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India's real estate market to hit $10 trillion by 2047: Colliers-CREDAI report​

New Delhi, Leasing of industrial &amp; warehousing space fell 12 per cent during the July-September period to 6.2 million square feet across five major cities on lower demand in Delhi-NCR and Bengaluru, according to Colliers India. The leasing of industrial and warehousing space stood at 7 million square feet in the year-ago period. During the January-September period, the demand fell 4 per cent to 17.2 million square feet from 18 million square feet in the corresponding period of the previous year. According to Colliers data, the leasing of industrial &amp; warehousing space in Chennai jumped more than 3-fold to 1.8 million square feet during the July-September period from 0.5 million square feet in the year-ago period. The demand rose 60 per cent to 3.5 million square feet during the January-September period over 2.2 million square feet in the corresponding period in the previous year. In Mumbai, the demand jumped over 2-fold to 1.2 million square feet in the third quarter from 0.5 million square feet in the year-ago period. During the first nine months of this year, the leasing rose 48 per cent to 3.9 million square feet from 2.7 million square feet. The leasing of industrial &amp; warehousing space in Pune increased 22 per cent to 1.6 million square feet during July-September from 1.3 million square feet in the year-ago period. Pune saw a marginal rise of 1 per cent to 4.1 million square feet in January-September from 4 million square feet in the corresponding period of the previous year. In Delhi-NCR, the demand fell 76 per cent to 0.9 million square feet during July-September from 3.8 million square feet a year ago. The leasing fell 46 per cent to 3.7 million square feet during January-September from 6.8 million square feet in the corresponding period of the previous year. The demand for industrial &amp; warehousing spaces in Bengaluru was down 21 per cent to 0.7 million square feet in July-September from 0.9 million square feet in the year-ago period. The leasing declined 10 per cent to 2 million square feet during the first nine months this year as against 2.3 million square feet in the corresponding period of the previous year. The consultant said third-party logistic (3PL) players continued to dominate demand during the January-September period at 40 per cent share followed by engineering players garnering 17 per cent. At the same time, leasing by FMCG jumped over two-fold as they expanded their presence in key markets such as Delhi-NCR and Pune. The rise in leasing levels for the FMCG sector largely pertains to the spurt in consumption levels over the last two quarters, which is likely to continue in the last quarter as well, led by the upcoming festive season, it added.

Industrial, warehousing space demand falls 12% in September quarter in 5 cities: Colliers

Average office rentals remained stable during April-June at ₹95 per square feet across six major cities as new supply rose 32%, while demand grew by a modest 2 %, according to <keyword id="3166898" type="General" weightage="20" keywordseo="colliers-india" source="Orion">Colliers India</keyword>. Real estate consultant Colliers India released its <keyword id="17907085" type="General" weightage="20" keywordseo="quarterly-data-of-six-major-office-markets" source="Orion">quarterly data of six major office markets</keyword> -- Bengaluru, Delhi-NCR, Mumbai, Chennai, Hyderabad and Pune -- on Wednesday. Gross leasing of office space rose 2 % to 14.6 million square feet across top six cities during April-June, from 14.3 million square feet in the year-ago period, driven by technology, engineering and manufacturing sectors. Chennai saw a three-fold jump in office demand, beating Delhi-NCR and Mumbai in leasing activities. New supply of office space rose 32 % to 12.4 million square feet across these six cities from 9.4 million square feet. Weighted average rental remained flat at ₹ 95 per square feet a month, across six cities. Peush Jain, managing director-office services, India, Colliers, said, "While the demand improved during the quarter, supply saw significant three-fold rise year-on-year, and was at par with demand. Hence rentals largely remained steady." As the demand improves further in coming quarters, Jain said there is a potential upside on rentals by the end of the year. As per the city-wise data, office space leasing in Bengaluru fell 22 % to 3.4 million square feet in April-June from 4.4 million square feet in the year-ago period. However, new supply more than doubled to 3.8 million square feet from 1.6 million square feet. Office rent in Bengaluru rose 1 % to ₹ 91.9 per square feet a month, from ₹ 90.6 in the year-ago period. In Chennai, the office leasing tripled to 3.3 million square feet from 1.1 million square feet. New supply jumped to 2.4 million square feet from 1 million square feet. Office rent in Chennai grew by 2 % to ₹ 75.1 per square feet from Rs 73.4 per square feet a month. Office leasing in Delhi-NCR was up 11 % to 3.1 million square feet from 2.8 million square feet. New supply rose 43 % to 2.1 million square feet from 1.4 million square feet. Monthly rent in Delhi-NCR appreciated by 2 % to ₹ 94.2 per square feet from ₹ 92.4 per square feet. In Hyderabad, the office demand fell 22 % to 1.5 million square feet from 1.9 million square feet, while new supply fell 19 % to 3 million square feet from 3.8 million square feet. Monthly Office rent remained stable at ₹ 73.7 per square feet from ₹ 73.6 per square feet. The gross office space leasing in Mumbai was down 41 % to 1.6 million square feet from 2.8 million square feet. New supply plunged 79 % to 0.2 million square feet from 1 million square feet. Office rent remained stable at ₹ 140.2 per square feet from ₹ 139.9 a square feet. In Pune, the leasing activities grew 28 % to 1.7 million square feet during April-June this year from 1.3 million square feet in the year-ago period. New supply increased 52 % to 0.9 million square feet in the second quarter of this calendar year from 0.6 million square feet in the corresponding period of the previous year. The average monthly office rent increased 1 % to ₹ 76.7 per square feet in April-June from ₹ 75.6 per square feet in the year-ago period. According to Colliers, the share of space leased by coworking operators increased to 17 % from 11 % during the period under review. Bengaluru-based managed office player Urban Vault co-founder Amal Mishra said, "corporates of all sizes have been taking office space in coworking centres and they are looking to increase the share of flex space in their overall real estate portfolio." Flexibility to scale up and scale down business, saving of capital expenditure and avoiding hassles to manage real estate are major considerations for corporates while choosing coworking space, Mishra noted. Gross absorption/leasing of office space does not include lease renewals, pre-commitments and deals where only a letter of intent has been signed, Colliers said.

