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The year 2022 recorded an escalation in material costs due to curtailed production amid the pandemic and increased international shipping costs led by supply chain bottlenecks. The overall construction cost of greenfield infrastructure projects increased by 5-7 per cent in the third quarter of 2022 (July-September), said leading real estate consulting firm <keyword id="6376943" type="General" weightage="100" keywordseo="cbre" source="Orion">CBRE</keyword> South <keyword id="21718" type="General" weightage="50" keywordseo="asia" source="Orion">Asia</keyword> in a report on Thursday. The report examines the current market landscape and deliberates on factors influencing cost trends across key asset classes. Labour costs increased by 8-10 per cent and reinforcement steel prices by about 20 per cent year-on-year during Q3 2022. Looking ahead, the CBRE report said inflationary pressures are widely expected to abate in 2023. "This, alongside the resolution of supply chain disruptions and more active policy intervention from the government, might limit hikes in material prices," it said. The outlook for construction costs remains stable but cautious as market volatility is likely to persist in 2023 along with monetary tightening, continued high inflation, a possibility of a recession in developed economies and geopolitical turmoil-related challenges. CBRE report forecasts a marginal rise in the overall construction costs during 2023 across cities, with Mumbai likely to witness a sharper rise. Fuel price volatility may also impact the overall input costs in 2023. "Despite supply constraints, the demand side of the equation is bolstered this year by rental increases and market demand. Construction demand is likely to remain strong in the near term. We expect a comparatively stable outlook for the <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>n economy with the possibility of potential economic slowdown; however, considerable pent-up demand for new construction--including government infrastructure projects--should largely sustain construction activity in India," said Anshuman Magazine, Chairman and CEO - India, South-East Asia, <keyword id="30350" type="General" weightage="50" keywordseo="middle-east" source="Orion">Middle East</keyword> and <keyword id="12925" type="General" weightage="50" keywordseo="africa" source="Orion">Africa</keyword> of CBRE. According to <keyword id="3956981" type="General" weightage="50" keywordseo="gurjot-bhatia" source="Orion">Gurjot Bhatia</keyword>, Managing Director, Project Management - India, SE Asia, Middle East, and Africa: "As the cost of major materials such as cement and steel has declined quarter-on-quarter and a gradual improvement in supply chain bottlenecks was witnessed during Q3 2022, construction cost has stabilised across asset classes and cities." Despite headwinds, construction demand is expected to remain strong in the near term, <keyword id="4943" type="General" weightage="50" keywordseo="bhatia" source="Orion">Bhatia</keyword> said, adding that considerable pent-up demand for new construction should largely sustain the marginal increase in the cost of construction. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/retail-inflationary-pressures-expected-to-ease-with-fresh-kharif-arrivals-finance-ministry/articleshow/95760372.cms">Retail inflationary pressures expected to ease with fresh Kharif arrivals: Finance Ministry</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/uks-asian-rich-list-hinduja-family-retain-top-spot-uk-pm-sunak-his-wife-make-debut/articleshow/95761539.cms">UK's Asian Rich list: Hinduja family retain top spot, UK PM Sunak, his wife make debut</a>

