The demand for commercial office space witnessed an increase in Hyderabad and some other key property markets of the country. As per a report of a global property consultant, CB Richard Ellis, there has been 33% rise in office space demand in various cities across the country during the second quarter of 2011. During January-March 2011, about 6 million sq ft of office space was absorbed while in between April and June almost 8 million sq ft of commercial office space was in consumption.
The demand for office space in Hyderabad was more in the Central Business District (CBD) including Begumpet/Rajbhavan Road and Banjara Hills. The corporates that desire to remain in the central part of the city wish expansions and it is this need that drives the demand in the CBD. There was a slight increase in the commercial office space demand in the IT corridor which includes areas such as Madhapur, Hitech City, Gachibowli and Kondapur. However, during the second quarter of 2011, the Secondary Business District (SBD) market that includes Ameerpet, Sarojini Devi Road, Himayathnagar, parts of Banjara Hills and Jubilee Hills had witnessed lower transaction activity. It was observed that almost 80% of the office space that got absorbed in April-June 2011 period in the country was accounted from NCR, Chennai, Mumbai and Bangalore.
Source: Economic times