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India realty market update May 2014

Posted on by Track2Realty

By: Anshuman Magazine, CMD, CBRE South Asia

cb richard ellis, india real estate news, real estate news, india realty news, realty news india, india property news, property news india, ravi sinha, track2realty, track2media, kp singh, rajiv singh, emaar mgf, dlf, unitech, ndtv.com, ndtv, zee news, aajtak, 99 acres, 99acres.com, indianrealestateforum.com, indianrealtynews.comTrack2Realty: Expectations of an economic turnaround were belied with GDP growth slowing down to about 4.7% for FY 2013–14, marking it as the second straight year with below-5% growth.

Agriculture grew at 6.3% q-o-q, while manufacturing growth dipped to a low of about 1.4% q-o-q. A persistent global economic slowdown hemmed in India’s exports sector as well, further hindering growth prospects.

A bright streak, however, was the emergence of a stable political dispensation at the Center, with a propensity to welcome investments and usher in economic reforms. For the Union Budget lined up later in July, the new government is aiming at relaxing FDI guidelines, providing clarity on tax reforms, supporting industrial growth, and aiming at large scale infrastructure creation.

The central bank also took cues from the altered political environment and maintained status quo in its latest monetary policy review in May, while cutting the SLR by 50 bps and releasing funds worth INR 39,000 crore into the market. It is widely expected that the new government shall soon allow the entry of REITs as investment vehicles, permit 100% FDI in e-commerce and infrastructure, while providing tax incentives to the realty sector at large.

Office Space Update

Even though commercial leasing activity picked up marginally in the month of May, appreciating by about 6% q-o-q, the quantum of leased space touched its peak for 2014 so far. Demand was observed for small to medium-sized office spaces for the most part, even though the leasing quantum was driven by a few large transactions in Bangalore, Chennai, Hyderabad and Pune—contributing about 70% to the entire space transacted during May.

Bangalore remained the largest contributor to office space demand, followed by Pune and the Delhi NCR; representing about 66% of the total space transacted during the month. Occupier interest remained strong in micro-markets such as the Outer Ring Road and Whitefield in Bangalore, the IT Corridor and Extended IT Corridor in Hyderabad, Yerwada in Pune, and the peripheral regions of the Delhi NCR (e.g. Gurgaon).

Sectors such as IT, BFSI, manufacturing, telecommunications and pharmaceuticals continued to drive demand for office space, with more than 65% of total demand being concentrated in back-office spaces. SEZ developments remained muted this month. Rental values remained largely stable across all major micro-markets.

Housing Market Update

With the emergence of a stable, pro-reform government at the center, positive sentiments flowed into the residential segment. Home buyers and investors who were planning to invest in property, have been expecting positive policy changes that in turn are likely to boost the housing segment, going forward. In line with the preceding months, the largest quantum of new launches were observed in the mid-end category; mainly in cities such as Chennai, the Delhi NCR, Mumbai, and Bangalore.

Residential activity remained subdued in Hyderabad and Kolkata during the month; while locations such as Whitefield/Kanakpura/Harlur Main Road (Bangalore), Gurgaon/Greater Noida (Delhi NCR), Andheri/Goregaon/Kandivali (Mumbai), and Porur/Perungudi/Guindy/Padur (Chennai) witnessed significant development. Capital values remained largely stable during the month.

Organized Retail Space

The retail market attracted stable demand—mostly driven by retailers from the fashion and apparel, F&B, fashion accessories, and electronics segments, which continued to strengthen their footprint across cities during the month. High street locations persisted to see healthy leasing activity; while limited space availability led to restricted retail activity in prominent mall developments across most leading cities. The number of new retail entrants remained low during the month of May; and rental values continued to remain stable in most high streets and organized mall clusters across the country.