Flat demand keeps office rent stable in Apr-Jun even as new supply rises  32% across top 6 cities: Colliers

<ul><li>The share of flex spaces in occupiers' overall portfolio in India is estimated to have risen to around 10-12% in 2023 </li><li>As of Q1 2023, the <keyword id="12685716" type="General" weightage="20" keywordseo="flex-space" source="Orion">flex space</keyword> penetration in India is reported to be at 6.5%. </li><li><keyword id="15935" type="General" weightage="20" keywordseo="tech-companies" source="Orion">Tech companies</keyword> occupy 50% of total flex space in India. </li></ul>In an evolving global workplace, occupiers in Asia-Pacific (APAC) are struggling with the challenges posed by the <keyword id="10322299" type="General" weightage="20" keywordseo="hybrid-work-model" source="Orion">hybrid work model</keyword>, which displays inconsistencies across different markets and industries, as per the Global Occupier Outlook 2023 by Colliers, a services and investment management company. However, despite the widespread challenges faced by occupiers globally, the adoption of flex spaces in India has been rapid. This can be attributed to the attractiveness of flexibility, agility, and cost-effectiveness that flex spaces offer. According to industry experts, flex spaces are increasingly becoming an essential component of occupiers' portfolios in India. The share of flex spaces in occupiers' overall portfolio is estimated to have risen to around 10-12% in 2023, up from 5-8% before the pandemic in 2019, based on interactions with industry experts. Says Peush Jain, Managing Director, Office Services, India, “Flex spaces have emerged as a core strategy for occupiers to adopt a decentralized <keyword id="17560207" type="General" weightage="20" keywordseo="workspace-model" source="Orion">workspace model</keyword>, serving as a promising alternative to the traditional paradigm. As compared to shorter lease tenures of 1-2 years pre-pandemic, occupiers are now going for longer commitments of 3-5 years with flex space operators as they look to integrate flex space as a long-term solution. During 2022, leasing by flex space operators touched 7 mn sq ft across top 6 cities, highest in any year. This was a 46% Y-o-Y increase led by prominent IT hubs such as Bengaluru and Pune.” As of Q1 2023, the flex space penetration in India (or the proportion of grade A flex space stock to grade A office stock) is reported to be at 6.5%. Flex spaces have offered companies the necessary agility to rapidly scale their operations, allowing businesses to effectively adapt to changing circumstances. <cmsannotation type="cmsannotation" annotationid="Tech drives adoption" comment="subhead" text="Tech drives adoption">Tech drives adoption</cmsannotation> In India, the demand for flex spaces has been significantly driven by technology occupiers in the top cities with tech companies occupying 50% of total flex space in India. Additionally, sectors such as engineering and manufacturing and BFSI (banking, financial services, and insurance) are actively adopting hybrid working models through flex spaces. In larger markets like Mumbai and Bengaluru, the demand for flex space from BFSI and engineering occupiers is nearly equal to that of technology occupiers. Looking ahead, the demand from technology occupiers is expected to remain strong in the next two years, driven by a robust recovery and hiring plans as businesses continue to prioritize cost rationalization. <cmsannotation type="cmsannotation" annotationid="Hybrid, the way forward" comment="subhead" text="Hybrid, the way forward">Hybrid, the way forward</cmsannotation> Occupiers are reevaluating their office footprint to determine the ideal balance for their employees, favoring a <keyword id="10310934" type="General" weightage="20" keywordseo="hybrid-work" source="Orion">hybrid work</keyword> model. While remote work has been experienced extensively, physical presence is deemed crucial by major occupiers. Flex spaces have emerged as a central solution, optimizing costs and enabling employee flexibility. The hybrid model has reset workplace expectations, allowing employees to choose where they work. Distributed workspace strategies are increasingly popular, with companies opting for multiple satellite offices instead of a single headquarters. This has driven demand for flex spaces in peripheral and non-metro cities, particularly among technology, consulting, and e-commerce firms.

