H1 2023

S P OT L I G H T Hyderabad Market Watch

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Chart 2: India: High Growth Prospects Despite High Inflation

INDIA ECONOMY
H1 2023

As the first half of 2023 closes, policymakers around the world are
navigating through an uncertain if not a previously uncharted
REMARKABLE comfortably below USD100 per barrel
throughout 2023, enabling relative stability
terrain. The last few years have seen overlapping crises – RESILIENCE of the Indian Rupee reportedly at INR 80-82
COVID-19, the Russia-Ukraine War, rising inflation and interest Although the global atmosphere to a USD, for the most part this year. Foreign
rates, and liquidity troubles after a series of bank crises. In March necessitated a slight revision in India’s GDP exchange reserves, consequently, have
2023, World Bank warned of the making of a ‘Lost Decade’ for the growth forecast, it still appears to be an increased from around USD 560 bn at the
global economy.1 island of low vulnerability, primarily on start of the year to USD 596 bn in mid June
account of strong macro-economic 2023.
While the fear of recession is seemingly ubiquitous, some parts indicators, demographic advantage and
look more vulnerable than others. Nevertheless, select bright robust consumption. Despite this revision, Equity Markets: The Bellwether of
spots like India stand out, with negligible chances of a technical World Economic Outlook (IMF’s flagship Growth Phase
recession. India, in fact, continues to be the fastest growing major report) in its July 2023 edition projected a Equity markets often act as powerful
economy (Chart-1). 6.1% growth rate for India in FY24, an barometers for macroeconomic sentiments.
evidence of remarkable resilience, in the face Towards the end of June 2023, both BSE
INDIAN ECONOMY REMAINS LEAST of global headwinds. SENSEX and NIFTY were trading at all-time
VULNERABLE The ‘growth vs inflation conundrum’ seems highs of 64,000 and 19,000 respectively.
well managed at this point. Barring the first More assuring are the key sectoral indices.
Chart-1: GDP Growth Projections across the
two months of the year, inflation is within SENSEX and key sectoral indices have
World
the RBI’s tolerance zone since November recorded significant gains compared to the
2022 (Chart-2). In fact, at 4.25%, retail pre-pandemic times of early 2020. (Chart-3).

7.2
inflation hit a 26-month low in May 2023. As of 28th June 2023, the S&P BSE IT and

6.3
Realty indices had registered gains of 87%

6.1
The general economic performance can be
and 82%, vis-a-vis 1st of January 2020.

5.2
viewed through the lens of certain key

4.5
macro-economic indicators. GST collections

4.1

2.9
Click here to read #SavillsRoundUp: A
were the highest recorded ever, at INR 1.87
2.5 fortnightly reporting of economic and

3.0
2.1

lakh crores in April 2023 (up 12% YoY). real estate news

1.4

2.1
0.8

1.5
0.4
Interestingly, the revenue collections have
1.8

1.8

1.0
1.0

1.3

1.2
1.3
1.0

been consistently above INR 1.5 lakh crores

1.3

1.0
since March 2023. Both manufacturing and
services Purchasing Managers Index (PMI)
US France Japan UK China *India Brazil have been steadily expanding for almost 2
years. Strong sentiments in the IT sector are
-0.3

reflected in the 13-year high services PMI of Click here to read

-2.1
Germany 62 in April 2023. A 31-month high in the
Russia Note: FY refers Fiscal Year (Apr-Mar)
2022 2023 2024 manufacturing sector is reflected in the
This section contains figures in Indian system
manufacturing PMI of 58.7 for May 2023. of lakhs and crores (refer Appendix for
Source: IMF WEO Jul 2023 Brent crude oil prices have remained international conversions)
* Fiscal year basis 1 USD = Approx. 82.05 INR on Jun 29, 2023
1. Economic Times

3
 Hyderabad Market Watch | Office H1 2023 Hyderabad Market Watch | Office H1 2023

POLICY ACTION
Despite demand concerns across the globe Chart-2: RBI Response to Macroeconomic Scenario
and phases of untamed inflation
domestically, India’s growth has remained 10.00% 10.00%
250 bps repo rate hike in a span
steady. A key factor powering the upward of 10 months to bring inflation
9.00% 9.00%
trajectory post peak-pandemic is strong back to tolerance levels
policy support from various agencies and 8.00% 8.00%
institutions, including the RBI. While the
7.00% 7.00%

