Hyderabad has outshined Bengaluru with the highest spike in new office supply in the financial year-23, says the latest research data from real estate services company Anarock.  

14.94 Mn sq. ft. of new office spaces have been infused into Hyderabad, accounting for a 31 per cent share of the total supply in the top 7 cities.  

Office supply completions in Hyderabad were 27 per cent higher than in FY 2022. In contrast, Bengaluru saw approximately 12.66 Mn sq. ft. of office supply completions, comprising a 26 per cent share and 13 per cent lower than the previous fiscal. 

Prashant Thakur, the Senior Director and Head of Anarock Group, said, “The robust growth seen in the office real estate market in the first half of FY 2023 was short-lived." 

He also said, "Major headwinds, including layoffs by corporates and global recessionary trends, will continue to mar office space growth in India.”