India’s data center sector will require investment of $3.7 billion over the next three years in order to fulfill the 6 million sq. ft greenfield development opportunity for the industry, a JLL report titled ‘2020 India Data Center Market Update’ stated.
The Covid-19 crisis accelerated what was already a long-term decline in the need for brick-and-mortar retail space, but it also wrought havoc on the office space market, as companies emptied out cubicles and sent workers home to reduce the spread of the virus. With commercial real estate vacancies on the rise, landlords and tenants found themselves at odds about lease agreements, rent payments, insurance and other devil-in-the-details matters.
Colliers has highlighted its commitment to embedding environmental, social and corporate governance (ESG) best practices across the organization by signing up for the IGBC Mission on Net Zero. The firm pledged its support to the mission to be Net-Zero by 2050.
Selected excepts from the interaction, Romeet Kaul, Founder – Editor, RealtyBusinessReview.com, recently had with Lars Hyland, Chief Learning Officer, Totara Learning, on work, workplace, engagement, digital future and more.
Newmark, leader in commercial real estate services, has announced that Sridhar Potineni has joined the Company as Chief Information Officer. In his role, Mr. Potineni will be responsible for leading Newmark’s information technology platforms and driving digital transformation, further advancing Newmark’s platform of innovative solutions supporting its clients throughout the world.
Bengaluru based startup BricSpaces which was incubated as first prop-tech in country by Embassy backed WeWorkLabs, caters to end to end real estate streams with digital transactions which is first of its kind in prop-tech space having raised 350,000 $ in Pre-Seed round from angel investors.
Speaking on the Mindspace REIT results, Vinod Rohira, CEO, said that they have delivered the financial performance in line with their projections. Per him, the operating performance remained stable with collections continuing to be over 99% through the pandemic. He also added that Mindspace REIT has achieved a healthy gross leasing of 1.5 million sq. ft. during this quarter and diversified their tenant mix by signing up with a data center tenant.
Knight Frank, in its latest report Asia-Pacific Prime Office Rental Index Q1 2021 has cited that despite there being uncertainty around the performance of India’s office sector, Bengaluru, NCR and Mumbai markets are expected to remain stable in rental values over the next 12-months.
Embassy Group has joined pioneering proptech investor, Pi Labs, as a limited partner (LP) in its current Fund 3. The investment will support Embassy Group’s commitment to the transformation of the real estate sector through innovative technology, drawing on synergies from Pi Labs proptech ecosystem.
ViaBot, a robotics startup bringing maintenance and management automation to large properties, today announced its public launch with $6.1 million in funding. As part of the launch, it also disclosed a key strategic partnership with Cushman & Wakefield. ViaBot is backed by Baseline Ventures, Morado Ventures, and Grit Ventures and partnered with SOSV.
Smartworks, India’s leading managed office space provider, has announced that it has partnered with MediBuddy, India’s largest digital healthcare platform. This partnership will allow Smartworks’ members and employees to access online doctor consultation, health check-ups, COVID RT PCR test and medicine and help them make the best use of the vaccine drive.
With companies scrambling to create an ideal hybrid workplace solution, a team of former WeWork executives is introducing Daybase, a new approach to fill the gap between the office and home. The company is led by Steinhaus, formerly WeWork’s Head of Strategic Initiatives.
International businesses are looking to their workplaces to revitalise corporate brand and culture after the pandemic, which will see significantly improved amenities and services available for employees, according to the latest research from Knight Frank.
Embassy Office Parks REIT, India’s first listed REIT and the largest in Asia by area, reported results on 29th April 2021 for the fourth quarter and full year ended March 31, 2021. Among the key highlights, it distributes Rs 18,364 million and grows Net Operating Income YoY by 12%, leases 1.2 msf across 40+ deals, achieves 15% leasing spreads, and pursues growth through 5.7 msf new development, 19% pre-committed to global banking major.
Embassy REIT, India’s first listed REIT and the largest office REIT in Asia by area, announced today it has subscribed to the WELL Portfolio™ program by the International WELL Building Institute™ (IWBI™) to create healthier office buildings and thriving business ecosystems in India. IWBI is the world’s leading organization championing a global movement to expand and accelerate a culture of health by advancing health and well-being in buildings, communities and organisations.
