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1、REPORTCBRE RESEARCHSeptember 2023India Mid-Year Market Outlook 2023:Decoding The Growth ProspectsIntelligent Investment2CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023EconomyOfficeIndustrial&Logistics(I&L)RetailResidentialInvestmentsAlternate Sectors:-Data Centre
2、s-Flexible Spaces-Life SciencesHospitality3965053Revisiting our forecasts made at the beginning of the year on Indias economic and real estate growth landscape,evaluating the progress made till now and recalibrating our projections for near future.3CBRE RESEARCH 2023 CBRE,INC.Intelligent
3、InvestmentIndia Mid-Year Market Outlook 202301Economy4CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023Outlook for the remaining yearThe International Monetary Fund(IMF)has raised its India GDP growth rate estimate for FY2023-24 to 6.1%,up from its previous estimat
4、e of 5.9%,led by a stronger-than-expected growth in the January-March quarter3.Meanwhile,the World Bank expects India to grow by 6.3%during the year4.Going forward,we expect growth in bank credit,infrastructure spending and capital expenditure to support Indias growth during FY2023-24.Midyear review
5、FORECAST 1Recessionary forcesat work1.BEA,US government2.National Statistical Office,August 31,20233.International Monetary Fund4.World BankAdvanced economies in the Eurozone witnessed negligible growth in the first half of 2023,while the US registered growth of 2%and 2.1%in the first and second qua
6、rter of 2023,respectively1.Indias Gross Domestic Product(GDP)grew by 7.8%in the April-June quarter,the highest growth rate in the past four quarters2.The financial,real estate and professional services sector grew by 12.2%,on a Y-o-Y basis.Despite a high base year effect(Y-o-Y growth of 16.0%in the
7、April-June quarter of 2022),construction output displayed firm expansion and grew by 7.9%.Note:Moodys forecast is for Calendar Year 2023Fig 1.1 Indias GDP projection for FY 2023-246.36.06.56.06.76.36.16.05.9FitchICRARBICRISILMoodys*WorldBankIMFS&PGlobalNormuraMonetary tightening and geopolitical cri
8、ses to weigh on advanced economies,with moderate recession expected in the US and its growth projection reduced to 0.2%in FY2023 and 1.3%in FY2024.These could pressure the Indian economy,translating to slower manufacturing and export activity.However,its strong macroeconomic fundamentals and domesti
9、c consumption would ensure sustained growth in the medium term.PREDICTO-METERNearly ThereDivergenceOn TrackEconomy2023 India Market Outlook Report 5CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023The Wholesale Price Index(WPI)-based inflation has been in the negat
10、ive territory since April,and this may start reflecting in retail inflation with a time lag in the coming months6.As a result,CPI is expected to remain above RBIs upper tolerance band of 6%until October,post that it is expected to start tapering.However,for most part of 2024,we expect inflation to r
11、emain above 5%.In line with most major economies across the globe,the rate hike cycle in India seems to have come to a halt with the RBI maintaining status-quo in the past two reviews.We expect the RBI to maintain a stable stance until the middle of next year,with a monetary easing policy kickstarti
12、ng only towards the quarter of April-June 2024.FORECAST 25.National Statistical Office 6.Ministry of Commerce and IndustryThe Consumer Price Index(CPI)inflation cooled down towards the end of H1 of CY 2023,but it shot up to a sharper-than-expected 15-month high of 7.44%in July,up from 4.9%in June5.T
13、his was attributed to the sharp rise in the prices of vegetables and other essential items.The Reserve Bank of India(RBI),understandably,did not tweak the key policy rates during its August monetary policy committee meeting.Fig 1.2 Movement in Indias CPI and WPI in 2023Inflationary pressures to ease
14、Outlook for the remaining yearMidyear reviewHeadline inflation in India to stay high but within the RBIs target of 4%(+/-2%)in FY2023.Moderating global oil prices and lowering input costs might help curb inflation,but increasing food prices could impact core inflation,causing it to stay stubborn.The
15、 monetary tightening cycle could,hence,continue with at least one or two more rounds.PREDICTO-METERNearly ThereDivergenceOn TrackEconomy6CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023The Current Situation Index is likely to dip further in H2 2023 due to global m
16、acroeconomic headwinds,a lagged impact of monetary tightening and inflationary pressures.However,urban demand for now has held up well with high frequency indicators being in the positive and rural demand also being on its way to recovery.But overall domestic demand may temper towards Q3 2023;even s
17、o the upcoming festive season is expected to offset any slowdown in consumption.FORECAST 37.Reserve Bank of IndiaConsumer confidence rebounded in 2023 and the RBIs Current Situation Index(CSI)increased to 88.1 in July 2023 from 77.3 in the same period last year7.Respondents remain optimistic about t
18、he economic situation in the coming year,with the Future Expectations Index(FEI)also improving marginally by 3%Y-o-Y.However,the current situation index witnessed a minor decline compared to May 2023,which could be attributed to a recalibration of respondents sentiment on income and spending due to
19、their scepticism regarding the general economic and employment situation.Fig 1.3 Consumer confidence indicesDomestic demand could moderate but stay in the positive territoryOutlook for the remaining yearMidyear reviewThe impact of any slowdown on retail sales growth and private consumption is likely
20、 to get diluted with the festive season overlap of H2 2023.While consumer spending could moderate due to inflationary pressures and high borrowing rates,investments mainly driven by the governments infrastructure spending could still be a dominant growth driver in 2023.88.588.1116.3116.6020406080100
21、120140160Nov-18Jul-19Mar-20Nov-20Jul-21Mar-22Nov-22Jul-23IndexCurrent Situation IndexFuture Expectation IndexSource:RBIPREDICTO-METERNearly ThereDivergenceOn TrackEconomy7CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023Backed by the governments pro-infrastructure
22、measures,India is likely to gain prominence in offering comparable skill and cost advantages to set up manufacturing facilities.We expect many more global companies to expand or initiate their operations in India,either on their own or through strategic partnerships with established domestic compani