Retailers such as Metro AG had already announced their plans to go ahead with the cash-and-carry model in India. Additionally, Truefitt and Hill (salons) will soon commence its Indian operations; while Sternhagen (premium-brand for sanitary ware) plans to open flagship stores across Delhi, Chandigarh and Ludhiana, followed by Mumbai and Bangalore.

CBRE named best property consultancy at 2014 Asia Pacific Property Awards; picks up 11 national awards

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cb richard ellis, india real estate news, real estate news, india realty news, realty news india, india property news, property news india, ravi sinha, track2realty, track2media, kp singh, rajiv singh, emaar mgf, dlf, unitech, ndtv.com, ndtv, zee news, aajtak, 99 acres, 99acres.com, indianrealestateforum.com, indianrealtynews.comTrack2Realty: CBRE received 11 national awards and the peak regional award for Best Property Consultancy for the second year running at the prestigious Asia Pacific Property Awards 2014. CBRE India received the Highly Commended award in the Property Consultancy category for the second year in a row.

Anshuman Magazine, Chairman and MD, CBRE South Asia said on the occasion, “This award is a testament to the consistency and high quality of service CBRE provides to its clients in India and across the region. We always believe in putting the client first; and such awards are an affirmation of the high level of professionalism exhibited by professionals who represent CBRE.”

CBRE New Zealand was named Best Property Consultancy and will now compete against other regional winners from Africa, Arabia, Europe, UK and the Americas to find the ultimate World’s Best Property Consultancy. The global winner will be revealed at an awards ceremony in Dubai during December 2014.

It is the second year running that CBRE has received the peak regional award, following last year’s win by CBRE Japan.

CBRE was also named as Best Property Consultancy in six countries: Australia, South Korea, Taiwan, Thailand, Vietnam and New Zealand. Other countries that received the Highly Commended awards are China, Hong Kong, Japan, Philippines and Singapore.

CBRE CEO, Asia Pacific, Danny Queenan said, “Winning both the Best Property Consultancy for New Zealand and the Best Property Consultancy for Asia Pacific is an outstanding achievement. Our professionals work hard every day to deliver the best real estate services to our clients, and these accolades are a testament to their efforts.”

Real estate investment trends in India

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By: Rami Kaushal, Head – Consulting & Valuation, CBRE South Asia

cb richard ellis, india real estate news, real estate news, india realty news, realty news india, india property news, property news india, ravi sinha, track2realty, track2media, kp singh, rajiv singh, emaar mgf, dlf, unitech, ndtv.com, ndtv, zee news, aajtak, 99 acres, 99acres.com, indianrealestateforum.com, indianrealtynews.comTrack2Realty: There are still significant investment opportunities left in India’s real estate market. For investors looking at cost-effective projects to park their funds, this might be a right time as weak market sentiments are likely to lead to weak valuations, providing windows for investing in quality projects.

Housing demand remained largely stagnant across major urban markets in India during the first half of 2013. End-user perceptions of inflated housing prices, as well as high borrowing costs kept off home buyers during this period. In fact, subdued demand levels even led to a price correction of around 10%–15% across most markets in India. Recent policy moves from the Central Bank—vis-à-vis the rise in repo rate as well as the 20:80 schemes—are expected to further dampen investor sentiments.

With home loans having gone up now, home buyers are likely to continue to remain cautious and delay their purchase decisions further. However, a silver lining seems to be the increasing interest of non-resident Indians (NRIs) in purchasing property to leverage the depreciating value of the rupee.

Despite the prevailing demand slowdown, residential supply in key markets across the country witnessed an increase in the first six months of 2013. As per CBRE’s latest report on the residential segment, India Residential Market View H1 2013, more than 65,000 units were launched across India’s leading cities in the first half of the year, as compared to about 48,000 units launched during the second half of 2012.

