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<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

<ul class="generic-article__summary--ul content--ul"><li class="generic-article__summary--li content--li">Hotel occupancy rates and ­revenues in the first quarter show the impact on consumer discretionary spending.</li></ul>Hotel occupancy rates and revenues in Asia-Pacific fell in the first quarter as the worsening US-China trade war dented consumer confidence, according to a report by property agency <keyword id="6520168" type="ORGANIZATION" weightage="20" keywordseo="colliers-international">Colliers International</keyword>. Revenue per available room, a key measure of hotel performance, dropped 7.2 per cent year on year in the first three months while overall occupancy rates ­decreased to 67.4 per cent, the report found. “It is evident that the recent ­escalation in the trade dispute and the political impasse between the US and China is starting to weigh on business and consumer confidence, thereby tempering demand growth,” said Govinda Singh, executive director for ­valuation and advisory in Asia at ­Colliers and the report’s ­author. The figures show the impact on consumer discretionary spending of a worsening economic outlook brought about by the increasingly bitter trade war.

Hotels brace for pain of worsening US-China trade war as consumers likely to cut non-essential spending

The demand for office spaces during the first quarter of 2024 has been strong, registering total leasing of 13.6 million square feet across the top six cities. It is a remarkable 35 per cent increase compared to the same period last year, according to professional services and investment management company Colliers. Although this is a significant drop from the record office space take-up in the last quarter of 2023, the remarkable annual increase is indicative of upbeat occupier sentiment, given the fact that the first quarter is typically slower, Colliers said in a report. Bengaluru and <keyword id="19900176" type="General" weightage="20" keywordseo="hyderabad" source="keywords">Hyderabad</keyword> emerged as frontrunners for demand of Grade A office space in the first quarter of 2024, cumulatively accounting for more than half of the <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> leasing activity. The office market of Hyderabad saw 2.2x space uptake in Q1 2024 as compared to the corresponding quarter last year. This demand was driven by healthcare and pharma and technology sectors. Amongst other major office markets, Mumbai too experienced a notable surge in leasing activity, an impressive 90 per cent yearly rise in Q1 2024. "Hyderabad continues to strengthen its role as a prominent commercial office market in the country. The city offers occupiers including <keyword id="20942407" type="General" weightage="20" keywordseo="global-capability-centers" source="keywords">Global Capability Centers</keyword> considerable price arbitrage compared to other markets. Furthermore, proactive government policies, continuous infrastructure upgrades and a favorable business ecosystem makes Hyderabad a compelling destination for investors, occupiers, and leading developers of commercial real estate in India," said Arpit Mehrotra, Managing Director, <keyword id="21062240" type="General" weightage="20" keywordseo="office-services" source="keywords">Office services</keyword>, India, Colliers. "Within Hyderabad, the trifecta of Hi-Tec City, Gachibowli and <keyword id="19948349" type="General" weightage="20" keywordseo="madhapur" source="keywords">Madhapur</keyword> continued to drive leasing activity in Q1 2024. Of the 2.9 million square feet of Grade A space uptake in the first quarter, over 80 per cent of the demand was concentrated in these three localities," said Mehrotra. During Q1 2024, new supply across top six cities remained steady, at 9.8 million square feet, almost at par with the level seen in Q1 2023. According to Colliers, Bengaluru witnessed significant new project completions, contributing to 45 per cent of the total new supply, followed by Hyderabad at 27 per cent share. With demand outpacing supply, average rentals saw up to 8 per cent uptick on a yearly basis across most of the major markets. "As business sentiments and economic outlook remains positive, domestic occupiers, especially will continue to drive the office market of the country," said Vimal Nadar, Senior Director and Head of Research, Colliers India. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-review/articleshow/108723955.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-review/articleshow/108723955.cms" target="_blank">OnePlus 12 review: A feature-packed device with promising battery back-up</a><a href="https://www.businessinsider.in/business/auto/news/jsw-group-and-saic-motors-jv-jsw-mg-motor-india-set-to-up-production-to-3-lakh-vehicles-a-year-with-a-new-car-every-3-6-months/articleshow/108647799.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/jsw-group-and-saic-motors-jv-jsw-mg-motor-india-set-to-up-production-to-3-lakh-vehicles-a-year-with-a-new-car-every-3-6-months/articleshow/108647799.cms" target="_blank">JSW Group and SAIC Motor’s JV ‘JSW MG Motor India’ set to up production to 3 lakh vehicles a year with a new car every 3-6 months</a><a href="https://www.businessinsider.in/tech/news/asus-rog-strix-scar-16-review/articleshow/108514221.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/asus-rog-strix-scar-16-review/articleshow/108514221.cms" target="_blank">Asus ROG Strix Scar 16 review – powerful gaming laptop with a cool design</a>