Inflation Rate (%)

Atma-Nirbhar Bharat Package was a 6.50%

Repo Rate (%)

decisive factor in limiting the impact of 6.00% 6.25% 6.00%
5.90%
devastation during the pandemic, the RBI’s 5.15% 5.40%
5.00% 4.90% 5.00%
role in maintaining domestic demand and
4.40%
liquidity has been commendable. A close 4.00% 4% Lowest ever repo rate to spur 4.00%
look at retail inflation and repo rate growth and speed up economic
3.00% recovery in COVID altered world 3.00%
movement since 2020 (Chart-2) reveals
that well spaced-out and gradual hikes in 2.00% Pause in rate hikes 2.00%
benchmark lending rates were mostly since Feb 23
1.00% 1.00%
successful in handling spiralling inflation,
with a manageable impact on demand and 0.00% 0.00%
Jan-20

Sep-20
Jul-20

Nov-20

Jan-23
Jan-22

Sep-22
Jul-22

Nov-22
May-20
Mar-20

May-23
May-22
Jan-21

Sep-21
Jul-21

Mar-23
Nov-21

Mar-22
May-21
Mar-21
growth prospects.
Budgetary Announcements
The Union Budget 2023-24 centered
Inflation Rate (%) Repo Rate Action Points
around creating a blueprint for the Source: FxEmpire, Savills India Research
economy in ‘Amrit Kaal’ – a run from 75
years of independence (in 2022) till the
100th in 2047. The Finance Minister
identified 7 priority areas for this
long-term growth plan, viz., inclusive
Chart-3: Equity Markets: Sectoral Performance
development, percolation of benefits to the
last mile, infrastructure and investment,
potential realisation, sustainable green 250
growth, youth empowerment and reforms Healthcare 90%

in the financial sector. 230

(Value of each Index is 100 as on Jan 01 2020)

Real Estate Specific Announcements 210

Indexed Sectoral Indices and Sensex

Auto 86%
Although direct real estate announcements
were limited, the steep rise in the Capex to 190
3.3% of GDP continued to be the guiding
170 Consumer 73%
force of the budget, providing a strong
Durables
impetus to infrastructure and allied
150
industries including real estate.
IT 87%
Specifically, the INR 10,000 crore per 130
annum allocation to the Urban
Infrastructure Development Fund will 110
enhance the proposition of tier II and III Realty 82%
90
cities with developers and funds creating
more commercial, residential and retail 70
developments. SENSEX 55%

(Refer Appendix for detailed real estate 50

1-Jan-20
1-Mar-20
1-May-20
1-Jul-20
1-Sep-20
1-Nov-20
1-Jan-21
1-Mar-21
1-May-21
1-Jul-21
1-Sep-21
1-Nov-21
1-Jan-22
1-Mar-22
1-May-22
1-Jul-22
1-Sep-22
1-Nov-22
1-Jan-23
1-Mar-23
1-May-23

specific announcements and the impact on Returns on 28-Jun-23

various real estate verticals). compared to 1-Jan-20

In other notable announcements of H1

2023, SEBI’s proposal to regulate all online RBI’s Financial Stability Report: Indian banks’ gross bad loans
Source: BSE, Savills India Research
platforms that offer fractional ownership fall to a 10-year low of 3.9% in Mar 2023
of real estate assets is expected to
institutionalise the segment and help
attract more capital from both domestic NEAR-TERM CAUTION global financial markets, protracted geopolitical
tensions and intensity of El Nino impact, however, pose
and offshore investors. REITs have also Although India remains the least vulnerable major
risks to the outlook and needs to be carefully monitored.”
been at the centre of investor and retail economy, it will be wise to consider that no economy India’s Current Account Deficit (CAD) narrowed sharply in the
participant attention in the first half of the is fully insulated from concerns elsewhere in today’s India will have to navigate the near-term challenges
year, as India’s REIT offerings expanded highly globalised world. To quote the RBI governor, emanating from global events, but its future is quite Jan-Mar quarter, helped by a smaller trade gap and increased
from the office sector to retail with the “Headwinds from weak external demand, volatility in promising, as its engines are very well geared up. services exports. The CAD stood at USD 1.3 Bn (0.2% of GDP) in
listing of Nexus Select Trust REIT in May the 4th quarter of FY 23, compared with the previous quarter’s
2023. The NSE also launched India’s first
REIT and InvIT index to help the retail
revised deficit of USD 16.8 Bn (2% of GDP).
investor track the cumulative performance
of such offerings listed on the NSE.