Institutional investment momentum continued during the first quarter of 2021, registering 21% growth in volume at USD 922 million, indicating the sustained investor interest in India’s real estate market. The remarkable resilience of the office market and confidence in its long-term growth led investors to chase quality assets available at the core and development stages.
Gagan Randev, who has vast experience in the real estate and financial sector, will spearhead India Sotheby’s International Realty’s efforts to be a force in the Real Estate Capital Markets business focusing on asset sales across different asset classes, land, funding, and cross border initiatives.
With the appointment, Prasanth Gopinath, who has had an illustrious career with several real estate organizations in India and in different parts of the world will provide strategic direction for the Commercial Business Unit of Kohinoor Group and will be responsible for the overall business plan and implementation of the vertical.
The leasing momentum in the upcoming quarters will mainly depend on the time taken to contain the second wave of COVID-19 cases. The increasing attendance in offices across the major markets before the second COVID-19 wave bears testimony to the confidence and commitment of corporates to get back to working from office. It is important that landlords continue to be receptive to the demands of tenants and offer flexible options, in terms of space as well as value.
The year 2021 started on a positive note for the real estate market with the residential and commercial real estate segment on a recovery path. While the residential market was recording a strong bounce back from Q4 2020, the office segment was also getting back on its feet. Offices started operations across cities, some at full occupancy while others on a rotational or hybrid model, giving employees the flexibility of workplace.
Real estate businesses need to re-imagine, adapt to survive in the next normal MUMBAI, India: Confederation of Indian […]
Also Wins the Award for ‘Best Innovative Green Real Estate Developer In India’ – Ranks Amongst the Top […]
PUNE, India: Panchshil Realty today announced that it’s CSR arm, Panchshil Foundation, has partnered with the Pune Municipal Corporation […]
BANGALORE, India: RMZ Corp, India’s leading privately owned real estate developer, manager and investor of real assets, today […]
Sai Life Sciences, one of India’s fastest growing Contract Development & Manufacturing Organizations (CDMOs), today announced the inauguration of its new Research and Technology (R&T) Centre in Hyderabad, India. Sri K T Rama Rao, Hon’ble Minister for Industry & Commerce and IT, Government of Telangana formally inaugurated the facility in the presence of other dignitaries.
To design and deploy future-ready, post-pandemic retail spaces in India Mumbai, India: ANAROCK Retail today announced a strategic partnership […]
Two sectors that continue to witness growth are – Technology and Real Estate & Infrastructure. The requirements in these sectors are timeless and growth in this sector is expected to bring prosperity for our country’s economy too. There are relatively few institutes in India that offer courses in real estate. Students should choose an institute that offers RICS accredited courses in India. Accreditation has proved to be the key differentiator in terms of the quality of education that the students get. MBA courses offered by RICS SBE are the only RICS accredited courses available in India,& making these specialized degrees much more valuable for the students and sought after by the industry.
These are unprecedented times. The business environment across all industries continues to be challenging, but speaking of companies in […]
PUNE, India: Panchshil Realty and British Safety Council today announced a new milestone in workplace safety in the corporate real […]
In Q1 2020, Flexible Workspace Operators Accounted for About 11% (0.4 Million sq.ft) and 19% (340,000 sq ft,) […]
Mumbai, India: Mace, the international consultancy and construction company, and ANAROCK Group, India’s leading real estate services company have […]
“The Covid pandemic stopped the world and the real estate industry, in its tracks. As we exit from the lockdown there is a lot of speculation on the effects on the real estate sector. An in-depth understanding indicates that the lockdown has had varying impacts on the different aspects of the business. Developers were able to defer launches of projects, thereby defer large financial commitments on account of project construction and launch expenses. As launches dropped by 55% over 2019, sales, however, were at a standstill for a shorter period. Many customers who had searched and shortlisted their homes pre lockdown, quickly booked their homes once the lockdown started getting lifted despite which sales dropped by 22% over 2019. This disproportionate reduction of new launches versus sales has led to a depletion of the overall inventory in the market which is a good sign. The inventory for sale is now at a 5-year low at around 75,000 homes. The inventory overhang as well as replacement ratios have gotten stronger.”