23、es.A tweaked PLI scheme for semiconductors,announced in June,is also expected to attract major investments over the coming years10.FORECAST 4The governments PLI schemes have not just resulted in a significant increase in employment generation and economic growth but have also transformed Indias expo
24、rt basket to include high value-added products like electronics&telecommunication goods,processed food products,etc8.Some major smartphone companies have also shifted their operations/supplies to India9.Global supply chain realignment to Indias advantageOutlook for the remaining yearMidyear reviewLo
25、w labour costs,focus on transport and logistics infrastructure improvement and growing manufacturing prowess to embolden Indias position as a preferred alternative supply source in the headwinds-hit global supply chain ecosystem.Besides,major policy initiatives like the PLI schemes to significantly
26、boost global investments in Indias manufacturing sector in 2023.8.Department for Promotion of Industries and Internal Trade,Government of India9.PIB10.Ministry of Electronics and Information TechnologyPREDICTO-METERNearly ThereDivergenceOn TrackEconomy8CBRE RESEARCH 2023 CBRE,INC.Intelligent Investm
27、entIndia Mid-Year Market Outlook 2023While Indian IT companies serving clients in countries under greater impact of global headwinds might see some pressure on their margins until the end of 2023,the countrys engineering talent pool and proactive policy measures would be key to making it a top GCC d
28、estination.Additionally,IT spending is anticipated to reach over USD 112 billion in 2023,slightly exceeding expectations,with enterprise software spending and IT services spending witnessing 14.6%and 8%annual growth,respectively12.FORECAST 511.Nasscom,June 202312.Gartner Press Release,November 2022W
29、ith 1,580+centres employing over 1.66 million professionals,the overall size of the GCC market in India has grown at a CAGR of 11.4%to reach USD 46 billion between FY 2015 and FY 202311.During H1 of CY 2023,Mumbai,Pune,Bengaluru,and Hyderabad saw the establishment of 18 new GCCs in India.Data scienc
30、e,automation,adaptive cyber insurance products,and identity-centric cybersecurity solutions are some of the focus areas of new and existing GCCs in India.Outlook for the remaining yearMidyear reviewIndia to remain the office of the world with sustained technology spending from corporates.The country
31、s cost and scale advantages would drive global corporates to set up more Global Capability Centres(GCCs)across various sectors.Continued investment inflows in the tech sector likelyPREDICTO-METERNearly ThereDivergenceOn TrackEconomy9CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Ma
32、rket Outlook 202302Office10CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023Outlook for the remaining yearThe global economic scenario and evolving hybrid workplace models would keep corporates cautious in the short-to medium-term regarding their office expansion p
33、lans.With occupiers focusing on achieving operational efficiencies,they continue to display a prudent expansionary appetite.Hence,office absorption is likely to face downward pressure this year.Bangalore,Delhi-NCR,Chennai and Hyderabad are expected to drive the demand in 2023,with the technology sec
34、tor continuing to have a stronghold on leasing.However,demand is expected to become more diversified,with likely growth across BFSI,flexible space operators and engineering&manufacturing sectors.Midyear reviewFORECAST 1Post-pandemic resurgence in leasing to stabilise*.Market sentiment is based on th
35、e simple average of net intentions(net%difference between positive and negative answers)of seven surveyed indicators.Source:Asia Pacific Leasing Market Sentiment Index,June 2023During H1 2023,leasing activity declined by 12%Y-o-Y to about 26.4 million sq.ft.The absorption during the first half of th
36、e year was led by Bangalore,Chennai and Delhi-NCR,which together accounted for 60%of the leasing.Technology companies held the highest share in the leasing activity,followed by BFSI firms,flexible space operators and engineering&manufacturing firms.In June 2023,while the Asia Pacific Leasing Market
37、Sentiment Index by CBRE tapered slightly for India as compared to March 2023,it continued to be above the overall APAC average.Source:CBRE India Research,Q3 2023Fig 2.1:Office supply and gross absorption in India(2019-H1 2023)Global headwinds may impact occupiers expansion plans and decision-making
38、in 2023,and absorption may face downward pressures.-60%-40%-20%0%20%40%60%Jun-23Jun-23Jun-23Jun-23Jun-23Jun-23Jun-23Jun-23Jun-23Aug-21Aug-21Aug-21Aug-21Aug-21Aug-21Aug-21Aug-21Aug-21Mar 23Dec 22May 22PositiveNet IntentionsAsia PacificKoreaIndiaSouthEast AsiaHong Kong SARSingaporeAustraliaJapanMainla
39、ndChinaFig 2.2:Asia Pacific Leasing Market Sentiment Index*PREDICTO-METERNearly ThereDivergenceOn TrackOffice54.342.149.750.624.265.135.440.556.526.420022H1 2023In million sq.ft.SupplyGross absorption2023 India Market Outlook Report 11CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndi
40、a Mid-Year Market Outlook 2023FORECAST 2Steady supply pipeline expectedA steady supply pipeline of quality assets is expected to lead to around 51 53 million sq.ft.of delivered space in 2023.Bangalore,Hyderabad and Delhi-NCR are likely to continue dominating completions.A steady quantum of space wou
41、ld continue to be delivered in H2 2023,given the pipeline of quality assets.CBRE expects the annual supply to be around 51-53 million sq.ft.13,a marginal increase of 1-3%.Bangalore,Hyderabad and Delhi-NCR would continue to dominate completions.Occupiers interest in investment-grade buildings in core
42、 locations is likely to continue,especially for projects by leading developers and institutional owners.13.These forecasts may vary based on factors such as pace of construction,developer profile/execution capability,macroeconomic uncertainty,current geopolitical climate,global headwinds,etc.In H1 2
43、023,about 24.2 million sq.ft.of new completions were witnessed a decline of 4%Y-o-Y.Supply addition in the first half was led by Bangalore,Hyderabad,and Delhi-NCR with a combined share of 68%.Outlook for the remaining yearMidyear reviewPREDICTO-METERNearly ThereDivergenceOn TrackOffice12CBRE RESEARC