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 Hyderabad Market Watch | Office H1 2023

LARGE DEALS DOMINATE RENTALS

SUPPLY & VACANCY
Deals of large and medium sizes (over 100,000 All markets except Southern cities witnessed a
sq. ft. and 25,001-99,999 sq.ft. respectively) New completions were noted at 25.6 mn sq. ft change in average rental values in H12023.
accounted for 83.5% of the market. Compared to in H1 2023, which is 16% lower compared to
The highest rental growth of approximately 16%
same period last year, the share of large deals same time last year. All cities except Delhi-NCR
YOY is recorded in Mumbai owing to limited
increased from 41% to about 48%. and Hyderabad saw a YOY decline in new supply.
availability of space followed by Delhi-NCR and
Large deals comprised the majority share in Bengaluru remained at the forefront of new Pune that noted a marginal rise of 3% and 2%
deal-size in all cities expect Mumbai which was completions, recording 8.2 mn sq.ft. of YOY, respectively.
dominated by small size deals (below 25,000 sq. additions. It was followed by Hyderabad with 7.6
ft. apiece). mn sq.ft., setting a new high with a consistent
rise in new completions in the first half periods
over the decade. Overall, the south cities namely
Bengaluru and Hyderabad
Deal Size Distribution
(size categories in sq. ft.)
Bengaluru, Chennai and Hyderabad contributed saw rise in vacancy levels
72% of new supply in H1 2023. due to consistent infusion
On a pan-India scale, the average vacancy levels of space outpacing the
have declined marginally by 20 bps to 18% at the
Less than 25,000 leasing momentum
16.5% end of Q2 2023.

INDIA
25,001 - 99,999 Share of Sectors
35.8% Flexible Engineering &
IT BFSI
Workspace Manufacturing
31.6% 21.6% 14.4% 7.8%
Energy & Pharma &

OFFICE MARKET UPDATE

Chemicals Healthcare
100,000 or more
5.4% 4.9%
47.7%
New Completions
ALL-INDIA DEMAND DIPS; sector maintained its position in the top 3 demand
15.0 50%
drivers.
NEW PEAK IN 3 CITIES
Bengaluru, Chennai and Delhi-NCR have retained the High Growth by BFSI Sector, Flexible 23%
Scan to download The six1 key office markets of India recorded a gross top-3 spots in H1 2023 similar to last year. Together, Workspace Sector Rebounds 19%
WhatsApp version 10.0 0%
absorption of 27.0 mn sq.ft. in H1 2023, declining by these accounted for 63% of gross leasing activity.
12% compared to the same period last year. The IT sector continued to be the primary -20%
-20%
Apart from the top-3 performing cities, this first half has -24%
Interestingly, the office demand seems to find a demand driver despite a decline in take-up in