Office space leasing in India off to a strong start in Q1-2024

<ul><li><keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>’s top IT sector companies have reduced their headcount by 75,000 in the last one year.</li><li>New GCCs setting-up operations in India might have hired a similar number of <keyword id="19913553" type="General" weightage="20" keywordseo="tech" source="keywords">tech</keyword> talent, say experts.</li><li>Even with renewed hiring, IT sector hiring as a whole suffered even as software product company hiring went down in the last 12 months.</li><li>In 2024, hiring intent in the IT sector increased only 3%, even as overall hiring intent is at 19%, says Taggd. </li></ul>Headcount in the top IT services firms in India is down by 75,000 in the last one year. However, experts say that there is no large-scale furore over joblessness in the system due to the extensive hiring undertaken by global capability centers (GCCs). Many new GCCs are setting-up shop in India, which is giving a much-needed push to sluggish tech talent intake by IT services companies. Six out of eight IT bellwethers like TCS, Infosys, Wipro, LTI Mindtree, Cognizant and Tech Mahindra saw their headcount go down in the last 12 months, as per Xpheno, a staffing services company. HCL and LTTS however moderately added 2,400 and 1,600 people to their rolls. (See Table below). Top 8 IT cos headcount &amp; net additions as of Q3 FY24 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Headcount </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12-month net additions </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,40,234 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-21,875 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,22,663 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-24,182 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6,03,305 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-10,669 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,24,756 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,486 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LTI Mindtree </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">82,471 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3,991 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LTTS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,46,250 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-10,812 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cognizant </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,47,700 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-7,600 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19,90,677 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-75,000 </td></tr></tbody></table> Source: Xpheno With this degrowth, collective headcount of the cohort has dropped to nearly the levels seen in early 2022. “The calendar year of 2024 too has begun with a rollback of headcounts to a pre-two year level, in what is clearly a cycle of sustained adversities the IT services cohort is dealing with,” said Kamal <keyword id="20519296" type="General" weightage="20" keywordseo="karanth" source="keywords">Karanth</keyword>, co-founder of Xpheno. GCCs: The bright spot It’s not just IT services companies are cutting down hiring, job demand in software companies saw massive drop along with startups. But there is one bright spot in the tech market which is GCCs. “GCCs had recruited similar numbers (around 60,000) in the last one year, and that’s why we do not see a bloodbath on the streets. Around 100-110 GCCs set-up shop in India in the last two years, and 60 of them came in the last one year itself,” Karanth tells Business Insider India. GCCs are international companies which set-up shop in India, which takes care of activities like business support functions, back-office tasks, IT infrastructure and more. Since they kick-off operations, most of them hire anywhere between 500-2,000 people. GCCs have now become one of the six top sectors which hire tech talent that includes IT services companies, software product companies, startups, consulting firms and non-tech sectors which hire tech talent. GCCs, IT services and software product companies are the three sectors which hire techies in large numbers “Among the three, only GCCs will continue to hire in 2024, while IT services and software product companies will see at least two muted quarters ahead,” says Karanth. Going by their enthusiastic uptake of office spaces, they seem to be intent on hiring in large numbers. As per a Colliers report, office space uptake of around 30 mn square feet with large deals (of over 100,000 sq ft) have shown an impressive 24% annual growth in 2023. Almost 40% of the large deals in the top six cities have come from GCCs, particularly from technology and BFSI sectors. “More than half of the large GCC deals achieved closure in the last quarter of 2023, indicating renewed momentum in GCC activity in the country. Large pool of talent, cost-effective rentals, adequate Grade A developments and favorable office market ecosystem will continue to uphold India’s vantage positioning from a capability centre perspective,” said <keyword id="20454099" type="General" weightage="20" keywordseo="vimal-nadar" source="keywords">Vimal Nadar</keyword>, senior director and head of research, Colliers India. Tech hiring to remain sluggish With only one of its sub-sectors keen on hiring, the IT sector’s recruitment outlook as a whole has come down. As per a report by Taggd, the IT sector’s hiring intent for 2024 increased by 3%. The overall hiring intent across all the sectors however increased 19% for the current calendar year. Job demand in the last 2 years <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sector </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan 2024 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2-year change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IT services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,29,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">65,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">50,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-35% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Software Product </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,00,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">32,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-61% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Startups </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">44,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-73% </td></tr></tbody></table>Source: Xpheno The slowdown in IT hiring is pronounced in the earnings reports of recruitment firms as well. Info Edge which houses many internet-related businesses like <keyword id="20577913" type="General" weightage="20" keywordseo="naukri" source="keywords">Naukri</keyword>, 99acres.com etc saw its revenues from the recruitment grow only by 3.1% year-on-year in Q3 FY24 due to sluggishness in IT sector hiring. “While the non-IT hiring sector remained robust, the continued slowdown in IT hiring impacted Naukri's growth,” Hitesh Oberoi, managing director and CEO of Info Edge said in the press release. Most large IT sector companies are only expected to do replacement hiring for the next few quarters, with a dull outlook for most. The sector’s sluggish hiring will impact engineering graduates the most as fresher hiring will be impacted. “As many as 9 lakh engineering graduates pass out every year. They will see a major impact and see the biggest hit,” Karanth adds.

IT bellwethers slash headcount in FY24 but Indian techies find a home with GCCs

<ul class="summary-list"><li>The stress in the US commercial real-estate industry is mounting with office vacancy rates surpassing 2008 highs. </li><li>"Vacancy has inched above the prior peak of 16.3%, seen at the height of the Global Financial Crisis, with further upward pressure expected to follow," real-estate services firm Colliers said.</li></ul>The stress in the US commercial-property sector is mounting, with office vacancy rates surpassing highs seen at the peak of the 2008 global financial crisis.A measure of unoccupied commercial workspaces in America climbed to a new record of 16.4% in the second quarter, indicating a continued weakening of business conditions, according to a report by real-estate services and investment management firm Colliers."The softening in key U.S. office market fundamentals, seen in the prior two quarters, continued in the second quarter of 2023. As a result, net absorption remained negative, while vacancy and sublease space hit new record highs," Stephen Newbold, national director of office research at the company, wrote in the report.Since the start of the year, the commercial real-estate (CRE) market has been grappling with multiple challenges including the impact of high interest rates, work-from-home trends, and a credit squeeze that followed the banking turmoil of the first half."The U.S. office vacancy rate stands at 16.4%, up 30 basis points from the first quarter. Meanwhile, the total availability rate stands at 20.2% and has increased by 130 basis points year-over-year. Vacancy in this cycle has now exceeded the prior record peak of 16.3%, seen at the height of the Global Financial Crisis," Newbold wrote, adding that further upward pressure was expected on vacancy rates.Regions facing the highest vacancy rates include Houston, Indianapolis, and Greater Los Angeles, per Colliers.A sharp rise in interest rates over the past six quarters have compounded the problems faced by the CRE sector. The Federal Reserve raised benchmark rates by more than 500 basis points since early 2022 to tame inflation - the steepest increase since the 1980s.While most office property owners were able to access cheap credit over the past decade by taking take advantage of low borrowing costs, the recent surge in rates has made it harder to refinance such debt.Amid the dimming outlook for the sector, one Columbia economist has predicted that some of America's biggest cities could be on the edge of an <a href="https://markets.businessinsider.com/news/commodities/economy-outlook-doom-loop-commercial-real-estate-crash-office-building-2023-9" target="_blank" rel="noopener">economic "doom loop"</a> due to the collapsing office market. Hedge fund founder <a href="https://markets.businessinsider.com/news/stocks/office-real-estate-crash-cost-us-banks-250-billion-bass-2023-9">Kyle Bass</a> also made bearish calls relating to the office sector, stressing that US banks could lose up to $250 billion on their exposure to commercial properties.