Construction cost of greenfield infra projects increased by 5-7% Q32022: CBRE

<keyword id="24068881" type="General" weightage="100" keywordseo="Equity-investments-in-Indian-real-estate" source="keywords">Equity investments in Indian real estate</keyword> may rise 49% to $11 billion this calendar year amid strong demand for properties, according to CII and CBRE. In the 2023 calendar year, the equity investments in real estate stood at $7.4 billion. Industry body CII and real estate consultant CBRE on Wednesday released a joint report titled 'Leading the Charge: Crafting the Skylines of Tomorrow' at the annual CII Realty 2024 conclave. Equity capital inflows touched $8.9 billion between January and September, registering a 46% year-on-year growth. "Overall equity investments in 2024 in the real estate sector are set to hit a new record surpassing $10 billion for the first time," the report said. With a resurgence in investment inflows in built-up office assets and a strong acquisition pipeline for land in the residential sector, the overall equity investments in 2024 would be in the $10-11 billion range. During January-September, institutional and collective vehicle investors accounted for nearly 40% of the overall investments. Developer companies led the total capital inflows with more than 41% share in this period. Domestic investors (predominantly developers) invested nearly USD 6 billion during the first nine months of the calendar year, dominating the overall capital inflows with an almost 65% share. In comparison, foreign investors contributed about $3.1 billion during the same timeframe. Notably, North American and Singaporean investors were the significant contributors, representing about 85% of all foreign capital inflows. Anshuman Magazine, Chairman &amp; CEO, India, South-East Asia, Middle East &amp; Africa, CBRE, said, "Projection for 2024 equity investments between $10-11 billion, highest-ever, underscores continued investor interest in the growing <keyword id="23870227" type="General" weightage="20" keywordseo="real-estate-market-in-India" source="keywords">real estate market in India</keyword>." With SEBI's SM-REIT framework, he said, smaller but high-quality assets in Tier-II markets would also present new avenues for strategic capital deployment. "We believe this regulatory support will add much-needed transparency, enabling a more diversified investment base and encouraging institutional participation across these markets," Magazine said. Going ahead, he said this growing diversification will not only solidify India's real estate sector but also pave the way for future growth across emerging asset classes.

Equity investments in Indian real estate may rise 49% to record $11 billion this year, says CII-CBRE report

<ul class="summary-list"><li>CBRE, the world's largest commercial real estate brokerage and services firm, has many different internships. Its largest is the national sales internship program, which pairs interns with brokerage teams. </li><li>It received 4,500 applications for 2020, and CBRE expects to make 175 placements in the internship program. </li><li>We spoke to Elisha Bejsovec, the CBRE program manager for campus recruiting who runs the national program, and Lew Horne, CBRE's president of the Pacific Southwest division, about how to nab a spot. </li><li>They suggest having prior internships in the field or joining their schools' real estate society or club. Horne said that they're "laser-focused" on attributes, because "you can train the skills."</li><li>Resume keywords like real estate, leadership, networking, and analytics demonstrate that an applicant may have the attributes that the firm is searching for.</li><li>One way to have a better chance is by networking with the local CBRE brokers and teams. Bejsovec said that many brokers would be glad to meet with potential interns.</li><li><a href="https://www.businessinsider.com/prime">For more BI Prime stories, click here.</a></li></ul>In an increasingly professionalized real estate world, the right stamp of approval for a job-hunting student or early-career professional can be crucial.<a href="https://www.businessinsider.com/best-internships-in-investment-banking-2017-10">While internships at Wall Street giants may draw more attention on campus</a>, real-estate firms have launched their own, ultra-competitive programs. CBRE, the world's largest commercial real estate brokerage and services firm, has six different internship opportunities for recent college grads, from finance and valuations work to project management and tech, as well as a range of opportunities for MBAs and other graduate students, but its largest is the national sales internship.Launched five years ago, the paid internship runs for eight weeks in the summer and is open to undergraduate juniors and seniors, as well as graduate students. It operates in 15 markets around the country, with the size of the class of interns proportional to the size of the market. Almost all of CBRE's largest markets are represented, except for New York, which has its own, separate sales internship program.The national sales internship program has an acceptance rate that's comparable to Harvard's undergrad program: just under 4%. It received 4,500 applications for 2020, and