This demand/supply mismatch has contributed to an oversupply situation in most cities, leading to mixed sentiments on asset pricing across various cities. About 88% of this supply was concentrated in the DelhiNational Capital Region (NCR), Mumbai and Bangalore markets—indicating their prominence as residential real estate investment destinations. Not surprisingly, most of these new launches across India’s top cities came up in peripheral/suburban areas, and in the mid-end price segment—to cater to the rising demand for affordable housing.

Office space absorption in the top seven cities of the country declined by approximately 14% q-o-q—registering around 6 million sq.ft as compared to around 7 million sq.ft in the previous quarter—according to the findings of CBRE’s latest report, India Office Market View Q3 2013. Corporate office occupiers remained cautious amid a subdued economic outlook—a trend which continued to inhibit office leasing activity across the country.

Most leasing activity was observed in the small and medium sized format office spaces, with very few large scale transactions getting finalized; back-office space requirements were also constrained by cost pressures and delays in approvals. Transaction activity was dominated by the NCR, Mumbai and Bangalore, each recording more than a million square feet of office space leasing during the quarter ending September.

India’s retail real estate segment saw retailer demand strengthen across the country in the first half of 2013. The first six months of the year also saw global and domestic retailers continuing to open stores along prime high streets and malls. Demand from international retailers rose steadily during this period, particularly in Mumbai and New Delhi. Relaxation of legislative norms governing FDI in India’s retail market has encouraged overseas retailers to set up shop. For the period January–June 2013, the Foreign Investment Promotion Board (FIPB) has cleared investment proposals worth INR 800 crore for 18 global operators in single brand retail. Multi-brand retailers, however, are yet to make an entry.

As far as housing investments go, home buyers may consider the present period for investing in good housing properties. This might be the right time to take advantage of the price weakness in NCR markets, for instance. Especially in the light of the current festive season when developers are offering various discounts, free merchandise and services to home buyers, it might be advisable to take advantage of quality housing projects amid weakening values. It is an end-user market currently; and price points in the premium/luxury as well as high-end/mid-end segments are expected to remain stable in the short- to medium-term.

Corporates occupiers looking at renewing or restructuring leases in the short to medium term will continue to hold strong leverage in the office leasing market. They may, in fact, consider making their leasehold portfolios more flexible by taking advantage of the current market scenario. Corporates may also use this opportunity to optimize their real estate portfolio by consolidating or relocating to more cost-effective locations. Demand in the retail real estate space is expected to remain steady.

The rate of new store openings is expected to increase over the course of the year with a number of major fast fashion groups planning market entry and/or expansion in the coming months. On the legislative side, while clarity has been provided on sourcing and city spread there is still confusion over the regulations concerning limitations on minimum investments and creation of back-end retail infrastructure. It is expected that the government will continue to resolve the concerns of overseas retail groups willing to invest in India.

Key trends expected to govern PE investments going forward will include investors valuing in-depth micro-market knowledge; funds with smaller ticket sizes; third party exits; and the entry of new investment instruments, such as REITs. On the whole, India’s investment market is expected to remain subdued over the remainder of the year—with most investors waiting for the resolution of the ongoing political deadlock, while keeping an eye on the forthcoming general elections scheduled for early 2014.

Rental values largely stable in Mumbai in Q3 2013

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cb richard ellis, india real estate news, real estate news, india realty news, realty news india, india property news, property news india, ravi sinha, track2realty, track2media, kp singh, rajiv singh, emaar mgf, dlf, unitech, ndtv.com, ndtv, zee news, aajtak, 99 acres, 99acres.com, indianrealestateforum.com, indianrealtynews.comTrack2Realty: Mumbai witnessed sluggish commercial leasing activity during the third quarter of 2013. The micro markets of Lower Parel, Thane and Navi Mumbai witnessed maximum traction and were the preferred region for office space leasing.  Rental values in Mumbai remained largely stable with marginal dip in the CBD and ABD locations, according to the findings of CBRE’s latest report,India Office Market View Q3 2013.