44、H 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023FORECAST 3Vacancy rates to remain rangebound;moderate rental growth expectedPREDICTO-METERNearly ThereDivergenceOn TrackOfficeVacancy rates are expected to largely remain rangebound in 2023.Additionally,select prominent micro-ma
45、rkets across most cities are expected to witness moderate rental growth in the year.Select micro-markets in cities are likely to see a moderate increase in rentals,as global occupiers sentiments continue to strengthen with the easing of macroeconomic challenges.Well-located offices,replete with mode
46、rn fixtures,amenities,and sustainability features,that elevate employees experience,are expected to command a premium in the market.Moreover,with new office developments and demand expected to be in tandem during the rest of the year,vacancy rates are likely to be rangebound till the end of the year
47、.Pan-India vacancy rates have remained stable as of Q2 2023,as space take-up and supply have largely been at par during H1 2023.Led by sustained demand despite a challenging macro-economic environment,select micro-markets in cities such as Bangalore,Chennai,Mumbai,Pune and Delhi-NCR witnessed a Y-o-
48、Y increase of 1-6.5%in quoted rentals during H1 2023.Outlook for the remaining yearMidyear review13CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023FORECAST 4Hybrid working to continue with emphasis on officePREDICTO-METERNearly ThereDivergenceOn TrackOfficeHybrid
49、working to continue to be the norm in India;however,emphasis on office-based working is also expected to be sustained.Occupiers are expected to continue framing hybrid working policies with emphasis on the office-first model to enable deep collaboration between office-based employees and remote empl
50、oyees,and enhance productivity.An office-first approach is changing the purpose of workplaces from being only work-driven to a place for collaboration and ideation.With hybrid work here to stay,the workplace is evolving from being utility-led to purpose driven.CBREs 2023 India Office Occupier and CB
51、REs 2022/2023 Live-Work-Shop Consumer Sentiments Survey indicate that both employers and employees are inclined towards office-based hybrid working,with at least three days a week in the office.Outlook for the remaining yearMidyear review40%30%26%4%0%0%18%35%38%6%0%3%15%34%33%11%8%0%Fully officeMost
52、ly at the office(four or five days per week)Equal mix(three days per week)Mostly remote(four or five days per week)Fully remoteUnsure%of respondentsIndia Occupier Survey,Q1 2023India Occupier Survey,Jul 2022India Employee Survey(LWS),Feb 2023Note:These results are limited to those respondents who ch
53、ose to answer this question and may differ from individual companies on a case-by-case basis due to their scale,type and location of business operations.Source:CBREs 2023 India Office Occupier Survey,Q2 2023;CBREs 2022 India Office Occupier Survey,July 2022;CBREs Voices from India:How will People Li
54、ve,Work and Shop in the Future?,February 2023;CBRE Research,Q3 2023Note:Percentages may not total to 100 due to rounding.At least 3 days per week in the officeFig 2.3:Cultural norms with regards to workplace policies that organizations aspire for in a steady state in IndiaQ214CBRE RESEARCH 2023 CBRE
55、,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023FORECAST 5Demand for ESG-compliant spaces to increasePREDICTO-METERNearly ThereDivergenceOn TrackOfficeTightening global and domestic ESG regulations would drive occupiers flight-to-quality wave towards modern,premium and sustainable space
56、s in the medium to long term.Sustainable building features and operations to be among their most sought-after building attributes.Top office occupiers across the country have committed to achieving net zero by 2050.To meet this goal,as well as other sustainability metrics such as energy efficiency,w
57、ater and waste management,occupiers are expected to continue the flight towards better quality assets,increasing their preference towards green-certified buildings.Over the past seven years,green-certified stock in India has almost doubled to about 342 million sq.ft at 9%CAGR,buoyed by the demand fo
58、r green-compliant properties.Signalling the growing focus of developers on sustainability,46%of the newly completed developments during H1 2023 were green-certified.Global and domestic occupiers are on the path towards sustainability and have committed to targets with far-reaching impact.Stemming fr
59、om global and national mandates such as the Corporate Sustainability Reporting Directive(CSRD),Enhancement and Standardization of Climate-related Disclosures,and Indias Business Responsibility and Sustainability Reports(BRSR),occupiers continue to lease in next-generation,green-certified office spac
60、es.Outlook for the remaining yearMidyear reviewSource:CBRE India Research,Q3 2023Pre20002120222023CertifiedNon Certified342mnsq.ft.178mnsq.ft.Green stock grew at 9%CAGR15CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023FORECAST 6Workplace stra
61、tegies to lead corporate agendasPREDICTO-METERNearly ThereDivergenceOn TrackOfficeReturn to office(RTO)planning and flexible working would place workplace strategies at the top of corporates agendas in 2023.Additionally,the adoption of technology supporting flexible working would continue to pick up
62、 as RTO rates rise.RTO planning remains on top of the occupiers agenda,as they focus on creating experiential workplaces,through the amalgamation of technology and amenities.Office occupancies and utilization rates are likely to improve further as hybrid working frequencies shift towards working mor
63、e days from office.In a shift from the nudge strategy,we are also likely to witness organizations adopting a gradual change in their RTO plans towards a more aggressive and mandated approach over the next 6-12 months.About 80%of the occupiers surveyed in CBREs surveys indicated a preference towards
64、working from office at least three days a week(India Office Occupier Survey,July 2022;India Office Occupier Survey,Q2 2023 and Live-Work-Shop Survey,Feb 2023).Moreover,office occupancies and utilization rates have witnessed a gradual uptick over the last one year,with occupiers stepping up their RTO
65、 plans due to work from home(WFH)fatigue,attrition and moonlighting concerns,amidst the need to regenerate collaboration opportunities and break business silos.Outlook for the remaining yearMidyear reviewNote:These results are limited to those respondents who chose to answer this question and may di