US commercial-property crisis deepens with office vacancy rate topping 2008 highs to hit a new record

<ul class="summary-list"><li><keyword id="11892960" type="UNKNOWN" weightage="60" keywordseo="facebook" source="Orion">Facebook</keyword> employees are locked out of buildings and conference rooms amid a massive outage.</li><li>On Monday, Facebook, <keyword id="11892996" type="UNKNOWN" weightage="60" keywordseo="instagram" source="Orion">Instagram</keyword> and WhatsApp all went dark around 11:45am ET.</li><li>The global outages have continued through Monday evening ET.</li></ul>Facebook employees are struggling to access office systems, amid a widespread outage, according to reports.<a href="https://twitter.com/sheeraf/status/1445099150316503057">Sheera Frenkel, a New York Times Tech Reporter,</a> tweeted that some employees couldn't get into buildings Monday morning.According to one Facebook employee, some showed up at the office to evaluate the extent of the outage but were locked out of the buildings because their badges to access doors weren't working, Frenkel said. Insider could not immediately confirm how widespread this particular issue may be.Other employees were unable to access conference rooms within the offices, Insider confirmed. "It's mayhem over here, all internal systems are down too," <a href="https://twitter.com/PhilipinDC/status/1445108187355566086">Philip Crowther, a reporter for the Associated Press, reported on Twitter</a>. Facebook employees are communicating internally via text message and Outlook email, he added. <a href="https://www.businessinsider.com/facebook-instagram-whatsapp-messenger-are-down-in-a-major-outage-2021-10">Facebook began experiencing major worldwide outages</a> across many of its apps, including Messenger, Instagram, and WhatsApp, on Monday morning. Users reported issues with Facebook apps such as Instagram, WhatsApp, Messenger, and Facebook itself on DownDetector, a website that tracks global outages and issues for websites and products."We're aware that some people are having trouble accessing our apps and products. We're working to get things back to normal as quickly as possible, and we apologize for any inconvenience," <a href="https://twitter.com/Facebook/status/1445061804636479493">Facebook said in a Tweet</a>. The outages started around 11:45 a.m. ET on Monday and have not yet been resolved at the time of publishing.Amid the outages and an <a href="https://www.businessinsider.com/facebook-stock-price-whistleblower-alleges-platform-spreads-hateful-content-2021-10?utm_source=markets&amp;utm_medium=ingestgest">explosive whistleblower report</a>, CEO Mark Zuckerberg's net worth <a href="https://markets.businessinsider.com/news/stocks/mark-zuckerberg-net-worth-drops-amid-outages-whistleblower-revelations-2021-10">dipped</a> by nearly $7 billion in 5 hours, and Facebook fell by roughly 5%.

Facebook employees reportedly couldn't access conference rooms and other systems amid of widespread outage

New Delhi, Jan 1 () Investment in India's real estate sector is likely to rise by 5 per cent to USD 6.5 billion (around Rs 46,000 crore) this year, driven mainly by huge demand for commercial office assets from IT firms, according to global property consultant Colliers.
 Last year, the real estate sector attracted an investment of USD 6.2 billion, up 8.7 per cent from 2018 as foreign investors bought many office properties. Foreign funds accounted for about 78 per cent of the total investments in 2019.
 According to Colliers, India's real estate sector has recorded inflows of USD 56.6 billion (Rs 410,000 crore) since 2008.
 "During 2019, investments into the real estate sector touched USD 6.2 billion (Rs 43,780 crore). During 2020, Colliers projects investments inflows of USD 6.5 billion in the real estate sector," it said in a report.
 The consultant expects investors to remain committed to commercial office assets over the next three years, with strong demand and outlook for further rental appreciation.
 "We project that the commercial office sector will account for about 40 per cent of the inflows in 2020," Colliers said.
 Commercial office assets accounted for 46 per cent of the total inflows during 2019 at USD 2.8 billion (Rs 19,900 crore).
 Investors interest have risen because of plethora of reforms such as enforcement of the Real Estate Regulatory Authority, introduction of the Goods and Services Tax (GST), roll-out of the Insolvency and Bankruptcy Code and a relaxation of foreign direct investment norms, the consultant said.
 Colliers recommended investors to look at opportunistic assets including under construction office assets, supported by strong demand dynamics in information technology (IT)-led markets such as Bengaluru, Hyderabad and Pune.
 "Due to the prolonged slowdown in the sector, investors should continue to adopt a more conservative approach towards residential assets in general, as compared to commercial assets," the report said.
 Coliving would draw considerable attention from investors as demand for rental homes rises among professionals relocating to cities having employment opportunities, the consultant said.
 Warehousing, retail and coworking segments are also on investors' radar. MJH SHW

