM India, and S&P Capital IQ India. Major tech companies are flocking to Hyderabad's prime business districts. Qualcomm leased the largest space at 4.14 lakh sq. ft in Hitech City's Skyview building for INR 3.15 crore monthly rent. IBM India secured 1.06 lakh sq. ft in Divyasree Orion, Gachibowli for INR 70.23 lakh monthly rent. S&P Global's research arm, S&P Capital IQ India, also leased The Skyview building, taking 2.41 lakh sq. ft for INR 1.77 crore monthly rent. Rounding out the group is LTIMindtree, leasing 1.09 lakh sq. ft in The Skyview building for INR 89.18 lakh monthly rent. All leases are for five years with built-in rent increases.
This rise in office space demand reflects the overall positive outlook for Hyderabad's real estate market. The city's strong IT-ITeS sector, coupled with ongoing infrastructure development and a vibrant business ecosystem, are creating a sustained demand for both quality housing and commercial space.
According to ANAROCK Research, Hyderabad's residential market has seen impressive growth between 2021 and the first quarter of 2024. This period saw the launch of approximately 218,800 new residential units, with over 154,300 units sold. The year 2023 alone witnessed the launch of nearly 76,300 units and the sale of 61,700 units.
West Hyderabad, known for its high concentration of office spaces, has seen even stronger growth in the residential market. Average residential property values in this area have jumped by 52% in the last few years, with the current average price per square foot standing at INR 7,200. Land price appreciation of over 30% in the last three years has also contributed significantly to the rise in property prices.
The recent office space deals and positive residential market trends highlight Hyderabad's position as a growing business hub. With a strong focus on infrastructure and technology, Hyderabad is well-positioned for continued growth in the years to come.
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