According to the most recent study information from real estate servicesbusiness Anarock, hyderabad has surpassed Bengaluru with the greatest new office supply flood in financial year-23 (FY23). According to the Anarock analysis, hyderabad received a total of 14.94 Mn sq. ft. (million square feet) of new office space in FY23, making up 31% of the supply in the top 7 cities.
In hyderabad, office supply completions increased by 27% from FY 2022. In contrast, Bengaluru witnessed completions of around 12.66 million square feet of office supplies, a 26 percent share and a 13 percent decrease from the prior fiscal. NCR followed closely after, completing 8.82 million square feet of office space in FY23, an increase of 52 percent yearly. Only 4.18 million square feet of new office space were completed in MMR (Mumbai) in FY23, a decrease of 46% from the prior fiscal year.
According to prashant Thakur, Senior director and Head of (Research) at Anarock Group, the office real estate market's strong rise in the first half of FY 2023 was just temporary. The second half of the indianoffice market was adversely affected by the global downturn in major countries. In the foreseeable future, this tendency is probably going to persist. Significant obstacles, such as corporate layoffs and global economic trends, may hinder India's office space expansion.
The indian economy is now more robust than those of the most industrialized countries, but Thakur cautions that the future has to be closely watched. "It's possible that the indianoffice market's present slump won't end until the first half of 2024. Many IT/ITeS businesses have reduced their operations and are not trying to grow. Thus, the office markets in the top 7 cities will be subdued in the final quarter of 2023 and the first quarter of 2024. In the second half of 2024, depending on how the global economy develops, we anticipate some stability.
Office Rentals see 4 percent y-o-y Surge The average office rental in India's top 7 office markets increased by a respectable 4% annually. The average monthly rent for Grade A office space in india in the fiscal year 2022–23 was INR 79/sf, an increase of 4% over the previous year. The increase in input prices is primarily to blame for this growing trend.
The most costly office rental market among the top 7 office markets is MMR, where monthly rent has reached INR 132/sf. Bengaluru was second with rents of INR 85/sf/month, while NCR was third with INR 82/sf/monthly rentals. kolkata has the lowest monthly average office rental rates in the current fiscal year, at INR 54/sf.
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