SHW

Investment in India's real estate sector to rise 5 pc to USD 6.5 bn: Report

<ul class="summary-list"><li>Owen Thomas, CEO of <a href="https://www.businessinsider.com/dock-72-leasing-slow-as-boston-properties-posts-record-results-2020-1">Boston Properties</a>, opened up Goodwin Proctor and Columbia Business School's 2020 Real Estate Capital Markets Conference with a discussion of the office REIT's performance and trends in the REIT space. </li><li>The biggest applause line of the day came during a rapid-response Q&amp;A, led by Guy Metcalfe, managing and global chairman of real estate at Morgan Stanley. Metcalfe asked Thomas who would win the presidential election. Thomas answered that it would be billionaire and former New York Mayor Michael Bloomberg.</li><li>Thomas also provided his thoughts on WeWork, climate change, and the next city where Boston Properties will expand. </li><li><a href="https://www.businessinsider.com/pitch-decks-that-helped-hot-startups-raise-millions-2019-4">Read more BI Prime stories here.</a></li></ul>With the Iowa caucus fast approaching, it's hard to avoid political predictions. Owen Thomas, chief executive of <a href="https://www.businessinsider.com/dock-72-leasing-slow-as-boston-properties-posts-record-results-2020-1">Boston Properties</a>, gave his own outlook at Goodwin Proctor and Columbia Business School's 2020 Real Estate Capital Markets Conference on Friday. The half-day conference opened with Guy Metcalfe, managing and global chairman of real estate at Morgan Stanley, interviewing Thomas about Boston Properties, one of the largest office REITs. Metcalfe and Thomas spoke at length about Thomas's tenure with the firm, the rising prominence of REITs investing in alternative asset classes, and the strategy behind some of Boston Properties' recent ventures. One moment got the most crowd reaction: a rapid-fire Q&amp;A that strayed away from the specifics of Boston Properties, and waded, for a moment, into politics. Metcalfe asked Thomas who the next president would be. "Bloomberg," Thomas said. The crowd, hundred strong and seated underneath 583 Park Avenue's massive chandelier and domed ceiling, clapped and yelled in support.The question and answer session also offered insights into Boston Properties. Thomas answered that Boston Properties' next market would be Seattle. Seattle, home of Amazon and a burgeoning tech sector, had a 7% vacancy rate in office space by the end of 2019, <a href="https://www2.colliers.com/en/Research/Puget-Sound/Q4-2019-Office-Market-Report">the lowest since 2000 according to a Colliers International report</a>.Metcalfe asked about WeWork, and Thomas answered that the coworking company was an "unfulfilled opportunity."<a href="https://www.businessinsider.com/dock-72-leasing-slow-as-boston-properties-posts-record-results-2020-1"></a><a href="https://www.businessinsider.com/dock-72-leasing-slow-as-boston-properties-posts-record-results-2020-1">Boston Properties and Rudin Management's WeWork-anchored Dock 72 office building</a> in the Brooklyn Navy Yard, opened last October, has been leasing slower than expected. Metcalfe also asked about climate change and the environment. Thomas responded "scary" to both of them. In the face of regulatory pressures, like New York City's Local Law 97 that limits carbon emissions on a building level, and the increasing visibility of climate activism, real estate leaders have begun to highlight the potential effects of rising sea levels and climate volatility. Robin Bell, a professor at Columbia University's Lamont-Doherty Earth Observatory, led another session at the conference. Proptech's largest venture fund, Fifth Wall, announced this month it was launching a $200 million Carbon Impact Fund to fund startups that work to reduce carbon emissions in real estate. While Thomas hasn't previously announced his prediction for president, he has a history of political giving. Since 2013, the year he became CEO of Boston Properties, he has made 31 political contributions to candidates and PACs, <a href="https://www.opensecrets.org/donor-lookup/results?name=Owen+Thomas&amp;cycle=&amp;state=&amp;zip=&amp;employ=Boston+Properties&amp;cand=">according to OpenSecrets</a>. He gave the maximum contribution of $2,700 to Hillary Clinton's 2016 election campaign and has donated to both the DNC and the Massachusetts Democratic party (Boston Properties is based in the state.) He has donated to Democratic and Republican candidates, as well as multiple PACs. Unsurprisingly, he has donated most frequently to the National Association of Real Estate Investment Trusts and the Real Estate Roundtable. He donated $10,000 to the Centrist Project Election Fund in 2017, a PAC that supports moderate Republicans and Democrats. Michael Bloomberg won the 2001 election to be mayor of New York as a Republican and endorsed George W Bush at the 2004 Republican National Convention, but became an independent in 2007. He registered as a Democrat in 2018, and now pledges that <a href="https://www.businessinsider.com/bloomberg-defeat-trump-support-sanders-warren-2020-1">he will support whoever wins the Democratic primary</a>. See also: <a href="https://www.businessinsider.com/steve-schwarzman-progressive-dem-policies-exceptionally-disruptive-2020-1">Billionaire Blackstone CEO Stephen Schwarzman told us why he thinks the far left 'could be exceptionally disruptive' to the US economy</a>See also: <a href="https://www.businessinsider.com/tour-of-weworks-dock-72-two-weeks-before-its-valuation-2019-9">WeWork is preparing to move into this massive, flashy Brooklyn building as its IPO plans crumble. We took a look inside.</a>

The CEO of one of the biggest US office-space owners just answered a rapid-fire Q&A with a prediction that Bloomberg will be president

<keyword id="897477" type="UNKNOWN" weightage="100" keywordseo="India-Office-Market">India office market</keyword> remained strong in the second quarter of 2016, with 10.4 million sq ft of <keyword id="1632341" type="UNKNOWN" weightage="100" keywordseo="Office-absorption">office absorption</keyword> adding to about 19.2 million sq ft Year-to-date (YTD). 
 