mn.sq.ft.
The Indian commercial real estate also recorded a new leasing high in cities namely
quarterly minimum resistance level of 13.7 mn. sq. ft. absolute terms over same period last year 5.0 -50%
sector has not been completely Chennai, Delhi-NCR, and Hyderabad over the decade as
over the last 6 quarters, and we expect this to be followed Coworking (Flexible workspaces) that
insulated from headwinds of slowing visible in the Gross Absorption chart. -74%
maintained in the near term for a stable run and grew by 7%.
global economic growth with select Bengaluru, still being numero uno, saw a notable decline
eventual growth. The BFSI sector witnessed robust growth of 70% 0.0 -100%
organisations reducing headcount and of 39% at 6.5 mn sq. ft. owing to slow decision-making by Bengaluru Chennai Delhi-NCR Hyderabad Mumbai Pune
a few countries undergoing a technical The IT sector continues to be the primary demand technology companies amidst fear of recession in major YOY, contributing 14.4% to the leasing activity.
driver, but the demand seems to now be broad-based H1 2022 H1 2023 Annual change (2022-23)
recession. There was a visible economies. Mumbai and Pune too saw a decline in
with flexible workspaces rebounding to become a leasing activity of 9% and 11% respectively over the last
Source: Savills India Research
slowdown in demand in the first Top 3 Sectors YOY Growth
strong driver of office demand with the second year.
quarter with a 14% decline compared highest contribution. Meanwhile the BFSI H1 2022 Leasing H1 2023 Leasing
Vacancy Levels
to last year that continued in the Annual Change (2022-23) 30.0%
second quarter too with demand
contracting by 9% YOY. Overall, the KEY STATISTICS: H1 2023 14 80%

leasing activity in the first half of 2023 New Supply YOY change 20.0%
RECORD ABSORPTIONS 70%
is recorded at 27 mn sq. ft. The
strategising of office portfolios, slow mn sq. ft. 25.6
mn sq. ft.
-16% 12
60%

decision-making, and availability of Bengaluru: 6.5 10.0%

plug-and-play/coworking office spaces Gross Absorption YOY change
10
Delhi-NCR: 6.0 40%

27.0 -12%
amidst a widely accepted hybrid work
environment have led to this sluggish Chennai: 4.5 8
0.0%
Bengaluru Chennai Delhi-NCR Hyderabad Mumbai Pune
demand. However, India continues to mn sq. ft.
20% Q2 2022 Q2 2023
be a preferred destination for Gross absorption represents fresh leases and occupier sale, excludes renewals and pre-commitments
Source: Savills India Research
7%
corporates driven by a strong GDP 6
Average Rental Range (INR / sq.ft./ month)
growth rate, large talent pool,
(mn sq. ft.)

Gross Absorption (mn sq. ft.): Last 10 Years 0%

favourable policies, and ever growing 4
Pune 40 130
12
of infrastructure. Hence, we foresee NOIDA 55 115
10
this temporary reduction in leasing Gurugram 50 195
-20%
activity is likely to gain momentum in 8 2 Delhi 120 385
the second half of the year. 6 Mumbai 50 550
-33%
In the next few sections, we present a Hyderabad 35 78
4 0 -40%
Chennai
Flexible
Workspace

BFSI
detailed account of office market 35 110
2
IT

performance in H1 2023. Bengaluru 45 250

0
Bengaluru Chennai Delhi-NCR Hyderabad Mumbai Pune
Bengaluru, Chennai, Delhi-NCR, Hyderabad,
4 *Rental ranges are indicative values in the given market and may vary from the indicated band at other times
H12014 H12015 H12016 H12017 H12018 H12019 H12020 H12021 H12022 H12023
Mumbai and Pune Source: Savills India Research

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 Hyderabad Market Watch | Office H1 2023 Hyderabad Market Watch | Office H1 2023

GRADE-A OFFICE
VACANCY RATE STOCK & VACANCY
At the end of the second quarter in 2023
Hyderabad’s office market vacancy rose to
24.7%, up from 17.1% in the same period last
year. This is majorly due to the huge supply that
was added into the market in recent years in
anticipation of high levels of absorption similar
to 2019 levels.
Stock in mn sq. ft. Vacancy in %
RENTS
Rents in Hyderabad’s office sector have been 2023F 115.7 26.7%
range bound in H1 2023. Due to the high supply
of office space, rents have been contained H1 2023 109.5 24.7%
within a narrow band. This has helped to attract
tenants and keep the office market competitive.
H1 2022 79.7 17.1%
MARKET OUTLOOK
DEMAND
Hyderabad’s office market is expected to
remain resilient in 2023. We estimate leasing Source: Savills India Research
activity of 6.0 mn sq. ft. in the city in 2023.
The Airport Metro is likely to have a positive
impact on the southern micromarket
Major Transactions H1 2023
making the commute easier and increasing
the attractiveness of office spaces in the TENANT | Micromarket | Building
surrounding areas.
Transacted Area* (sq. ft.)