The Central Business District (CBD) of Nariman Point, Fort and Cuffe Parade witnessed limited transaction activity,due to a shift in occupier interest towards peripheral locations. The overall sluggishness in transaction activity continued to impact asset pricing negatively, with rental values registering a q-o-q decline of 2–3%. Vacancy remained largely stable,at an estimated range of 6–7%.

The Alternative Business District (ABD) of BandraKurla Complex (BKC), Kalina and Kurla (W) observed a decline in commercial leasing activity during this quarter. Around 0.10 million sq.ft.was absorbed in the present quarter, compared to around 0.16 million sq.ft. in the preceding quarter.

The Extended Business District (EBD) of Lower Parel observed strong demand for large format office spaces by corporate occupiers. On the supply front, around 0.26 million sq.ft. of fresh IT space became available for leasing during this period. While rental values maintained stability in the IT segment, values appreciated by around 6–7% q-o-q in select commercial developments—largely due to limited availability of commercial office space. On the other hand, commercial leasing activity in the micro-markets of Worli and Prabhadevi remained low.

Commenting on the findings of the report, Mr. Anshuman Magazine, Chairman and Managing Director, CBRE South Asia, says, “Occupiers are likely to remain cautious in the short to medium term, with their focus expected to remain firmly on consolidating their portfolio. Demand is likely to be concentrated mostly in the peripheral region, owing to the availability of cost-effective Grade A office spaces. Along with financial and pharmaceutical majors, demand is expected to gather momentum from engineering, manufacturing and FMCG companies looking to expand their footprint in the city. Due to the large anticipated supply addition in upcoming quarters, rental and capital values are likely to remain under pressure in most micro-markets in the short to medium term.”

The peripheral micro-markets of Thane and Navi Mumbai observed strong demand for office space as occupiers continued to shift focus towards these cost-effective locations. Absorption was recorded at around 0.33 million sq.ft. compared to about 0.20 million sq.ft. in the previous quarter.

Owing to healthy absorption levels, vacancy declined marginally to settle at an estimated range of 10–11%. Malad and Goregaon, however, witnessed subdued transaction activity, with absorption recorded at around 83,000 sq.ft. in the present quarter, over 0.51 million sq.ft. recorded in the previous quarter.

Real estate can double its share in GDP to 13% by 2025: CBRE

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cb richard ellis, india real estate news, real estate news, india realty news, realty news india, india property news, property news india, ravi sinha, track2realty, track2media, kp singh, rajiv singh, emaar mgf, dlf, unitech, ndtv.com, ndtv, zee news, aajtak, 99 acres, 99acres.com, indianrealestateforum.com, indianrealtynews.comTrack2Realty-Agencies: The realty sector can more than double its contribution to GDP to 13 per cent by 2025 on rising housing demand, if the government removes bottlenecks in infrastructure, lowers borrowing cost and makes process of approvals shorter, global property consultant CBRE said.

The share of the real estate sector in GDP is likely to be 6.3 per cent in 2013, CBRE said in a report titled ‘Assessing the Economic Impact of India’s Real Estate Sector’.

The size of country’s Gross Domestic Product (GDP) was USD 1.8 trillion in 2012-13 fiscal.

The report projected that the realty sector will generate employment for 17.2 million people and supply 8.2 million sq ft by 2025, more than double the figures for the current year.

“India’s real estate sector is poised for significant growth in the coming decade as it benefits from significant opportunities such as increasing urbanisation, demand for new housing and the expanding urban fabric of tier II and tier III cities in the country,” CBRE said in the report.

That sector, however, faces numerous challenges like high borrowing costs, slow and uneven infrastructure development and lengthy approval processes, the report said.

“Once these bottlenecks are addressed, we can expect the economic contribution of the sector to increase considerably, with its share of the GDP to more than double from 6.3 per cent in 2013 to almost 13 per cent by 2025,” it added.

Commenting on the report, CBRE South Asia Chairman and MD Anshuman Magazine said the sector has the potential for significant growth provided country’s economic growth does not stagnate and these bottlenecks are removed.

