Approx 14.94 Mn sq. ft. new office space was infused in Hyderabad in FY23 accounting for 31% total share among top 7 cities while Bengaluru saw new completion of 12.66 Mn sq. ft. with 26% share .NCR was close behind with 8.82 Mn sq. ft. office space infused; MMR saw just 4.18 Mn sq. ft. new office supply completed in FY23 – down 46% from the previous FY.
ANAROCK has signed a formal agreement with U.S.-based Upflex Inc. to deploy Upflex’s services across tier 1, 2 and 3 cities in India. The agreement combines Upflex’s technology, processes, and corporate mandates with ANAROCK's national distribution platform to offer a highly customizable workspace program.
The total number of leases coming up for renewal in 2021 account for 90 Mn sq. ft. area. Interestingly, in terms of area, Bengaluru has the largest share at about 37%, with Mumbai coming in a distant second with a share of about 19%.
If we compare commercial real estate yields to those for residential properties, it becomes evident why many HNI NRIs prefer investing in the former.