The percentage for this increase in office absorption was 18% increase QoQ, in which Bangalore turned out on the top place, contributing a 30% share. The start-up capital of the country was followed by NCR (21%), Hyderabad (20%), Chennai (15%), Mumbai (8%), Pune (5%) and Kolkata (1%) in the list. 
 Out of the leading transactions, a major one was <keyword id="3495922" type="UNKNOWN" weightage="100" keywordseo="TCS-expansion">TCS expansion</keyword>, because of which it leased over 4,00,000 sq ft in Noida and 3,75,000 sq ft in Bengaluru. Similarly, IBM and Value Labs expanded their footprint in Hyderabad, and took about 3,00,000 sq ft and 2,20,000 sq ft of space on lease, respectively, in the Western suburbs, thus contributing to the rise in office absorption. 
 
Talking of Noida, leading mobile manufacturers like Vivo Mobile and Oppo Mobile contributed in its newfound position as an Electronic manufacturing hub. While Vivo took up 2,50,000 sq ft of space there, Oppo took up 1,60,000 sq ft. 
 
"At the macro economy level, couple of concerns were raised in Q2 2016, such as uncertainty in direction of monetary policy on account of recent change in leadership at RBI and international happenings such as BREXIT. Although, both these changes were unexpected, the impact on the business outlook in India is likely to be miniscule. However, in last couple of months, increased input costs contributed to the softer growth rate recorded in manufacturing production and services activity. Owing to this, we ought to alter our strong outlook for office market a little and expect marginal improvement in leasing activities for rest of the year. New supply is likely to remain restricted in most of the cities which will put an upward pressure on asking rents in preferred micro markets", Surabhi Arora, Senior Associate Director of Research at Colliers India, told <a href="http://economictimes.indiatimes.com/industry/services/property-/-cstruction/office-absorption-records-18-jump-qoq-colliers-report/articleshow/53224358.cms">ET</a>. 
 
<a href="http://www.hocacapital.com/wp-content/uploads/2015/07/modern-new-office-building-1920x1080.jpg">Image source</a>