is projecting to make 175 placements in the internship program. Interns are paired with a brokerage team and also work in small groups on a competitive project, pitching their own insight to solve problems on CBRE's actual deals in progress. We spoke to Elisha Bejsovec, the CBRE program manager for campus recruiting who runs the national program, and Lew Horne, CBRE's president of the Pacific Southwest division, about the program, and their tips to get a spot in the intern class, and how to get hired at the end of the eight weeks. "It's a potential free look for them and a potential free look for us," Horne told Business Insider (free look is a real estate synonym for due diligence period). They did not disclose the interns' salary, but said it was "competitive" with similar programs. <h2>Use these resume keywords to stand out</h2>The internship recruiting process starts at the end of the summer, when CBRE post the job opening on its website and on-campus job portals. Bejsovec and her team hold info sessions at some universities with strong real estate, sales or entrepreneurship programs, but they open up applications to a wide range of students.Last year, the class of 135 interns came from 77 different universities. Each localized program recruits mostly from nearby universities - Horne said that in greater LA, that means USC and UCLA send many students.Bejsovec and Horne said that while academic performance is an important part of the selection, their top priorities for applicants are that they have demonstrated interest in commercial real estate, and that they have the right attributes for a sales job. "GPA is great, but a lot of time it doesn't tell the whole story," Bejsovec said. Bejsovec and Horne suggest having prior internships in the field or joining their schools' real estate society or club as great ways to show a passion for real estate. Even better, if the intern was in the leadership for their school's real estate society as that indicates they have the right characteristics.Horne said that they're "laser-focused" on attributes, because "you can train the skills and the knowledge comes with reps." Resume keywords like real estate, leadership, networking, and analytics demonstrate that an applicant may have the attributes that the firm is searching for.<h2>Network with local CBRE brokers to gain an edge</h2>One way to have a better chance of selection is by networking with the local CBRE brokers and teams. Bejsovec said that many brokers would be glad to meet with potential interns, and that it could pay off with your application. CBRE has a referral tracking process for the intern program, which is a source of many of their applicants."This is a relationship-oriented business," Bejsovec said. "It's better for you to be known than to just send your application out there and hope it gets accepted." The application is kept open for a few months, and applicants should hear back with next steps in January. For those that move forward, the next step is a virtual interview: a pre-recorded interview with the students responding to a set of questions that they read off of their computer screen. This can be awkward, but the awkwardness is a feature, not a bug, as it can "show them in their element" while also overcoming "some adversity," Bejsovec said. The last step is an onsite "superday," where finalists come into their local office and interview directly with the teams they would potentially work for. This day is also where the recruiting team matches interns with the teams that make most sense for their interests by asset class. <h2>Internal networking is the X factor </h2>The internship can turn into a full-time role; 20% of interns were converted to full time in 2018. These offers are not always in brokerage, which Bejsovec said is a "tough place to start as a young person," and interns have been hired into research, valuations, and client management as well. Success at CBRE is, in many ways, typical to success in any setting. Bejsovec and Horne encourage students to make sure they come in on time and leave with the rest of the team, to ask questions and learn, and to do high-quality work. The X factor, same with the application, is an intern's ability to network outside of their direct team at CBRE, as many interns are actually hired onto teams other than the sales team. Bejsovec and Horne highlighted CBRE's affinity networks, like its military network, LGBT network, and women's network, as ways that interns have been able to make those valuable connections. The final group project is another way for interns to stand out. Ryan Gurman, a 2017 intern, won the Greater Los Angeles County/ Orange County contest with a pitch about a retail shopping center that CBRE was working on. The client actually followed through on Gurman's pitch, and Gurman was hired. He was awarded CBRE West LA's 2019 Rookie of the Year award.Even for those that don't get converted to full-time roles, Horne said that the program has built an "industry-level reputation," and alums are sprinkled among CBRE's competitors like JLL and Cushman and Wakefield, more boutique firms, private equity and VCs. Bejsovec credits the interns themselves, who have built relationships at the program that have gotten them jobs later on.