66、ffer from individual companies on a case-by-case basis due to their scale,type and location of business operations.Source:CBREs 2023 India Office Occupier Survey,Q2 2023;CBRE India Future of Office Survey 2021,December 2021;CBRE Research,Q2 2023*Note:Not applicable responses have been excluded from
67、the analysis.%of respondents52%Q1 202321%Dec 20210%27%21%21%31%20%47%12%10%11%No one hasaccess 75%of respondentsAverage utilization rateIndia Occupier Survey,Q1 2023India Occupier Survey,Dec 2021*Fig 2.5:Average utilization rate in India over the past three months(number of seats used vs maximum cap
68、acity allowed)Q216CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 202303I&L17CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 20230213424-2632-36SupplyAbsorptionSupplyAbsorptionSupplyAbsorptionSupplyAbsorptionSupplyAbsorption2
69、00222023F(In million sq.ft.)Outlook for the remaining yearIn the backdrop of easing supply chain pressures and quality supply addition,leasing momentum is anticipated to pick up pace further during the second half of the year.Additionally,the upcoming festive season is also expected to st
70、rengthen space take-up and the total absorption is likely to exceed earlier estimates and touch 36-38 million sq.ft.in 2023.Midyear reviewFORECAST 1Resilient occupier demand to drive leasing in 2023Demand for I&L spaces is expected to remain resilient in 2023 but growth rates could stagnate as occup
71、iers might align their portfolio strategy with global headwinds,which could cause absorption to range between 32-35 million sq.ft.as per March 2023 predictions.PREDICTO-METERNearly ThereDivergenceOn TrackI&LFig 3.1:I&L supply-demand trends(2019-2023F)Source:CBRE Research,Q3 2023Pre-COVIDPost-COVIDTh
72、e I&L space take-up increased by about 35%Y-o-Y to touch 19.1 million sq.ft in H1 2023.Delhi,Mumbai and Chennai dominated leasing activity,accounting for about 60%of the overall space take-up.H1 2023 supply:18 mn sq.ft.H1 2023 absorption:19 mn sq.ft.36- India Market Outlook Report 18CBRE
73、RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023Midyear reviewOutlook for the remaining yearOwing to completion of pent-up projects,supply addition is also expected to outperform and touch 28-30 million sq.ft by the year-end,as compared to about 21 million pleted in 20
74、22.We also foresee that the share of projects completed by larger developers backed by institutional funds would increase to about 40%in 2023.Supply addition is anticipated to be dominated by Mumbai,followed by Delhi-NCR and Chennai,cumulatively accounting for over 50%of the completions during the y
75、ear.FORECAST 2I&L supply to breach2022 levelsHalf-yearly supply addition improved by about 56%to reach an all-time high of 17.7 million sq.ft.in H1 2023,led by completion of pent-up supply,mainly in Chennai,Kolkata and Mumbai.Together,these cities accounted for more than half of the total supply.The
76、 share of supply by larger developers backed by institutional funds stood at about 39%in H1 2023.Driven by the completion of pent-up supply,the I&L supply is forecasted to exceed 2022 levels and reach 24-26 million sq.ft.in 2023,as per March 2023 predictions.The share of project completions by promi
77、nent global/domestic developers is also expected to rise from 37%in 2021-2022 to over 40%in 2023-2024.PREDICTO-METERNearly ThereDivergenceOn TrackI&LFig 3.2:Segmentation of new supply as per developer categories 29%36%40%71%64%60%0%20%40%60%80%100%-222023-24 FShare of PE fund-backed devel
78、opers in supply(%)Supply by larger developers backed by instituitional funds Supply by domestic players39%-Share of larger developers in H1 2023Source:CBRE Research,Q3 202319CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023Midyear reviewOutlook for the remaining ye
79、arRents are likely to grow in select micro-markets;largely driven by the premium commanded by new investment grade assets that would become operational in H2 2023.Select micro-markets in Mumbai,Chennai,Bangalore,Pune,Hyderabad and Ahmedabad are expected to witness about 2 6%Y-o-Y growth in rents by
80、the year-end,especially in investment-grade,tech-enhanced and strategically located assets.FORECAST 3Further rental growthanticipatedLed by flight-to-quality demand,limited availability of quality supply in select locations and rise in land costs,quoted rental values increased on a half-yearly basis
81、 in key micro-markets across cities,with the exception of Mumbai and Kolkata.Rents remained stable in Mumbai while excess supply addition in Kolkata led to a dip of 2-3%on a half-yearly basis.Increasing demand from occupiers to lead to upward rental movements in select micro-markets across cities.PR
82、EDICTO-METERNearly ThereDivergenceOn TrackI&LFig 3.3:Rental value forecasts in key I&L micro-markets Source:CBRE Research,Q3 2023*Note:The trend for transacted rentals may be in line with or diverge from quoted rentals for different assets depending on various factors such as asset quality,location,
83、accessibility,age of the asset,space availability,etc.Pune(Chakan-Talegaon)Ahmedabad(Sanand)Mumbai(Bhiwandi NH3)Chennai(Western Corridor-I)Bangalore(Eastern Corridor)Hyderabad(Northern Corridor)5-6%5-6%2-3%2-3%2-3%2-3%Average quotedRents*Y-o-Y change(2023F)20CBRE RESEARCH 2023 CBRE,INC.Intelligent I
84、nvestmentIndia Mid-Year Market Outlook 2023Outlook for the remaining yearMidyear reviewThe I&L absorption would continue to be led by the 3PL and E&M sectors due to the continued adoption of multipolar supply chain strategies by occupiers and the governments pro-investment efforts.The share of 3PL i
85、n 2023 could,thus,be marginally higher,if not similar,to 2022 levels.We also anticipate heightened interest from FMCG,retail and electronics&electrical firms led by the rise in consumer demand.The upcoming festive season is likely to improve e-commerce leasing sentiments over the short-term.However,
86、a few e-commerce players are also evaluating built-to-suit(BTS)facilities for long-term requirements.FORECAST 4Third Party Logistics(3PLs)and Engineering&Manufacturing(E&M)to continue as dominant drivers of space take-up;e-commerce is expected to make a comeback 3PL players continued to drive the le