Office absorption jumps 18% QoQ, Bangalore tops the charts

<ul class="summary-list"><li><keyword id="6357385" type="LOCATION" weightage="60" keywordseo="florida">Florida</keyword>'s population grew by 14.6% in the last decade - and the pandemic has accelerated this.</li><li>The state famously has no personal-income tax, and its banking and finance industries are booming.</li><li>But the rise in remote working, its lack of lockdown, and attractive house prices are also drawing people in.</li></ul>More and more workers are moving to Florida during the pandemic - and the sunny climate isn't the only reason why.Top companies are opening new offices in the state, and the rise in remote working is giving staff more freedom to choose where they want to live.Florida's population grew by 2.7 million - or 14.6% - between 2010 and 2020, according to <a href="https://www.census.gov/data/tables/time-series/dec/popchange-data-text.html">US Census data</a>. This is double the rate of overall US population growth.Read more: <a href="https://www.businessinsider.com/wall-street-move-florida-goldman-sachs-elliott-real-estate-2020-12">Is Florida the new Wall Street?</a>"It's not just retirees - it's tech workers leaving San Francisco," John Boyd, the CEO of The Boyd Company, said.<h2>Businesses are flocking to Florida</h2>"Florida certainly has a winning formula for business attraction," Boyd told Insider.In particular, Florida is becoming a hotspot for banking and financial services, while <keyword id="15641" type="COMPANY" weightage="60" keywordseo="Miami">Miami</keyword> is as emerging as "one of the hottest new tech hubs in North America today," he said.Hedge fund <a href="https://www.bloomberg.com/news/articles/2020-10-21/singer-s-41-billion-hedge-fund-moving-headquarters-to-florida">Elliott Management</a> is moving its headquarters to West <keyword id="89445" type="COMPANY" weightage="60" keywordseo="Palm-Beach">Palm Beach</keyword>, private-equity firm <a href="https://www.businessinsider.com/how-to-get-hired-blackstone-private-equity-jobs-interview-questions-2020-10?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Blackstone</a> plans to open an office in Miami, and <a href="https://www.businessinsider.com/goldman-sachs-reportedly-considers-moving-asset-management-to-florida-2020-12">Goldman Sachs</a> is considering the state for its asset management division. Even <a href="https://www.businessinsider.com/subway-moves-jobs-from-connecticut-headquarters-to-miami-2021-3">Subway is shifting some business units to Miami</a>.<div type="image" title="360 rosemary related companies office building west palm beach" height="1999" width="2666" msid="82833315" hostid="261"></div>Software company Civix and Sonesta International Hotels are opening new offices in <keyword id="67774" type="COMPANY" weightage="60" keywordseo="Orlando">Orlando</keyword>, too.<a href="https://www.businessinsider.com/palm-beach-county-florida-migration-businesses-financial-services-new-york-2021-4">Boca Raton's Mayor Scott Singer</a> said there had been "tremendous interest" from companies in relocating to the city, through a combination of both inbound calls and targeted advertising in the <keyword id="6355838" type="LOCATION" weightage="60" keywordseo="new-york">New York</keyword>, Chicago, and San Francisco markets. Singer added that there had also been interest from executives with businesses overseas wanting to open offices or even relocate to Boca Raton.Deloitte has invested $63 million in Orlando since 2014, while KPMG chose Orlando for its $450 million global training center, the largest capital investment in KPMG history, according to Casey Barnes, vice president of business development at the Orlando Economic Partnership.Colliers previously told <a href="https://www.businessinsider.com/hedge-funds-florida-office-space-commercial-real-estate-2020-12?r=US&amp;IR=TIR=T">Insider</a> that interest from out-of-state firms in South Florida <keyword id="6354553" type="COMPANY" weightage="60" keywordseo="real-estate">real estate</keyword> is "torrential" - and they're looking for much bigger officers than before, too.<h2>Average salaries are climbing</h2>As these businesses open offices in Florida, the job-market in the state is booming, too. And though more workers are moving to Florida, local residents are also benefiting from this job creation, too, West Palm Beach Mayor Keith James said.Andrew Hunter, co-founder of job search engine <a href="https://u7061146.ct.sendgrid.net/ls/click?upn=4tNED-2FM8iDZJQyQ53jATUcWyXiKAAK5HX77EGAKkF9U-3DKawb_cAthpJulO9NLVvdXWXCrp6FfYHUA2w0BLsoUdzG7B08TEFarxttvDzXtafzCSNKANC7LJUv7S7PHf-2FrNlVaftZUUywn4-2BWcwH-2FJDOhj0TCm-2FPNeNUMyYLL-2BPOsYgV240ZtVd9GeyfVloOKFcjUtev6lEOfF-2FPYlj-2FolgGjTZFY7O9sFK2P7A3cq7BMxvQ-2BKz7uk1yxjW0mvOersVT85LjMwBW6yoHCwv9TvlbVXbUpPVxtt9CejLw3-2FYvGsgNZaQQnZlDVaWbSk914Jf-2BQVb0Y4dM47DFQPXbs-2Bcxd0JmBlliaITtdL32Mm83qPL9IxOJT21bE4csU7T3kwutxv0nTvGwkeknQkDC6tRKBAuXxQ-3D" target="_blank" rel="noopener">Adzuna</a>, told Insider Florida's job vacancies are back at pre-pandemic levels and the number of unemployed is reaching record lows while average city salaries are climbing.The number of financial-services employees in Florida has almost returned to pre-pandemic levels with nearly 600,000 people working in the sector. New York, on the other hand, is rebounding much slower, and still has around 30,000 fewer employees in the sector than it did in early 2020, according to data from the <a href="https://www.bls.gov/regions/new-york-new-jersey/new_york.htm#eag">US Bureau of Labor Statistics</a>.In Orlando alone, Deloitte has created more than 2,200 new jobs since 2014, Barnes said.Adzuna said that tech company Oracle is the top company hiring in Florida on its site. Boyd said that financial services and tech workers are leaving cities like Boston, Chicago, and New York to move to Florida, but some are coming from overseas in India and Brazil, too.And billionaires including <a href="https://www.businessinsider.com/wall-street-move-florida-goldman-sachs-elliott-real-estate-2020-12?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Charles Schwab</a>, <a href="https://www.businessinsider.com/a-list-of-all-the-powerful-people-moving-to-florida-right-now-2021-1">Carl Icahn</a>, <a href="https://www.businessinsider.com/a-list-of-all-the-powerful-people-moving-to-florida-right-now-2021-1">Tom Brady</a>, and <a href="https://www.businessinsider.com/peter-thiel-bought-miami-estate-featured-on-the-real-world-2021-1">Peter Thiel</a> have all bought homes in the state. Palm Beach County alone has around 44 billionaires, Smallridge told Insider.<div type="image" title="carl icahn billionaire miami" height="1371" width="1828" msid="82354611" hostid="261"></div>The state is encouraging companies to create new jobs for local workers alongside relocating their existing workforce. James said that <a href="https://www.businessinsider.com/palm-beach-county-florida-migration-businesses-financial-services-new-york-2021-4">West Palm Beach has offered financial incentives</a> to companies moving to the city based on the number of jobs they create, including expedited permit reviews and tax exemptions.And it's not just finance and tech workers who are benefitting from Florida's growing <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>. The state is also <a href="https://www.businessinsider.com/florida-minimum-wage-rise-vote-amendment-15-tipped-employees-workers-2020-11">hiking up its minimum wage to $15 per hour</a> by 2026, too.<h2>Working remotely gives people more freedom</h2>Florida is traditionally <a href="https://www.businessinsider.com/personal-finance/best-cities-achieve-early-retirement-2020-11">associated with retirees</a> but Troy McLellan, CEO of the <a href="https://www.businessinsider.com/palm-beach-county-florida-migration-businesses-financial-services-new-york-2021-4">Boca Chamber</a>, said this trend seems to be fading as more and more families and young high-flyers move to the area.The rise of remote working has made it easier for workers to relocate independently of their employers.Boyd said that the pandemic has created "a time of historic mobility for both companies and people." Companies are increasingly letting staff work from home on a permanent basis, which allows them to save on real estate costs, he said."The <a href="https://www.businessinsider.com/ibm-ceo-on-return-to-work-and-hybrid-remote-plans-think-2021-5">office environment of New York City</a> is not what it was," <a href="https://www.businessinsider.com/palm-beach-county-florida-migration-businesses-financial-services-new-york-2021-4">Boca Raton Mayor Scott Singer</a> told Insider.There is growing momentum for companies to let employees <a href="https://www.businessinsider.com/workers-want-hybrid-model-to-see-work-friends-survey-finds-2021-3">work from home permanently</a>. <a href="https://www.businessinsider.com/facebook-staff-work-from-home-after-coronavirus-pandemic-twitter-2021-4">Facebook</a>, <a href="https://www.businessinsider.com/twitter-tells-employees-they-can-work-from-home-permanently-2020-5">Twitter</a>, <a href="https://www.businessinsider.com/salesforce-employees-can-work-from-home-permanently-2021-2">Salesforce</a>, and <a href="https://www.businessinsider.com/ford-general-motors-toyota-remote-work-home-pandemic-coronavirus-office-2021-3">Ford</a> have said their employees can remotely post-pandemic, and some companies are <a href="https://www.businessinsider.com/salesforce-cancels-san-francisco-office-space-report-2021-3">canceling office leases</a>."Orlando was an ideal place to live, work, and play prior to COVID-19, and the region's offerings will only be more valuable to professionals in the pandemic's wake," Barnes told Insider.