Here's how to land a spot in real-estate giant CBRE's ultra-competitive sales internship program that's harder to get into that Harvard

Demand for industrial and <keyword id="108235" type="General" weightage="20" keywordseo="logistics" source="Orion">logistics</keyword> spaces hit an all-time high across eight major cities last year with <keyword id="117877" type="General" weightage="20" keywordseo="leasing" source="Orion">leasing</keyword> activity rising annually by 8 per cent, according to <keyword id="20060150" type="General" weightage="20" keywordseo="cbre" source="keywords">CBRE</keyword>. In its latest report, <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> consultant CBRE said that the leasing of industrial and logistics spaces rose to 38.8 million square feet in 2023 from 36 million square feet in the previous year driven mainly by demand from third-party logistics (3PL) companies. Anshuman Magazine, Chairman &amp; CEO, India, Southeast Asia, Middle East &amp; Africa, CBRE, said, "As we envision the future of the industrial and logistics sector, this robust growth is a testament to the sector's resilience despite global economic challenges." Leasing activities across the top eight cities remained robust in 2023, showing a steady annual space occupancy, he said. "The leasing landscape in 2023 reflects a pronounced influence of 3PL players, commanding a substantial 45% share," Magazine said. The consultant noted that diverse industries, including <keyword id="35621" type="General" weightage="20" keywordseo="e-commerce" source="Orion">e-commerce</keyword>, <keyword id="6354851" type="General" weightage="20" keywordseo="retail" source="Orion">retail</keyword>, and <keyword id="6362048" type="General" weightage="20" keywordseo="manufacturing" source="Orion">manufacturing</keyword>, chose to outsource their supply chain operations to 3PL firms. This strategic move was aimed at meeting storage requirements, attaining increased flexibility, cost reduction, and overcoming challenges associated with labour sourcing. Engineering and manufacturing companies constituted 17 per cent of the total leasing activity. The proactive government policies and initiatives such as the Production Linked Incentive (PLI) scheme played a pivotal role in fuelling the growth of domestic engineering and manufacturing firms. Leasing of industrial and logistics spaces in Mumbai touched an all-time high, registering 9.9 million sq ft in 2023 as against 7.3 million square feet in the previous year. In Delhi-NCR, the demand fell to 7 million square feet last year from 9.4 million square feet during 2022 calendar year. Bengaluru saw a decline to 4.7 million square feet from 5.9 million square feet. Kolkata too witnessed a dip to 3 million square feet from 3.8 million square feet. However, in Hyderabad, the demand grew to 4.3 million square feet from 3.7 million square feet. Leasing of industrial and logistics spaces in Chennai increased to 6 million square feet from 3.9 million square feet. In Pune, the leasing went up to 1.7 million square feet from 0.7 million square feet. The demand for industrial and logistic warehousing spaces in Ahmedabad rose to 2.2 million square feet last year from 1.2 million square feet in the 2022 calendar year. "Driven by increased demand for high-quality spaces, restricted availability of quality supply in specific locations, and an escalation in land costs, rental values witnessed an annual rise in prominent micro-markets across cities, except in the case of Kolkata," CBRE said.

Industrial & logistics space demand hit record in 2023 at 38.8 mn sq ft in 8 cities: CBRE

<ul><li>The <keyword id="9185181" type="General" weightage="20" keywordseo="demand-for-office-space" source="Orion">demand for office space</keyword> continues to grow by at least 62% in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, as per a report by <keyword id="6376943" type="General" weightage="80" keywordseo="cbre" source="Orion">CBRE</keyword>.</li><li> But the demand is going up especially for environmental, social and governance or ESG-compliant offices or green buildings</li><li>This trend is likely to emerge as companies primarily opt for flexible working patterns post the pandemic as employees want a good mix of remote working and work from the office.</li></ul>It is official now that Indian employees are not willing to ‘go’ back to offices like they did before the pandemic. To suit this, 73% of companies or <keyword id="181150" type="General" weightage="20" keywordseo="office-space" source="Orion">office space</keyword> renters are evaluating hybrid working arrangements. Overall, the demand for office space continues to grow by at least 62% in India, as per a report by CBRE, a real estate investment firm. Most companies intend to increase the size of their real estate portfolios over the next three years. But the demand is going up especially for environmental, social and governance or ESG-compliant offices or green buildings, the report says. Around 52% of the respondents of a survey said that they want to relocate to an ESG-compliant building. Another 7% are willing to relocate to such a place even with a premium rental. And they are willing to rent to suit their flexi strategies. “While one-third of the respondents indicated consolidation in fewer locations, along with meeting flexible demand via coworking spaces as part of their flexible portfolio strategy,” says the report. This trend is likely to emerge as companies primarily opt for flexible working patterns post the pandemic as employees want a good mix of remote working and work from the office. “Return to office for several corporates in India is already underway. However, with the widespread adoption of hybrid working since the pandemic, many companies are still considering the degree of flexibility needed to enhance employee productivity and connectivity,” said Anshuman Magazine, chairman &amp; CEO of India, South-East Asia, Middle East &amp; Africa at CBRE. <cmsannotation type="cmsannotation" annotationid="Companies have retained the seating arrangement" comment="subhead" text="Companies have retained the seating arrangement">Companies have retained the seating arrangement</cmsannotation> The report says that offices are looking to enhance the appeal of ‘me’ spaces and create more flexible ‘me /we’ spaces. They are also adopting more activity-based working, hotdesking, and targeted mobility. Hot desking is an office system that involves multiple workers using a single physical workstation or surface during different time periods. Among the flexible seating options available, hot desking has grown by 100% over the past two years. As many as 44% of the companies surveyed retained the seating arrangements, as of 2022. “A key priority for office occupiers in India would be to tailor workplace strategies to ensure that their offices are suitable for flexible working. Owing to this, CBRE has observed a shift from fixed to flexible workplace configurations, which is likely to continue going forward,” said <keyword id="506097" type="General" weightage="50" keywordseo="ram-chandnani" source="Orion">Ram Chandnani</keyword>, managing director, advisory and transactions services at CBRE India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/spicejet-shares-plunge-sharply-due-to-several-technical-malfunctions-and-rising-jet-fuel-prices/articleshow/92742788.cms">SpiceJet: In the eye of a perfect storm</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/vivo-allegedly-sent-62476-crore-to-china-to-evade-taxes-in-india-heres-everything-you-need-to-know/articleshow/92742439.cms">Vivo allegedly sent ₹62,476 crore to China to evade taxes in India – here’s everything you need to know</a>