87、asing activity in H1 2023 with a share of about 43%a marginal dip compared to 49%in H2 2022.E&M firms space take-up accounted for about 16%of the overall leasing pie in H1 2023.The share of e-commerce and retail companies stood at about 9%each during the period.The dominant share of 3PL players in o
88、verall leasing is set to grow in 2023 in line with the preceding two years,followed by E&M firms.The expansion of the e-commerce sector is also expected to spur additional space requirements by the end of 2023.PREDICTO-METERNearly ThereDivergenceOn TrackI&L43%16%9%9%7%6%5%1%4%3PLEngineering&manufact
89、uringE-commerceRetailAuto&ancillaryFMCGElectronics&electricalsPharmaceutical/HealthcareOthersFig 3.4 Segmentation of transaction activity as per industry sectors in H1 2023Source:CBRE Research,Q3 202321CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 202304Retail22CBRE
90、 RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023Midyear reviewFORECAST 1In-store shopping to remain at the heart of business operationsRetailers are expected to make efforts to further enhance their physical shopping experiences by embracing technology,re-engineering
91、store layouts,leveraging high-interest products and moving towards frictionless supply chain methods.PREDICTO-METERNearly ThereDivergenceOn TrackRetailAccording to the findings of CBREs 2022/2023 Live-Work-Shop Consumer Sentiments Survey,almost 45%of shoppers still preferred“mainly offline”or“purely
92、 offline”shopping,despite the growing popularity of online shopping.While the younger generation displayed a strong preference for purchasing certain goods online,about 65%of the surveyed consumers across all generations showed a strong preference for shopping in brick-and-mortar stores for big-tick
93、et purchases such as luxury products and jewellery.Examining the products remained the top reason driving people to physical stores across most categories,except essential items where immediate availability of products took precedence.Fig 4.1:Reasons for preferring to purchase products offlineSource
94、:CBREs 2022/23 Live-Work-Shop Consumer Sentiments Survey,January 2023Reasons for preferred in-store shopping experienceClothing&FootwearChildrens Clothing&FootwearHomeware/Home decorations and furnishings etc.DIY(Do-It-Yourself)ElectronicsCosmeticsLuxury/JewelrySpecialist/hobby itemsGiftsEssential i
95、tems(Grocery&Toiletries)I can see/try the product first63625753575764475045Products are immediately available38394440403939363950More variety in-store43444034343639374241Help from salesperson/more product information335302725Overall in-store experience337362635Easier price comp
96、arison33283230342731293138Better offers/promotional deals272426243Products I want are only available in-store22202726232625272327LowHigh2023 India Market Outlook Report 23CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023FORECAST 1In-store shopping to rem
97、ain at the heart of business operationsRetailers are expected to make efforts to further enhance their physical shopping experiences by embracing technology,re-engineering store layouts,leveraging high-interest products and moving towards frictionless supply chain methods.PREDICTO-METERNearly ThereD
98、ivergenceOn TrackRetailOutlook for the remaining yearWith malls becoming entertainment centres,footfalls in brick-and-mortar stores are likely to be on the rise,especially with the approaching festival season.The shopping experience will continue to witness constant transformation and innovation as
99、retailers strive to elevate the in-store experiences for shoppers.Retailers will continue upgrading their stores in terms of technology,consumer engagement,redistribution of space and personalised services.24CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023Midyear
100、review and Outlook for the remaining yearFORECAST 2Retailers will continue carving out success in diverse locationsRetailers will continue to diversify in terms of location and look beyond investment-grade malls and marquee high streets to enhance their visibility.PREDICTO-METERNearly ThereDivergenc
101、eOn TrackRetailAccording to CBREs 2023 Asia Pacific Retail Flash Survey published in January,Indian cities are expanding towards suburban locations which are witnessing the emergence of newer high streets or malls.As new consumption centres emerge on account of this expansion,retailers continue to d
102、iversify across asset types,including decentralised neighbourhood and community malls,secondary high streets in city centres,and transit hubs(metro/railway stations,etc.).Fig 4.2:Preferred locations for new physical stores in 2023Source:CBREs 2023 Asia Pacific Retail Flash Survey,January 202322%19%2
103、3%38%48%52%18%28%37%44%47%61%0%10%20%30%40%50%60%70%OutletsTransit hubs(e.g.metro/railway stations,etc.)Secondary high streets in city centresDecentralised neighbourhood and community mallsPrime high streetsShopping malls in city centres2023202125CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentInd
104、ia Mid-Year Market Outlook 2023Midyear reviewFORECAST 3Leisure spending may be constrainedDespite sticky inflation,overall consumer sentiments in terms of spending are expected to remain positive,although cautious,particularly on non-essential items.The impact of any slowdown on retail sales growth
105、and private consumption is likely to be diluted by the festive season in H2 2023.PREDICTO-METERNearly ThereDivergenceOn TrackRetailInflation in July reached a 15-month high of 7.44%,primarily driven by a substantial uptick in food and vegetable prices.In August,inflation eased to 6.83%because of the
106、 moderation in vegetable prices;but price pressures around cereals,pulses,and oilseeds continues17.While consumer confidence has improved compared to the same period last year,as indicated in the July edition of the RBI Consumer Confidence Survey,there has been a marginal decline in the current situ
107、ation index compared to the survey findings for the month of May.Given the backdrop of sluggish economic growth,it is expected that consumers will continue to exercise caution in terms of their spending patterns.Outlook for the remaining yearFig 4.3:Growth in consumer spending expected to temper in
108、2023As the trend of“pent-up demand”subsides,the surge in consumer spending and retail sales witnessed last year is expected to rationalise to a 2%and 3%Y-o-Y growth,respectively,by the end of 2023.However,spending across non-essential categories such as restaurants and hotels,transport services and
