CBRE Group, Inc. has announced that the company has been recognized as the #4 outsourcing services provider across all industries, and the highest-ranked real estate services company, according to the International Association of Outsourcing Professionals’ (IAOP) Global Outsourcing 100. CBRE is the first real estate services firm to break into the elite top 5 on IAOP’s list. The firm improved its ranking from #6 in 2011.
I&L space take-up in 2019 was dominated by small-sized transactions (less than 50,000 sq. ft.), which held a share of about 42%. The share of medium-sized transactions (ranging between 50,000 sq. ft. and 1,00,000 sq. ft.) rose from 26% in 2018 to 30% in 2019. Large-sized deals (greater than 1,00,000 sq. ft.) accounted for 28% of the leasing activity during 2019. The number of large-sized deal closures in Hyderabad, in particular, doubled in 2019 as compared to 2018.
Track2Realty: CBRE Group, Inc. has been awarded the top global real estate advisor and consultancy firm in the 2012 Euromoney Real Estate Awards. This is the fifth time in eight years that CBRE has won the prestigious award.
The Indian arm of CB Richard Ellis (CBRE), the global real estate consultancy giant, has poached two top real estate fund managers from another global financial major, Credit Suisse.
CB Richard Ellis, the US-listed property services firm, has emerged as favourite to acquire the majority of ING’s real estate group in deal worth one billion euro (USD 1.35 billion) to create the world’s largest property funds business, says a media report.
The residential sector is currently undergoing a bullish phase, characterised by a convergence of factors that foster an extremely favourable ecosystem. As we progress into 2024, we anticipate that both sales and new property launches will sustain the sector’s buoyancy. Despite the potential challenges posed by escalating land costs and limited funding options for early-stage projects, the robust underlying market fundamentals are expected to propel residential activity well above the average trend witnessed in the previous five years.
Global Capability Centres (GCCs) accounted for a share of one-third in the overall India office leasing in Jan- Mar ’24. Within the GCCs space take-up, E&M companies contributed to over one-fourth share, followed by automobile firms. Bangalore led the chart for GCC leasing, boasting a 60% share, followed by Hyderabad with 26% and Delhi-NCR with 9%. Notably, 38% of the large-sized deals (exceeding 100,000 sq. ft.) were secured by GCCs during this period, underscoring their significant impact on the office leasing landscape.
The surge in spiritual tourism can be attributed to enhanced infrastructure, including well-connected roads, airports, and public transportation, as well as the development of various accommodation options such as hotels, guesthouses, and wellness centres. To meet the growing demand for spiritual travel, local governments and businesses are joining forces to create unique retail experiences. This includes integrating local practices into the design and offerings of shops, restaurants, and hotels. Cities like Amritsar, Varanasi, Madurai, Puri, Guruvayur, etc. are leveraging their unique culinary traditions and local fashion expertise to further attract and engage visitors.
The overall leasing by luxury brands across the formats stood at 0.6 mn. sq. ft. in 2023, at almost 170% Y-o-Y growth. While High Streets constituted a 45% share in the overall luxury retail leasing in 2023, luxury brands’ stores in Malls followed at 40% and standalone stores accounted for the remaining 15%. This surge in leasing has been accompanied by the entry and expansion of various international luxury fashion, watch and jewellery brands across different locations. The eight cities tracked for leasing include Delhi-NCR, Mumbai, Bangalore, Kolkata, Pune, Ahmedabad, Chennai, and Hyderabad.
The outlook for construction costs remains stable but cautious, as market volatility is likely to persist in 2023 along with monetary tightening, continued high inflation, a possibility of a recession in developed economies and geopolitical turmoil-related challenges going forward. Therefore, CBRE forecasts a marginal rise in the overall construction costs during 2023 across cities, with Mumbai likely to witness a sharper rise.