The post-pandemic work space would be greener and more ‘tailor-made’

<ul class="summary-list"><li>Renting will be cheaper than owning a home for a long time, according to CBRE. </li><li>CBRE said that as buying costs soar, rental demand tend to also climb. </li></ul>Owning a house feels increasingly out of reach for many would-be buyers, and the supply shortage across the country means that it'll be more economical to rent than own for a long time, according to CBRE. A <a href="https://www.cbre.com/insights/briefs/renting-will-likely-be-less-expensive-than-buying-a-home-for-some-time?utm_source=CampaignLogic&amp;utm_medium=email&amp;utm_campaign=New+Mortgage+Payments+Expected+to+be+Higher+than+Rent+for+Next+Five+Years&amp;utm_content=03%2f21%2f2024" target="_blank" rel="noopener">note from the real estate services firm</a> shows that the average monthly mortgage payment was 38% more than the average apartment rent at the end of 2023. The two expenses were closely aligned until 2019, and monthly mortgage payments plus taxes have since skyrocketed 75%. "The disparity between mortgage payments and rental costs presents a substantial hurdle for aspiring homeowners," said Matt Vance, CBRE's Americas head of multifamily research. "The sharp increase in the cost of buying a home has made it increasingly difficult for individuals and families to make the transition from renting to owning.""Even though the premium to buy a home may come down over the next several years based on home-price, interest-rate and rent-growth forecasts, it is expected to remain high enough to keep today's renters renting for longer."The firm also found that when buying costs rise, rental demand also spikes."We saw this play out in 2023, when normally slower Q3 and Q4 demand exceeded that of Q2. Prior to the pandemic, Q2 has almost always been the strongest quarter for absorption," the note said. Looking ahead, multifamily rents are forecasted to rise by 2.8% annually for the next five years. This, combined with a shortage of 3.8 million homes, will require a mix of declining home prices and reduced mortgage rates to achieve parity between the cost of homeownership versus renting, CBRE said. "With long-term mortgage rates expected to remain above their pre-pandemic levels, homeowners may find that the low financing they secured years ago will keep them in their current homes for longer. This in turn will continue to suppress for-sale activity, which will further boost home prices."

Renting will be cheaper than buying a home for years to come, real estate firm says

Delhi’s <keyword id="90899" type="UNKNOWN" weightage="100" keywordseo="Connaught-Place">Connaught Place</keyword> has slipped one place to become the world’s eighth costliest office location, according to property consultant Coldwell Banker Real Estate (CBRE). Mumbai’s <keyword id="102951" type="UNKNOWN" weightage="100" keywordseo="Bandra-Kurla-Complex">Bandra Kurla Complex</keyword> (BKC) was ranked 16th and <keyword id="6391251" type="COMPANY" weightage="100" keywordseo="Nariman-Point">Nariman Point</keyword> 32nd in the list of Top 50 Costliest Global Office Markets. 
 
“At more than $150 per sq. ft. per annum, Delhi’s traditional central business district (CBD) of Connaught Place was ranked as the eighth most expensive office market in the world,” CBRE said. 
 
Last year, Connaught Place was ranked seventh while BKC and Nariman Point were at 15th and 32nd positions, respectively. 
“London’s West End remained the world’s highest priced office market, followed by Hong Kong (Central) and Beijing (Finance Street),” CBRE said. 
 