The real estate and construction sector would continue to remain one of the largest employers in the economy, CBRE said, adding the annual employment opportunities generated in the sector are expected to increase from 7.6 million in 2013 to almost 17.2 million in 2025.

The annual real estate supply in India is expected to increase from about 3.6 billion sq ft in 2013 to about 8.2 billion sq ft in 2025. Majority of this space is expected to be concentrated in the residential sector.

Urbanisation in India has been increasing at an unprecedented rate, with almost 71 million people being added to the urban population from 2001 to 2011. At this rate, close to 534 million people will live in Indian cities by 2026. This offers tremendous opportunities for real estate development.

Approximately 6.6 million sq ft of space absorbed in Q1, 2013 as compared to 5.6 million in Q1, 2012: CBRE

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cb richard ellis, india real estate news, real estate news, india realty news, realty news india, india property news, property news india, ravi sinha, track2realty, track2media, kp singh, rajiv singh, emaar mgf, dlf, unitech, ndtv.com, ndtv, zee news, aajtak, 99 acres, 99acres.com, indianrealestateforum.com, indianrealtynews.comTrack2Realty: The prime office space segment across key cities in India are witnessing an improvement in sentiment from last year. According to CBRE’s latest report, India Office Market View Q1 2013, prime office space absorption across key cities in India witnessed approximately 17% increase in Q1, 2013 as compared to Q1, 2012.

Transaction activity during Q1, 2013 was dominated by Mumbai, Bangalore, Chennai and NCR (National Capital Region), representing about 90% of the total transacted space during the quarter. Occupier focus continued to be on consolidation and more efficient use of existing portfolio. Transactions took much longer to conclude and majority of the demand was for smaller floor plate sizes.

However the q-o-q figures showed a decline of approximately 6% when compared to 7 million sq.ft. absorption in Q4, 2012.

Commenting on the findings of the report, Anshuman Magazine, Chairman and Managing Director of CBRE, South Asia, said, This is a positive sign for the Indian economy reflecting business expansion along with consolidation. This also indicates that the downward trajectory should be plateauing in the near future. However the Indian office market will continue to take cues from the existing economic sentiment globally and within the country and it is too early in the year to take a position on the market performance.”

Rental values continued to witness downward pressures across most micro-markets as occupier expansion faced cost pressures and consolidation continued to be the key theme. Rents were stable in suburban office markets such as Gurgaon, Noida, Outer Ring Road, Whitefield, Hitec City and Gachibowli, among others. It is anticipated that downward pressure will continue to persist in most markets in the country in a short to medium term.

With cost reduction being a primary concern, occupier sentiment remained cautious amidst the present economic outlook, which continued to have a negative impact on leasing activity across most micro-markets. Majority of the corporates continued to review expansion plans and looked at improving existing space utilisation to control costs.

Demand is expected to weaken in most markets and majority of the leasing deals are likely to be for small and medium sized office space. Supply levels should continue to exert pressure on rental movement and market recovery in most micro-markets.

The India Office Market View is a quarterly report which provides a summary of office rents across key cities in India. It includes average rental rates for the coming quarter as well as an outlook for the next quarter. The India Office Market View report also covers Grade A office space rentals across the cities of NCR, Mumbai, Bangalore, Chennai, Hyderabad, Pune and Kolkata.

CBRE Inc. awarded world’s leading real estate advisor in 2012 Euromoney Awards

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cb richard ellis, india real estate news, real estate news, india realty news, realty news india, india property news, property news india, ravi sinha, track2realty, track2media, kp singh, rajiv singh, emaar mgf, dlf, unitech, ndtv.com, ndtv, zee news, aajtak, 99 acres, 99acres.com, indianrealestateforum.com, indianrealtynews.comTrack2Realty: 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.

