Coldwell Banker Richard Ellis (CBRE), a commercial real estate services and investment firm, recently stated in a report that in the first quarter (Q1) of 2023, the total office space occupied in the city reached 1.4 million square feet.  

The report reveals that the office leasing activity has increased by 9 per cent Year-over-Year (YoY) and has reached 12.6 million square feet in India. 

Bangalore, Delhi- NCR and Chennai account for 62 per cent of the activity. 

The Managing Director of Advisory and Transaction Services, CBRE, Ram Chandnani, had said that Hyderabad is expected to continue to drive absorption in the office space sector.  

The report also informed that domestic firms have overtaken American firms, which accounted for nearly 50 per cent of the leasing activity in the last quarter. 

According to the report, office space of less than 50,000 square feet drove the absorption.