<div type="image" title="West Palm Beach" height="1060" width="2121" msid="82833316" hostid="261"></div>This was something Alexandra Scherbich, global head of B2B marketing at Tenth Revolution Group, found when she relocated to Tampa from London in April 2019. She told Insider that managing her colleagues in the UK could be challenging from abroad because of the time zone differences, but that she is able to now dedicate her afternoons to meetings with clients on the West Coast, which would have been much harder in the UK because of the eight-hour time difference."People can work from anywhere, so why not work from paradise?" <a href="https://www.businessinsider.com/palm-beach-county-florida-migration-businesses-financial-services-new-york-2021-4">Singer</a> said.<h2>Florida has a pro-business environment</h2>Though business <keyword id="56025" type="ORGANIZATION" weightage="60" keywordseo="Migration">migration</keyword> to Florida has accelerated during the pandemic, this was already a well-established trend pre-COVID.Florida famously doesn't have a personal income tax, and this is one of the major motivators for migration, Boyd told Insider. He added that many people moving to the state come from high-tax states that don't have such a pro-business environment, like Connecticut and New Jersey, as well as <a href="https://www.businessinsider.com/new-york-income-tax-wealthy-florida-cuomo-miami-budget-2021-4">New York</a>, which recently announced plans to <a href="https://www.businessinsider.com/new-york-income-tax-wealthy-florida-cuomo-miami-budget-2021-4">bump up its income-tax rates</a> for its wealthiest residents."And the other part of all this is, you know, economic development really comes down to leadership at the end of the day," Boyd said."Governor DeSantis is a good salesman-in-chief of the state of Florida," he said. He added that Miami Mayor Francis Suarez was positioning the city as a major tech market.<div type="image" title="ron desantis florida vaccine 60 minutes" height="1638" width="2184" msid="82354613" hostid="261"></div>Troy McLellan, CEO of the <a href="https://www.businessinsider.com/palm-beach-county-florida-migration-businesses-financial-services-new-york-2021-4">Boca Raton</a> Chamber, told Insider that the city has three college campuses and was trying to create a pipeline of future talent for businesses.<h2>Florida has sun, sea, and no lockdown</h2>Florida has also remained largely open during the pandemic compared to other states. This led to people choosing to make Florida their primary residence for the pandemic, Kelly Smallridge, CEO of the Business Development Board (BDB) of Palm Beach County, told Insider."When [states like New York were] closed down, we had plenty of recreation space and great weather year-round, and people are understanding more and more that this is where they want to be," Singer said.When people relocated to Florida, they started enrolling their children at nearby schools, and soon found themselves settled down in the state, Smallridge said.Barnes said that many companies are choosing to expand in or relocate to Florida because "they see it as a destination that will attract workers and their families."<div type="image" title="miami florida" height="1414" width="1885" msid="82354615" hostid="261"></div><a href="https://www.businessinsider.com/palm-beach-county-florida-migration-businesses-financial-services-new-york-2021-4">Palm Beach County</a>, for example, has an average temperature of 75 degrees Fahrenheit, compared to 53 degrees Fahrenheit for <a href="https://en.climate-data.org/north-america/united-states-of-america/new-york/new-york-1091/">New York State</a>, <a href="https://discover.pbcgov.org/pages/pbc_facts.aspx">hasn't had snow since 1978</a>, and has <a href="https://discover.pbcgov.org/pages/pbc_facts.aspx">around 47 miles of coastline</a>."Most executives will go take a swim in the beach before they even go to work," the BDB's Smallridge said. "And, you know, they never have to shovel snow and they don't have to ride with the subway."<div type="image" title="West Palm Beach" height="1060" width="2121" msid="82833320" hostid="261"></div>Scherbich said that, alongside work opportunities, the climate was part of her reason for migrating. She added that she's settled into the city well and that it has a large UK expatriate community.<h2>Housing and living costs are lower than New York</h2>House prices have gone up <a href="https://www.zillow.com/palm-beach-county-fl/home-values/">around 10%</a> over the past year as more people move to the state, but Florida still has a "very attractive" real-estate market compared to some other major markets in the US, Boyd said, adding that there are affordable housing options "in virtually all parts of Florida."The average price for a house in Florida is $277,429, rising to $323,094 in Palm Beach County and $407,245 in Miami, according to <a href="https://www.zillow.com/palm-beach-county-fl/home-values/">data from Zillow</a>. In New York, in comparison, average house prices are $323,094 for the state and $649,490 for the city.And it isn't just houses that cost less in the Sunshine Site. Overall living costs in Orlando are 6% lower than the US average, Barnes said.But this migration is having an impact on the availability of property in the area.Sales of million-dollar single-family homes in Palm Beach County increased by more than 140% year over year, according to the <a href="https://www.businessinsider.com/wealthy-move-to-vacation-towns-long-term-during-pandemic-2021-2">2021 Luxury Outlook report by Sotheby's International Realty</a>, while Jay Boodheshwar, Palm Beach's deputy town manager, said that <a href="https://www.businessinsider.com/palm-beach-county-florida-migration-businesses-financial-services-new-york-2021-4">the town of Palm Beach</a> was experiencing the lowest inventory of available homes "in decades."<h2>Florida's transport networks are growing</h2>There are a lot of transport developments in the pipeline for Florida, too, Boyd said. This includes <a href="https://www.businessinsider.com/virgin-trains-investor-wes-edens-interview-brightline-florida-passenger-rail-2019-4">Brightline</a>, a rail system with investments from Richard Branson's Virgin, which connects Miami to West Palm Beach, with expansion plans Orlando and Tampa.<div type="image" title="Boring company los angeles" height="1334" width="1778" msid="82354617" hostid="261"></div>And North Miami Beach official told <a href="https://www.businessinsider.com/north-miami-beach-says-early-talks-elon-musk-boring-company-2021-3">Insider's Grace Kay</a> the city is in early talks with Elon Musk's The Boring Company over a possible plan to build a one- to two-mile tunnel to tackle congestion.The state has more than 100 public airports, and Tampa's direct flights to London were part of Scherbich's decision to relocate to the city.Orlando in particular bills itself as the "tomorrowland of transportation," Barnes said. This includes serving as a hub for one of the world's first <a href="https://www.businessinsider.com/florida-getting-all-electric-flying-taxis-hubs-2021-1">jet-powered flying taxis</a>, which will depart from more than 10 locations across Florida. The aircrafts by German startup Lilium will be based at Orlando's Lake Nona, which Barnes said it "a growing testbed" for smart city technology."The signal is really ahead of the curve," Boyd said.Have you relocated to Florida? Got a story you want to tell? Email this reporter at gdean@insider.com.