CBRE South Asia chairman &amp; MD Anshuman Magazine said, “This downward change in rankings in the CBD is due to a recovery in the global market. Locally, however, the demand levels remain stable and due to a lack of new supply, values remain high.” 
 
CBRE tracks occupancy costs for prime office space in 126 markets across the world. The survey provided data on the basis of office rents and occupancy costs as on 31 March, 2014. CBRE noted that Connaught Place remains highly sought after by corporate office occupiers because of its central location.

Connaught Place Slips One Notch, Becomes
World’s 8th Most Expensive Office Location

Leasing of industrial and warehousing space was highest in Delhi-NCR and adjoining areas during 2022 at 7.3 million square feet driven mainly by demand from third-party logistics and e-commerce firms, according to <keyword id="6376943" type="General" weightage="100" keywordseo="cbre" source="Orion">CBRE</keyword>. The leasing grew by 6 per cent in Delhi-NCR to 7.3 million square feet in 2022 from 6.9 million square feet in the previous year. In its latest report, CBRE said that the leasing of industrial and logistics space across eight major cities rose 8 per cent to 31.6 million square feet in 2022 from 29.4 million square feet in the previous year. Commenting on the report, <keyword id="330930" type="General" weightage="50" keywordseo="anshuman-magazine" source="Orion">Anshuman Magazine</keyword>, Chairman &amp; CEO - India, South-East Asia, Middle East &amp; Africa, CBRE, said, "The intent to strengthen supply chain among global and domestic companies drove the leasing activity in 2022." The leasing activity in 2023 is expected to remain range-bound, driven by sustained demand from 3PL (third party logistics), engineering &amp; manufacturing and retail firms, he added. "On the supply front, we foresee project completions to exceed the 2022 levels and be in line with space take-up during 2023," Magazine said. As per the data, in Mumbai, the leasing grew 36 per cent to 6.1 million square feet in 2022 from 4.5 million square feet in the previous year. The leasing of industrial and logistic space in Bengaluru fell 18 per cent to 5.2 million square feet from 6.4 million square feet. Chennai saw a marginal decline in leasing to 4 million square feet. In Hyderabad, the leasing rose 16 per cent to 3.7 million square feet from 3.2 million square feet. The leasing activities in Pune fell 64 per cent to 0.6 million square feet from 1.8 million square feet. In Kolkata, the leasing jumped to 3.8 million square feet from 1.9 million square feet. Leasing of industrial and logistics space was up 33 per cent in Ahmedabad during 2022 to 0.8 million square feet from 0.6 million square feet in the previous year. The consultant said that the overall leasing across eight cities grew despite global headwinds, and a slowdown in e-commerce demand and dissipation of the post-pandemic need to hold additional inventories. This is the second-highest leasing activity recorded in industrial and logistics after the 2019 peak of 32 million square feet. The total supply in 2022 touched 20.9 million square feet. The 3PL players accounted for about half of the annual space take-up, driven by heightened demand from interlinked stakeholders across the supply chain (wholesalers, retailers, &amp; e-commerce players) for the need to shore up distribution capabilities. Over the last five years, 3PL players have cumulatively leased more than 60 million square feet across India. A majority of this space take-up was led by domestic occupiers. Engineering &amp; manufacturing firms picked up pace in 2022 with a share of about 16 per cent in total leasing compared to 10 per cent in 2021. "For local engineering and industrial players, government policy enablers like the <keyword id="8870884" type="General" weightage="50" keywordseo="production-linked-incentive" source="Orion">Production Linked Incentive</keyword> (PLI) programme worked as a growth stimulant," the consultant said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/dedicate-mumbai-coastal-road-to-lata-didi-urges-mangeshkar-family/articleshow/97650326.cms">Dedicate Mumbai coastal road to Lata Didi, urges Mangeshkar family</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/byjus-to-miss-march-2023-deadline-for-group-level-profitability-results-delayed-again/articleshow/97650755.cms">BYJU's to miss March 2023 deadline for group level profitability, results delayed again</a>

Leasing of industrial, logistics space highest in NCR in 2022 across top 8 cities: CBRE