Euromoney, a leading international finance publication, annually surveys its readers—corporate and financial-decision makers in more than 160 countries—to identify the best advisors, developers and banks in the real estate market on a global, regional and individual country basis.

After Euromoney Awards declared CBRE the Top Global Real Estate Advisor 2012, and Top Real Estate Advisor for India 2012, Anshuman Magazine, CMD, CBRE–South Asia, said,“Receiving this award Globally for a record fifth time clearly demonstrates the faith our clients repose in us across the world. The fact that our clients have voted us as the top real estate advisor in India as well is a great validation of our ability to successfully deliver results, and provide the cutting edge advise and service they expect from us as the market leaders.

In addition to winning the overall Global Real Estate Advisor and Consultancy award, CBRE won global awards in the Valuation, Agency/Leasing and Research categories. The firm was also voted number-one advisor and consultancy firm in North America, Western Europe, Central and Eastern Europe, as well as in 18 individual countries. Overall, CBRE won 65 individual awards.

On being awarded the Best Real Estate Valuations Firm 2012,  Rami Kaushal – Head, Consulting & Valuation, CBRE South Asia said, “The people who voted in theEuromoney awards program are our clients—investors and occupiers who rely on us to execute their strategies. Their endorsement is the highest compliment we can receive.”

In Asia, the firm attained 10 overall country and category accolades. CBRE was named number-one overall advisor and consultancy firm in India, Japan, Korea, Singapore and Vietnam. In addition, India took home the top award for Valuation; Japan and the Philippines were named number-one for Research; and Singapore and the Philippines came in first for Agency/Leasing.

“These awards reflect the trust our clients place in CBRE and the respect of our peers,” said Brett White, CBRE’s Chief Executive Officer. “Winning the top global accolade as well as the many regional awards reflects the consistently high caliber of our services around the world, our commitment to our clients, and our ability to deliver superior results across market cycles.”

Fitch finds India’s real estate outlook negative for H2 ’12

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fitch ratings, india real estate news, real estate news india, india realty news, realty news india, kumari selja, rohtas goel, Kapil Sibal, sonia gandhi, rahul gandhi, manmohan singh, Unitech, DLF, india property news, property news india, naredco, affordable housing, government of india, ndtv.com, ndtv, zeenews, aajtak, times of india, hindustan times, indian real estate forum, indianrealestateforum.com, indianrealtynews.com, cnn-ibn, rajdeep sardesai, sagarika ghose, vinod dua, arnab goswami, barkha dutt, raghav behl, prannoy roy, vikram chandra, ravi sinha, track2media. track2realty, DDA, delhi real estate news, new delhi, K.P. Singh, Rajiv Singh, Sharad Pawar, Jairam Ramesh, CBI, DB Realty, LavasaFitch Ratings says in a new report that the Rating Outlook for the Indian real estate sector continues to be Negative for H212, due to persistent sluggish demand, high construction costs and liquidity pressures.

Given Reserve Bank of India’s caution on interest rate cuts, high equated monthly instalments (EMIs) will continue to be a deterrent for potential home buyers. This, together with high property prices and elevated inflation will keep demand sluggish.

However, y-o-y growth of home loans by banks – which had been slowing for the 12 months to April 2012 – picked up markedly in May and June 2012, and if continued may help spur the sector.

Slowdown in the economy and subdued job growth in the IT sector, which was at its lowest quarterly level in Q212, will hold back demand for commercial and retail properties.

Real estate companies will continue to face margin compression from high construction costs for both building materials and labour. From December 2011 to April 2012 the price of steel increased 13% and that of cement by 12%. Notwithstanding the trend of deleveraging since Q311, slowing demand, high costs and thus declining profits will keep leverage high for most real estate companies.

Reliance of real estate companies on operating cash flow will assume significance in the near term as available funding options remain limited. Growth of bank lending to the commercial real estate sector was low at 1.5% y-o-y in June 2012. Except for some pick-up in private equity, other funding options are restricted. As a result, companies that derive significant revenue from lease rentals will have a more stable credit profile compared with their counterparts whose business model is based on outright sale.

