The buoyant IT sector has contributed more than 90 per cent to the gross office space leased in Hyderabad during the January-March (Q1) period this year.
Of the total 871,715 sft grade-A gross leasing in the city during Q1 of 2015, the IT and ITeS sectors accounted for a major 812,912 sft, said real estate consultant Cushman & Wakefield in its report on office space activity in India and Asia-Pacific region on Tuesday.
The net office space absorption here stood at 620,968 sft during the period, when compared with 1.74 million sft during the first quarter of last year.
Across the leading metros in the country, of the total 8.56 million sft office space gross leasing during the first quarter, a major pie (5.89 million sft) was absorbed by the IT and ITeS space.
For the emerging markets in the region, Bengaluru continued to enjoy strong demand for the technology sector. The office market witnessed the strongest growth in Bengaluru with a whopping 500 per cent rise in the absorption rate. Bengaluru saw a gross leasing of 3.7 million sft in Q1 this year, which is the highest in the country.
The net absorption levels, too, were high at 3.3 million sft in Q1 of 2015, as against 550,406 sft during the same period last year, the real estate consultant said.
Pan-India, there was an annual 20 per cent rise in the net office space absorption, with Bengaluru, Chennai, Kolkata, Mumbai and Pune being the notable markets.
"India is certainly supporting higher availability in these markets and a modest correction in rates," the report stated.
"The first quarter has seen a trend-setting start to the year and the momentum is expected to remain steady. There is visibly an increased leasing activity and appreciation of rent along with commercial terms. This is likely to continue as demand seems robust," said Sanjay Dutt, executive managing director of Cushman & Wakefield in South Asia.
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