109、vehicle purchases and apparel and footwear are expected to witness a Y-o-Y growth of 17%,7%and 1%,respectively.Food and non-alcoholic beveragesHousing,water,electricity,gas and other fuelsHealth goods and servicesHousehold furnishings,equipments,etc.Communication goods and servicesTransport services
110、 and vechicle purchasesClothing and footwearRestaurants and hotelsRecreational and cultural goods and servicesOther goods and servicesEssentialNon-essential0500010,00015,00020,00025,00030,000Source:Oxford Economics,H1 202317.MospiINR billion26CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia M
111、id-Year Market Outlook 2023FORECAST 4Tier-II cities continued to maintain their growth trajectory and the total space take-up increased significantly in cities such as Chandigarh,Indore and Kochi to touch 0.46 million sq.ft in H1 2023,compared to 0.05 million sq.ft.and 0.19 million sq.ft.during H1 2
112、022 and H2 2022,respectively18.Indore dominated the leasing activity across the tier II cities.Outlook for the remaining yearMidyear reviewSupply between 1-1.5 million sq.ft.is anticipated to come on stream in these cities(Chandigarh,Indore and Kochi)in line with similar demand trends.A more aspirat
113、ional population with higher spending potential,reverse migration during the pandemic,developing infrastructure and airport connectivity,along with the availability of land and a strengthening office market are some factors that will continue to elevate preference for these markets.18.Cities include
114、 Chandigarh,Indore and KochiRetailers and prominent developers alike to continue exploring emerging untapped markets like tier-II,III and IV cities.PREDICTO-METERNearly ThereDivergenceOn TrackRetailRetailers to become more active in untapped markets27CBRE RESEARCH 2023 CBRE,INC.Intelligent Investmen
115、tIndia Mid-Year Market Outlook 2023Residential0528CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023Outlook for the remaining yearMidyear reviewFORECAST 1Sales and new launch activity to remain steadyThe strong momentum seen in 2022 in both sales and new launches is
116、 expected to continue in H1 2023.While there could be a tapering of activity towards the middle of the year,this is likely to be cushioned by the festive season in 2023 driven by developer incentives and schemes.PREDICTO-METERNearly ThereDivergenceOn TrackDespite anticipation around a lagged impact
117、of monetary tightening,outstanding housing credit rose substantially by about 37%on an annual basis in July 202319.This is indicative of the resilient housing demand across major cities in the country.Residential sales in H1 2023 exceeded 150,000 units;surpassing sales reported in H1 2022 and H2 202
118、2 by around 4%and 6%,respectively.Sustained momentum in demand led developers to launch over 150,000 new housing units in H1 2023,marking an annual growth of 11%.Fig 5.1:Residential new launches and sales trends(2018 H1 2023)Source:CBRE India Research,Q3 2023;across top seven citiesOn the back of st
119、rong demand momentum witnessed in 2022 and H1 2023,we anticipate the housing market to be further bolstered by the upcoming festive season in H2 2023.With the interest raise cycle expected to near an end,incentives and schemes offered by developers in the festive season are likely to further boost s
120、ales.We estimate that both sales and new launches could reach a ten-year high in 2023 and may exceed the 300,000-unit mark.While the momentum continues overall,it is advisable for developers and investors to be aware of the emerging dynamics of the residential sector in specific cities and micro-mar
121、kets while planning their launches and strategies for the sector.There have been instances where specific micro markets and segments have significant supply overhang leading to subdued calls from developers on future launches.For instance,in Maharashtra,there have been instances of projects in Mumba
122、i and Pune getting deregistered on account of perceived viability gap.In addition,we anticipate some level of demand supply mismatch to set in from 2024,as a large influx of supply is expected across markets in the next two quarters.0500300350NewLaunchesSalesNewLaunchesSalesNewLaunchesSal
123、esNewLaunchesSalesNewLaunchesSalesNewLaunchesSales200212022H1 2023Number of units(000)Five-year average launches 184,000Five-year average sales 187,00019.RBIResidential2023 India Market Outlook Report 29CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023Mi
124、dyear reviewFORECAST 2Capital value growth to be selective than broad-basedThe residential sector is likely to witness divergent trends in capital appreciation in 2023,with asset prices expected to vary as per the city,micro-market or even project attributes.Any appreciation could also be governed b
125、y unsold inventory levels or inventory overhang.PREDICTO-METERNearly ThereDivergenceOn TrackCapital values for the residential sector over the past couple of years have remained on a consistent upward trajectory.Factors such as quality supply,location,project features,and access to essential ameniti
126、es have played pivotal roles in shaping this growth.Notably,during H1 2023,segments such as high-end,premium and luxury(INR 2 4 crore and above)saw a modest increase of about 0-3%H-o-H in capital values,while the mid-end segment(INR 1 1.5 crore)experienced growth of approximately 2-6%H-o-H.909510010
127、55202020212022H1 2023IndexDelhiGurgaonNoidaMumbaiBangaloreHyderabadChennaiPuneKolkataFig 5.2:Capital value trends high-end segment(2018-H1 2023)Fig 5.3:Capital value trends mid-end segment(2018-H1 2023)909550212022H1 2023IndexDelhiGurgaonNoidaMu
128、mbaiBangaloreHyderabadChennaiPuneKolkataSource:CBRE India Research,Q3 2023;across top seven citiesSource:CBRE India Research,Q3 2023;across top seven citiesResidential30CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023Outlook for the remaining yearFORECAST 2Capital
129、 value growth to be selective than broad-basedThe residential sector is likely to witness divergent trends in capital appreciation in 2023,with asset prices expected to vary as per the city,micro-market or even project attributes.Any appreciation could also be governed by unsold inventory levels or
130、inventory overhang.PREDICTO-METERNearly ThereDivergenceOn TrackThe capital value growth is expected to see divergent trends among specific regions and property categories and is likely to be governed by unsold inventory levels and inventory overhang.Rather than having a broad-based approach towards
