Last year's T-upheavals have failed to mar Hyderabad's image as one of the most-preferred destinations for IT/ITeS operations in the country thanks to availability of skilled manpower (compared to other metros), proactive government policies, reasonable and competitive realty prices as well as better infrastructure, according to leading realty consultancy firm Knight Frank.
The firm's study of the office space market in the 2011-12 fiscal shows that a total of 5.4 million sq.ft was absorbed in the city. Of that 3 million sq.ft were taken up in the first half and the remaining 2.4 million during the second half of the fiscal. Interestingly, the IT &ITeS sector, which accounts for a lion's share of office space absorption, actually ramped up its share of total occupancy in the second half of the fiscal despite the Sakala Janula Samme crippling the city in September and October of last year.
In the first half, IT&ITeS accounted for 78% or 2.3 million sq.ft of the total office space absorption of 3 million sq.ft in the city thanks to players like Facebook, Convergys, Cognizant and IBMlapping up space. But, in the second half, the sector accounted for a whopping 88% or 2.1 million sq.ft out of the total office space absorption of 2.4 million sq.ft as players like Genpact, Google India, Amazon, DuPont and Cognizant stepped up their presence in the city.
Some of the big-ticket office deals concluded in the city during the fiscal in question includes the 4.5 lakh sq.ft space picked up by Deloitte in Hitech City, 3.5 lakh sq.ft taken over by Cognizant at Gachibowli, 2.2 lakh sq.ft acquired by IBM at Manikonda and over 1.17 lakh sq.ft picked up byGoogle India at Kondapur.
"In the past one year, despite political agitations in the region and weak sentiment on the global economic front, the office market in Hyderabad firmed up and continued to attract newer occupants," said the report by Knight Frank India research head, Samantak Das.