Tech jobs, sun, and no income tax: experts explain why Florida is poised to keep growing even after the pandemic

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Wildfires have ripped across the southern and central US this week, killing six people and scorching over <a href="https://gacc.nifc.gov/sacc/predictive/intelligence/SACCMorningReport.pdf">1 million</a> acres.Kansas experienced its largest wildfire in state history this week, and it continues to rage there, as well as across the Colorado border. A separate fire has eclipsed <a href="http://www.nbc-2.com/story/34670108/brush-fire-in-picayune-strand-state-forest">7,500 acres</a> in Florida's Picayune Strand State Forest, and on Thursday morning only about <a href="http://www.colliergov.net/Home/Components/News/News/33210/1536?selcat=1">50%</a>&#xa0;of it was contained.Drought conditions and high winds are exacerbating the wildfires, which are expected to die down Thursday and Friday as firefighters get them under control. But the <a href="http://www.srh.noaa.gov/ridge2/fire/">National Weather Service cautions</a> that conditions are still ripe for new fires to start across the plains, and any spark could start a new blaze.Since Monday, thousands of people have had to evacuate and numerous homes have been destroyed by the fires that have swept through Colorado, Kansas, Oklahoma, and Texas.Three of the deaths occurred as ranchers tried to get livestock out of harm's way, according to Reuters. Jolyn Easterwood, a 24-year-old rancher in Oklahoma, said the fires nearly destroyed her family's home as she was helping evacuate livestock."This is people's life that's on fire," she told Reuters. "It's not just land, it's people's life."Ranchers in Colorado lost hundreds of cattle to the fires, the <a href="http://www.aurorasentinel.com/news/state/fires-colorado-ranchers-assess-damage-wildfires-4-states/">Aurora Sentinel reported</a>, prompting the Colorado Cattlemen's Association to petition the state for emergency assistance."Special thank you to all of the farmers and ranchers in the area for being great neighbors and helping where needed," the <a href="https://www.facebook.com/ColoradoCattlemensAssociation/posts/895407687228280">group posted on Facebook Tuesday</a>. "This is the only constant from natural disaster to the next. The good will of people."<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>Since Saturday, grassfires have burned over&#xa0;1,000 square miles in 23 Kansas counties.&#xa0;Three fires were still burning over 480,000 acres in Texas on Thursday, with <a href="http://txforestservice.tamu.edu/CurrentSituation/">75% to 100% containment</a>.&#xa0;And in Oklahoma, fires were at little to no containment on Thursday morning. Over <a href="https://gacc.nifc.gov/sacc/predictive/intelligence/SACCMorningReport.pdf">833,000 acres</a> have burned, causing significant property damage.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>"Conditions are very dangerous today and we are urging everyone to use extreme caution and avoid any activity that can cause a spark," Oklahoma Forestry Director George Geissler said in a <a href="http://www.forestry.ok.gov/Home/p/52941/Key/Show+Post/ContentID/108073/PostID/1424901/Default.aspx?ReturnUrl=LwA%253d">statement</a>. "The Northwest Oklahoma Complex Fire, as well as other fires around the state, are pushing resources to their limits and the last thing we need is to have additional fires."The amount of vegetation fueling the fires, the drought, and high winds means "everything has come together to overlap to create a pretty volatile situation," Liz Leitman, a Storm Prediction Center meteorologist, <a href="http://www.startribune.com/q-a-a-look-at-questions-about-current-us-wildfires/415701934/">told the AP on Wednesday</a>. The damage done will easily cost millions of dollars."Highest fire risks today move from Oklahoma/Texas today to the Atlantic State's piedmont and coastal plain areas," the Southern Area Coordination Center, the federal agency managing information about the fires, said in its <a href="https://gacc.nifc.gov/sacc/predictive/intelligence/SACCMorningReport.pdf">update on Thursday morning</a>. "Risks, most likely, will be highest today for Virginia."A <a href="http://www.pnas.org/content/early/2017/02/21/1617394114">study published in the Proceedings of the National Academy of Sciences</a>&#xa0;last month&#xa0;found that humans cause 84% of the wildfires in the United States. No specific causes have been identified from these fires, though a few were started by lightning strikes from the thunderstorms that ravaged the same areas last week.The drought conditions across the southern and central US are exacerbating&#xa0;the fire outlook for the month. If the area doesn't get a substantial amount of rain soon, it could continue to be at risk for forest fires throughout the spring:<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/firefighters-helicopters-water-bambi-bucket-2016-7">Here's how firefighters suck up water to dump from helicopters</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="QwNDVsNDE6CERCXkJGErU4gtbYowDA7X" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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