131、capital value appreciation,developers should exercise prudence when considering such decisions,especially in the face of an anticipated influx of supply and inflationary pressures,as these could also potentially affect the decisions of prospective homebuyers.Fig 5.4:Unsold inventory(%,2018-H1 2023)S
132、ource:CBRE India Research,Q3 2023;across top seven citiesResidential0%2%4%6%8%10%12%14%16%18%20%200212022H1 2023Unsold inventory(%)31CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023Outlook for the remaining yearMidyear reviewFORECAST 3Mid-end,followed b
133、y budget/affordable and high-end segments,to drive momentumDemand for projects in the mid-end and budget/affordable category(INR 45 lakh 1 crore)is expected to remain strong in 2023,in line with the last two years trends.Similarly,projects in premium and luxury segments(INR 2 4 crore and above)are a
134、lso expected to exhibit sharp growth.Besides,capital value appreciation over the past two years is likely to attract increased activity from HNIs and NRIs.PREDICTO-METERNearly ThereDivergenceOn TrackThe mid-end segment constituted nearly half of all housing sales reported in H1 2023.The budget/affor
135、dable segment constituted about 21%of the sales,while the high-end segment had an almost 20%share.Additionally,the premium and luxury segments also experienced notable growth,driven by preference for larger unit sizes,quality inventory and rising capital value appreciation in recent years.This surge
136、 in demand was especially pronounced amongst UHNIs,HNIs,and NRIs,contributing to the segments overall robust performance.Fig 5.5:Segment wise new launches and sales(2018-H1 2023)Source:CBRE India Research,Q3 2023;across top seven citiesThe second half of the year is poised to attract a substantial n
137、umber of first-time buyers,with fence-sitting end-users expected to make decisions during the festive season offers and discounts.As the residential cycle matures amidst inflationary pressures,we have witnessed the blurring of lines between the mid-end and premium category.The mid-end category by tr
138、ue definition has gone beyond the INR 1 crore mark,with the sweet spot being in the range of INR 1-1.5 crore.Hence,we anticipate strong demand in the INR 1-1.5 crore price category.While the affordable category tends to remain the most popular category from an end-user perspective,however supply in
139、this category has remained constrained across key markets due to factors such as high land costs,upper cap on capital values and high material costs.Conversely,the premium and luxury segment is expected to emerge as a sought-after investment avenue,particularly for HNIs and NRIs seeking to safeguard
140、 their investments amid global macroeconomic uncertainties.We anticipate a sustained level of activity in this segment,driven by the prospects of long-term capital appreciation.050,0001,00,0001,50,0002,00,0002,50,0003,00,0003,50,000NewLaunchesSalesNewLaunchesSalesNewLaunchesSalesNewLaunchesSalesNewL
141、aunchesSalesNewLaunchesSales200212022H1 2023Segment wise share(no.of units)Affordable/BudgetMid endHigh endPremiumLuxuryResidential32CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023Outlook for the remaining year Midyear reviewFORECAST 4Increasing focus
142、on property surroundings emphasising physical and social infrastructureThe new housing demand will be centred around areas with good physical as well as social infrastructure,in addition to the propertys quality.Increasing focus on house layout/optimal designs is expected to mark a transformation fr
143、om developers traditional project planning approach.PREDICTO-METERNearly ThereDivergenceOn TrackAccording to CBREs 2022/2023 Live-Work-Shop Consumer Sentiments Survey,February 2023,the quality of property on health and safety was the top criterion for home selection since the pandemics onset.This wa
144、s followed by dedicated space for work from home,sustainability features of the property,transportation infrastructure and pricing of the property.Source:Voices from India,how people will live,work and shop,2022ResidentialAmid transforming preferences,affordability is no longer the sole decisive fac
145、tor for homebuyers as health&safety,sustainability and integration of smart home technologies have also started to emerge as being core to home purchase decisions.Home buyers are expected to continue to display strong preferences for projects which offer enhanced accessibility to essential infrastru
146、cture,ancillary amenities and thoughtfully designed indoor and outdoor spaces.Fig 5.6:Important home selection criteria since the pandemics onsetQuality of property on health and safety866676765860534943464775757554Dedicated space for work at homeSustainability features of the
147、propertyTransportation infrastructurePricing of propertyCommute time to workplaceOutdoor space within the propertyFitness and sports facilitiesSmart home technologyDedicated area to support remote working in the communitySupport parce/food deliveryQuality if retail/leisure in the catchment areaIndia
148、Asia PacificHousing rent33CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023Outlook for the remaining yearMidyear reviewFORECAST 5Inclination towards tier-I developers to continueA greater inclination towards tier-I developers,seen in new launches and sales througho
149、ut 2019-2022,is likely to continue in 2023 as well.PREDICTO-METERNearly ThereDivergenceOn TrackThe confidence of Indian homebuyers in tier-I developers was evident in the first half of 2023 as these developers dominated the market,accounting for almost half of the total sales.Fig 5.7:Sales across de
150、veloper categories(2018 H1 2023)Buyer interest will continue to be driven by factors such as reputation,execution capability,and financial stability of the developers.Tier-I developers backed by their proven delivery track record and solid market reputation,consistently dominated the market in terms
151、 of new launches and sales from 2018 to H1 2023.We expect this trend to continue gaining momentum.050,0001,00,0001,50,0002,00,0002,50,0003,00,000NewLaunchesSalesNewLaunchesSalesNewLaunchesSalesNewLaunchesSalesNewLaunchesSalesNewLaunchesSales200212022H1 2023Number of unitsTier-I developers