HYDERABAD
SECTORS HIGHRADIUS
The sectoral split for office space in SBD I
Hyderabad is expected to remain favourable KRC Building No 12C
LEASING AND COMPLETIONS for the IT sector in the coming years. Flex 3,40,000
workspace is also expected to be a major
Absorption: Hyderabad’s office market has been
occupier as companies look for adaptable HETERO

OFFICE MARKET UPDATE

growing steadily in recent quarters, with absorption
options in the wake of global economic SBD I
reaching 3.7 mn sq. ft. in H1 2023, a 3% YOY increase.
headwinds. In addition, the Life Sciences RMZ Nexity
This growth was driven by several factors, including
Scan to download the city’s strong IT sector, the growth of flex
sector is expected to grow driven by the 1,64,000
WhatsApp version HYDERABAD’S KEY HIGHLIGHTS government has also been playing a pivotal role in city’s strong pharma ecosystem and its
operators, and relatively affordable rents. The city
promoting the same which has helped to diversify the
saw a significant increase in the number of large
status as a major pharma hub in India. London Stock Exchange Group
Demand diversifying beyond IT Medtronic2 and Bristol-Myers Squibb’s3 (LSEG)
demand for office space.
deals, which accounted for 55% of all activity. This is
Hyderabad’s demand for office space has diversified to recent investments in Hyderabad are a vote SBD I
Supply rich city up from 45% in H1 2022. Majorly, these deals were
include other sectors such as BFSI and media/ of confidence in the city’s ecosystem and are Capitaland
concentrated in HITEC city.
advertising, which now account for 16% and 12% of the Hyderabad clocked the highest supply of office space in likely to attract peer companies in the 1,50,000
demand, respectively. This is a significant change from H1 2023 at 7.6 mn sq. ft, the highest supply in the first half In H1 2023, the leasing activity was led by SBD-I healthcare/pharma sector. The gaming
H1 2022 when media and advertising had hardly any of any year since 2015. The unlimited FSI has allowed which accounted for 85% of the market share. The industry is another area that is expected to STELLANTIS
share and BFSI had a 10% market share. However, the developers to build more, which has been a primary driver average deal size in this market has increased from contribute to the office demand given the SBD II
IT sector continues to garner a majority share of the increase in office space supply. Hyderabad’s high 47,000 sq. ft. to 51,000 sq. ft. government’s push to promote the sector. BSR Tech Park
comprising one-third of leasing activity in H1 2023. office supply has provided occupiers with quality options
Sector Split: The technology sector remains the 1,47,000
The heterogeneity of demand in the Hyderabad office to consolidate and re-strategise their portfolios. This is
leading occupier in H1 2023, accounting for a 34% RENT & VACANCY
Office Absorption particularly appealing in the current global economic
market is a positive sign for the city’s real estate share. The share of flexible workspaces in the The rents are expected to remain range WARNER BROTHERS
(mn sq. ft.) climate when many companies are optimising their
market. It shows that the city is becoming an attractive Hyderabad office market increased to 17%, up from bound despite the large supply due to the SBD I
destination for businesses from a variety of sectors operations. Capitaland
13% in H1 2022. This was due to the increasing willingness of developers to keep rents in
shifting from an IT-intensive hub. The state demand of plug and play options by small and check and attract businesses. The vacancy 1,20,000
2023F
6.0 KEY STATISTICS: H1 2023 Rental Range H1 2023 (INR/sq. ft./month)
start-up companies. The BFSI, media/advertising
sectors also performed well with a share of leasing
rate is expected to rise 26-27% by year-end
as the supply is expected to outpace demand
*Approximate and indicative areas only