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="https://www.shutterstock.com/g/Songquan+Deng">Songquan Deng/Shutterstock</a>Surprisingly, London is not the world's most expensive city for renters.</div></div></div>The commercial property company <a href="http://www.cbre.co.uk/uk-en" target="_blank">CBRE</a> has released its Global Living Report 2016, which reveals the most expensive cities in the world to rent a property.To determine the findings of its second annual report, CBRE analysed the property market in 35 large global cities, looking at the average monthly rent for a two-bedroom apartment in each, as well as the cost of other living expenses including basic utilities (such as electricity and heating), petrol, a gallon of milk, and dining out.Of the 35 cities included in the study, here are the 10 most expensive places to rent, along with a breakdown of selected living costs:Note: All currency conversions below appear as they are listed in the CBRE report.

The 10 most expensive cities for renters in the world

<ul class="summary-list"><li><keyword id="12161" type="COMPANY" weightage="60" keywordseo="San-Francisco">San Francisco</keyword> lost the most residents between 2019 and 2020 out of every major city, per CBRE.</li><li>Moves from San Francisco to <keyword id="15710" type="ENTERTAINMENT" weightage="60" keywordseo="texas">Texas</keyword> increased by 32.1% and to <keyword id="6357385" type="LOCATION" weightage="60" keywordseo="florida">Florida</keyword> by 46.2%.</li><li>Yet most who left San Francisco went to nearby Sacramento, the data shows.</li></ul>San Francisco lost the most residents between 2019 and 2020 out of every major city, according to a new analysis.The Bay Area city lost about 18 residents per 1,000 people in 2020, compared to losing just 9 residents out of ever 1,000 the year prior, according to a <a href="https://www.cbre.us/-/media/cbre/countryunitedstates/us-research/major-reports/2021/covid-19-impact-on-migration-patterns-media-folder/covid-19-impact-on-resident-migration-patterns.pdf">new report</a> by the commercial realty firm CBRE Group.Though most people moved out of San Francisco to other areas in California, the share of people moving to Texas and Florida soared compared to 2019, the data showed. The number of people who moved from San Francisco to Texas increased by 32.1% between 2019 to 2020, and the share of those who moved to Florida rose by a whopping 46.2%.CBRE Group, based in Dallas, Texas, obtained USPS records through a Freedom of Information Act request, a spokesperson told Insider. CBRE used the USPS records of individual permanent address changes between 2019 and 2020 to analyze how the pandemic impacted migration patterns.Read more: <a href="https://www.businessinsider.com/google-adds-new-executives-to-search-team-under-prabhakar-raghavan-2021-4">Google continues its Search leadership shuffle, appointing new executives to focus its most important business</a>Tech companies' transition to work-from-home during the <keyword id="8763838" type="UNKNOWN" weightage="60" keywordseo="covid-19">COVID-19</keyword> pandemic incentivized employees to move out of San Francisco to less costly areas, CBRE estimates. As many as <a href="https://www.businessinsider.com/san-francisco-lost-89000-households-during-pandemic-usps-data-2020-12">89,000 households</a> moved out of San Francisco between March and November 2020.Several prominent techies boasted about their move out of California. Elon Musk <a href="https://www.businessinsider.com/tesla-ceo-elon-musk-confirms-move-to-texas-2020-12">confirmed</a> he moved to Texas in December after criticizing California's response to the pandemic. Unicorn investor Keith Rabois <a href="https://www.businessinsider.com/keith-rabois-says-silicon-valley-is-atrophying-as-talent-flees-2020-11?r=ah-sub">moved to Miami</a> and said the Bay Area is losing its concentration of tech talent."Many of the most ambitious people on the planet have lived here," Rabois <a href="https://www.businessinsider.com/keith-rabois-says-silicon-valley-is-atrophying-as-talent-flees-2020-11?r=ah-sub">told Insider</a> regarding the Bay Area, "but post-COVID, I think the concentration of talent has atrophied, perhaps permanently."Yet CBRE said most who left San Francisco went to nearby Sacramento. Moves from San Francisco to Sacramento increased by 70% in 2020, and more people moved to California's capital last year than to cities like Tampa, San Antonio, and Austin."The pandemic came just as the bulk of the large and increasingly affluent millennial cohort had reached prime family formation age," the report states. "Consequently, millennials had been trending toward more suburban residencies even before COVID-19 came on the scene."

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