H1 2012 witnesses increase in retailer enquiries across key cities: CBRE

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cb richard ellis, india real estate news, real estate news, india realty news, realty news india, india property news, property news india, ravi sinha, track2realty, track2media, kp singh, rajiv singh, emaar mgf, dlf, unitech, ndtv.com, ndtv, zee news, aajtak, 99 acres, 99acres.com, indianrealestateforum.com, indianrealtynews.comIndia witnessed increased transaction activity and retailer expansion in H1, 2012. Leading brands and retailers pursued expansion plans aggressively, increasing their presence across key retail hubs. In all the seven cities presented in the review, the retail real estate market appears to be promising with an increase in retailer enquiries. These are the findings of CBRE’s latest report titled “India Retail Market view.”

Retail mall rentals witnessed growth in prime city micro markets of Delhi, while values in high streets increased in Mumbai, Bangalore and Pune. The same can be attributed to the heightened interest by retailers coupled with a low base of supply addition as developers continue to focus on attracting tenants in completed products and reducing current vacancy rather than launching new projects.

About 1.12 million sq ft of mall supply was added in H1 2012 (concentrated largely in Bangalore), which was less than 20% of almost 6 million sq ft of space added during the same period last year.

Commenting on the findings of the report, Mr. Anshuman Magazine, Chairman and Managing Director of CBRE, South Asia Pvt. Ltd said, “The rising level of activity in retail space across key cities is testimony to the growing confidence of domestic and international retailers in India. Retailers are looking to expand their operations beyond the top three cities to include the likes of Hyderabad, Chennai, Kolkata and Pune and Chandigarh due to growing urbanisation and an increase in the acceptance of organised retail.”

Going ahead, transaction activity and size are expected to increase on the back of higher consumer spending and expanding mid-income purchasing power. The anticipated changes in the FDI regime should propel the demand for organised retail space further.

 

 

 

CBRE Group, Inc. ranks #4 among all outsourcing firms

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cb richard ellis, india real estate news, real estate news, india realty news, realty news india, india property news, property news india, ravi sinha, track2realty, track2media, kp singh, rajiv singh, emaar mgf, dlf, unitech, ndtv.com, ndtv, zee news, aajtak, 99 acres, 99acres.com, indianrealestateforum.com, indianrealtynews.comCBRE 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.

“Every day, in markets around the world, our outsourcing professionals work hard to help clients maximize the efficiency of their real estate and develop smart solutions to their occupancy challenges,” said Brett White, chief executive officer of CBRE.  “Our strong and improving performance on IAOP’s annual ranking is testimony to their success in delivering consistently excellent service, and in setting CBRE apart from all other commercial real estate services firms.”

The Global Outsourcing 100 rankings are determined by an independent panel of judges based on size and growth rate, customer references, demonstrated competencies, and management capabilities.

The IAOP panel cited CBRE’s particular strengths in customer references, third party awards and recognitions, employee management and executive leadership. Earlier this year IAOP and the Information Services Group (ISG) also honored CBRE for its leadership in corporate responsibility, with the first IAOP/ISG Global Outsourcing Social Responsibility Impact Award.

“CBRE exemplifies what excellence in outsourcing is all about,” said Michael Corbett, Chairman of IAOP’s Strategic Advisory Board. “Long gone are the days when outsourcing was about cutting costs.  In today’s world it’s all about ever-more innovative customer solutions, building sustainable value, and using technology to partner across organizations in ways never before possible.”

“This is a proud moment for CBRE. The ranking reflects the hard work and efforts put in by our outsourcing professionals to help clients capitalize on their efficiency of their real estate. We shall strive even harder to better our performance in the next year”, said Anshuman Magazine, Chairman and Managing Director of CBRE India.

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