activity of 16% and 12% respectively. by almost 2 times. HYDERABAD MICROMARKETS#

New YOY 100
Supply Change Supply: Hyderabad’s office market saw consistently Secondary Business District I (SBD I) - HITEC City,
SUPPLY Madhapur, Kondapur, Raidurg
H1 2023
3.7 7.6 23% 75
78
65
high supply in H1 2023, with new completions rising
23% YOY. Hyderabad is the second-largest city in The office market is expected to see a Secondary Business District II (SBD II) - Gachibowli,
mn sq. ft. Nanakramguda, Kokapet
50 45 terms of new office space completions among the top significant supply of 13.8 mn sq. ft in 2023. Peripheral East (PBD East) - Pocharam, Uppal
55 40
50 6 cities1, with 30% of the market share. Most of the projects that were on hold
Gross YOY Peripheral South (PBD South) – Shamshabad,
Absorption Change 25 35 35 during the pandemic are expected to get Adibatla
H1 2022
3.6 3.7 3%
The supply was almost evenly split between SBD-I
and SBD-II, with each micromarket accounting for
their completion certificates by year-end or Source: Savills India Research
mn sq. ft. 0 early next year. SBD II is expected to Savills India analyses the office market for the top six cities
48% and 52% of the total supply, respectively. The
1
SBD-I SBD-II Peripheral East Peripheral South
account for almost 64% of the supply mix. (Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai, and Pune)
majority (70%) of the new supply was non-SEZ https://rb.gy/igvt2
2
Gross absorption represents fresh
Source: Savills India Research leases and occupier sale, excludes
3
https://rb.gy/1zxqr
renewals and pre-commitments Source: Savills India Research development.

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ANNEXURE:
REAL ESTATE UNION BUDGET 2023-24:
ANNOUNCEMENTS AND SUB-SECTOR IMPLICATIONS

Sub-Sector Sub-Sector Sub-Sector Sub-Sector Sub-Sector Sub-Sector

Lifesciences & Pharma Affordable Housing Urban Planning Agricultural Sector Transport Sector New & Renewable Energy

Urban
Planning

Announcements Announcements Announcements Announcements Announcements Announcements

New programme to promote research PM Awas Yojana - 66% increased A) Increased allocation of INR 16,000 cr INR 2,200 cr fund allocation to support 50 additional airports, helipads; Outlay Allocation of INR 19,700 cr to the
in pharmaceuticals. allocation to INR 79,000 cr. for Smart Cities mission. agricultural start-ups. of over INR 3,100 cr for Civil Aviation National Hydrogen Mission.
Ministry.
Implications Implications
B) Urban Infrastructure Development Implications Implications
1. Collaborative research and innovation Promote affordable housing supply for
Fund- INR 10,000 cr per annum Near-to-medium-term impact on the Implications Push to the automotive segment causing
in the pharmaceutical segment to allocation. creation of logistics set-ups on vital Land prices may witness strong increased demand for industrial and
the middle-class and economically
create demand for R&D assets in weaker sections (EWS) rural-to-urban routes. appreciation around the proposed manufacturing real estate along with
certain locations. Implications airport sites logistics space expansion.
2. Ripple effect in real estate demand is A1) Seamless infrastructure and
likely to bode well for commercial real mobility.
estate. A2) Development of sustainable cities
with increased real estate potential.

B1) Improvement in connectivity and

enhanced economic activity.
B2) Push to Tier II & Tier III cities to
emerge as new growth centres.

savills.in 10 11
 Hyderabad Market Watch | Office H1 2023

APPENDIX
Abbreviations & Acronyms MoSPI - Ministry of Statistics & Programme Implementation
Bn - Billion PE - Private Equity
GDP - Gross Domestic Product PLI - Production Linked Incentive
GST - Goods & Service Tax PMI - Purchasing Manager’s Index
InvITs - Infrastructure Investment Trusts RBI - Reserve Bank of India
INR - Indian Rupee REIT - Real Estate Investment Trust
IT - Information Technology Sq. ft. - Square Feet Savills Savills India
IMF - International Monetary Fund SEBI - Securities and Exchange Board of India Savills PLC is a global real estate services provider Savills India is a group company of Savills PLC and Savills India provides services across office leasing,
IPO - Initial Public Offering YOY - Year over Year listed on the London Stock Exchange. We have an is a premier professional international property project management, capital markets, valuations,
Mn - Million international network of more than 700 offices and consulting firm. With full-service offices in research, consulting, industrial and logistics, and
40,000 associates throughout the Americas, the Ahmedabad, Bengaluru, Chennai, Hyderabad, residential services. Started in India in 2016, the
UK, continental Europe, Asia Pacific, Africa and Delhi-NCR, Mumbai and Pune, the firm serves company employs over 600 professionals.
Key Definitions the Middle East, offering a broad range of specialist occupiers, investors and developers of real estate.
advisory, management and transactional services
Term Definitions – Office Sector to clients all over the world.