Flex space demand on the rise as hybrid work model finds footing: Colliers

New Delhi [India], May 12 (ANI): India received foreign institutional inflows worth USD 26.6 billion into <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> during the six-year period from 2017 to 2022, a three-fold rise from the preceding six-year period, according to Nasdaq-listed investment management company Colliers. <keyword id="396143" type="General" weightage="20" keywordseo="foreign-investments" source="Orion">Foreign investments</keyword> in India have been on the rise over the last few years as the industry underwent an overhaul, with major structural, policy reforms inducing transparency and ease of business operations, according to Colliers' 'India- High on Investors' Agenda' report. The report delves into the factors that make India a preferred choice for global investors and how it has stepped ahead of other emerging economies. According to the report, foreign investments accounted for a sizeable share of 81 per cent of the total investments in real estate during 2017-22. "The country's investor-friendly FDI policies, increased transparency in deal structures, and higher investment limits through the direct route have encouraged global investors to invest in India's real estate sector," Colliers said. Institutional investments in real estate continued to remain upbeat in January-March 2023 as well, rising by 37 per cent year-on-year at USD 1.7 billion, led by the office sector. "India's favourable demographic indicators, deep digital talent pool, developmental government policies, infrastructure advancements and competitive costs have made it one of the top choices for global enterprises, fueling real estate demand in India. The strong economic and business fundamentals are enhancing institutional investors' sentiments; forging strategic partnerships to expand their portfolios," said Sankey Prasad, Chairman and Managing Director at Colliers India. From the perspective of global and Asia Pacific investors, the Indian property market currently offers attractive pricing, better valuations, and higher yields on assets. At the Asia Pacific level, India has become a preferred investment destination as Indian cities offer higher yields compared to other cities in the region at relatively lower pricing points. Major Indian cities like Bengaluru and Mumbai occupy the second and third positions, respectively, in terms of commercial yield on real estate assets across the region.

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India's real estate market to hit $10 trillion by 2047: Colliers-CREDAI report

Prerna Tyagi

Industrial, warehousing space demand falls 12% in September quarter in 5 cities: Colliers

PTI

Flat demand keeps office rent stable in Apr-Jun even as new supply rises 32% across top 6 cities: Colliers

PTI

Flex space demand on the rise as hybrid work model finds footing: Colliers

Anagh Pal

Indian real estate saw 3x rise in foreign institutional investments during 2017-22: Colliers

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You Searched For "Colliers" and got 5 results

India's real estate market to hit $10 trillion by 2047: Colliers-CREDAI report​

Prerna Tyagi

Industrial, warehousing space demand falls 12% in September quarter in 5 cities: Colliers

PTI

Flat demand keeps office rent stable in Apr-Jun even as new supply rises 32% across top 6 cities: Colliers

PTI

Flex space demand on the rise as hybrid work model finds footing: Colliers

Anagh Pal

Indian real estate saw 3x rise in foreign institutional investments during 2017-22: Colliers

ANI

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India's real estate market to hit $10 trillion by 2047: Colliers-CREDAI report