Stock/Inventory • This includes area of existing buildings plus new completions (supply) in each quarter/half year/full year
Research Central Management Regional Management
• New office buildings that have received their certificates of completion/occupancy within the quarter/half year/full
Megha Maan Anurag Mathur Sarita Hunt
Supply year or Director Chief Executive Officer Managing Director
• Buildings that have their structure ready and have occupier/s operating out of it or fit-outs being carried out Research & Consulting Savills India Bengaluru
[email protected] [email protected] [email protected]
• Sum of all leases including expansion, relocation and consolidations Diksha Gulati Kaustuv Roy Rajat Johar
Gross Absorption/Gross General Manager Managing Director Managing Director
• Does not include full-term renewals which are after the nine-year lease expiry
Leasing/ Leasing Activity Research & Consulting Business Solutions Delhi-NCR
• Includes leasing of entire tower by an occupier within an IT park/development [email protected] [email protected] [email protected]
Shashwat Srivastava Naveen Nandwani Anup Vasanth
Average Rental Values/ Assistant Manager Managing Director Managing Director
• A fair estimation of asking rent and deal closure rent
Rents Research & Consulting Commercial Advisory & Transactions Chennai
[email protected] [email protected] [email protected]
Vacancy • Total vacant space as a percentage of inventory/stock
Aloka Majumder Sesha Sai
Assistant Manager Managing Director
Research & Consulting Media Queries Hyderabad
[email protected] [email protected]
Term Definitions – General Chinmoyee Kalita
Radhika Deshmukh Corporate Communications Lead Naveen Raina
Management Trainee [email protected] Executive Director
Crore • Ten Million (10,000,000) Research & Consulting (Interim Head Pune)
[email protected] [email protected]
Lakh • One Hundred Thousand (100,000)
Arvind Nandan Kaustuv Roy
Managing Director Managing Director
Research & Consulting Business Solutions
[email protected] Mumbai
[email protected]

Gurugram Mumbai Bengaluru

3-A, Second Floor, Building 9B 403, Tower B, Level 4, The Capital 15th Floor, SKAV SEETHALAKSHMI
DLF Cyber City, Phase 3 Street 3, G Block, Bandra Kurla Complex Corporation No.21, Kasturba Road
Sector 24, Gurugram 122 002 Bandra East, Mumbai 400 051 Bengaluru 560 001
Haryana, India Maharashtra, India Karnataka, India

Bengaluru Chennai Pune

Vaishnavi Tech Park, WM9C+995 Savills, 5th Floor, North Wing Unit #4, 13th floor
Sarjapur Main Rd, Bellandur Harmony Square, New No. 48 & 50 Phoenix Fountainhead Tower 2
Bengaluru 560 103 Praksam Street, T. Nagar Phoenix Market City
Karnataka, India Chennai 600 017 Viman Nagar, Pune 411 003
Tamil Nadu, India Maharashtra, India

Hyderabad Ahmedabad Kolkata

5th Floor, DivyaSree Solitaire, Plot No. 14 & 15 INC-02, The First Commercial Complex Apeejay Business Centre
Software Units Layout, Sy No 64, Madhapur, B/S Keshavbaug Party Plot, Vastrapur 15 Park Street, Apeejay House
Serilingampally Mandal, Hyderabad 500 081 Ahmedabad 380 015 Block-A, 8th Floor, Kolkata 700 016
Telangana, India Gujarat, India West Bengal, India

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