152、Tier-II developersTier-III developersResidentialSource:CBRE India Research,Q3 2023;across top seven cities34CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023FORECAST 6Reputed developers to foray outside their home turfsA higher number of joint ventures/joint develo
153、pments involving large developers looking to foray outside their home turfs and in tier-II cities is expected in 2023.PREDICTO-METERNearly ThereDivergenceOn TrackSeveral top-tier developers have expanded or planning to expand beyond their local markets,with some even venturing into tier-II cities to
154、 capitalise on the strong sales momentum and promising growth prospects.Outlook for the remaining yearMidyear reviewReputed residential developers will continue to explore newer cities,in a bid to expand their portfolio and capitalise on their brand value.Leading players are expected to gain larger
155、market shares and continue entry into newer markets in a bid to achieve better operational performance.Residential35CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 202306Investments36CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023O
156、utlook for the remaining yearWhile transaction closures were slow in H1 2023,we expect the investment activity to pick up pace in H2 2023,considering the strong deal pipeline.However,despite this anticipated pick up in momentum,overall capital inflows could still dip in 2023 owing to delays in decis
157、ion-making and a general sentiment of caution around capital deployment.We expect overall investments in 2023 to be in the range of USD 6 6.5 billion.On the positive side,the rate hike pause by major economies such as the US and Canada is expected to ease some pressure off PE investors in the coming
158、 months.In terms of cap rates,the halt of the interest rate expansion cycle across major economies,including India,is likely to result in stabilisation/rationalisation of cap rates over the next 3-4 quarters.Midyear reviewFORECAST 1Investment inflows toremain steadyAfter a strong 2022,there has been
159、 some tempering in overall investment activity in 2023.Capital flows in H1 2023 touched USD 2.5 billion;down by 37%on a Y-o-Y basis and 34%on a half yearly basis.Fig 6.1 Equity investments in Indian real estate over the yearsOverall investments are anticipated to remain steady in 2023 on the back of
160、 a strong acquisition pipeline.However,increased capital costs,mismatch in expectations between investors and sellers,and recessionary fears in developed economies might lead to delays in deal closures.PREDICTO-METERNearly ThereDivergenceOn TrackInvestmentsSource:CBRE Research,Q3 2023 Note:*Gandhina
161、gar and Trichy002120222023 YTDUSD BillionDelhi-NCRMumbaiBangaloreChennaiHyderabadPuneKolkataMultiple CitiesOthers*5.86.46.05.97.82.56.06-6.52023 India Market Outlook Report 37CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023The top three citie
162、s are likely to continue driving investments,with sustained demand in sectors such as office,residential and logistics.However,as tier-II markets have also started witnessing the addition of quality assets by leading players;especially in sectors such as office and retail,we could expect institution
163、al capital chase these quality assets in the coming years.FORECAST 2Among the major cities,Mumbai has seen the highest share of capital inflows(USD 0.62 billion)with a 25%share in H1 2023.The city,followed by Delhi-NCR and Bangalore,cumulatively accounted for a share of more than 45%during the perio
164、d.Outlook for the remaining yearMidyear reviewDelhi-NCR,Bangalore and Mumbai are expected to retain pole positions in 2023PREDICTO-METERNearly ThereDivergenceOn TrackInvestmentsGateway cities to lead investment activity,further traction likely in tier-II cities38CBRE RESEARCH 2023 CBRE,INC.Intellige
165、nt InvestmentIndia Mid-Year Market Outlook 2023Fig 6.2 Segmentation of capital flows across sectors in H1 2023The office sector and site(land acquisitions)are expected to continue dominating the capital flows;land acquisitions have witnessed an uptick in the past couple of quarters on the back of st
166、rong activity in the residential sector.Going forward,some investment activity in the I&L and retail sectors could also be expected in H2 2023.Also,as alternate asset classes pick pace,we are likely to witness more allocations towards sectors such as data centres,mixed-use assets and hospitality.FOR
167、ECAST 3With a share of 47%in overall investments in H1 2023,office assets attracted inflows worth USD 1.17 billion,followed by development sites and I&L,with approximately 26%and 13%share,respectively.Outlook for the remaining yearMidyear reviewCapital flows in 2023 are likely to be led by developme
168、nt sites/land and built-up office assets;the I&L and residential sectors could also see higher equity inflows.PREDICTO-METERNearly ThereDivergenceOn TrackInvestmentsDevelopment sites(land),built-up offices and I&L to garner major investments47%26%13%8%6%1%0.4%OfficeSiteI&WRetailHotelResidentialOther
169、sSource:CBRE Research,Q3 2023Hotels39CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023Outlook for the remaining yearMidyear reviewWe expect investor interest to remain focused around completed assets;especially in the office sector as caution is expected to prevail
170、 for most part of 2023.However,opportunistic bets for sectors such as I&L and residential are expected to continue,as the investments will continue to remain via the development route.FORECAST 4During H1 2023,74%of the investments were directed towards built up,operational assets,in a way reflecting
171、 the cautious stance of investors.The remaining 26%(USD 0.6 billion)was deployed for greenfield developments,with residential(73%)accounting for the majority share in greenfield investments.From an investor type perspective,while institutional money has continued to chase core/core plus assets,oppor
172、tunistic bets have mainly been the territory of RE developers,largely in the residential sector.Core and core-plus assets would continue to be preferred by major foreign investors in 2023.Greater activity via the opportunistic route amid the limited availability of investment-grade assets that are u
173、p for sale is also expected.PREDICTO-METERNearly ThereDivergenceOn TrackInvestmentsHeightened activity through opportunistic bets likelyCoreCore-plusValue-addOpportunisticStrategyPreferred sectorsOfficeOfficeResidentialOfficeMixed-useI&LOfficeRetailRetailRetailI&LData Centres40CBRE RESEARCH 2023 CBR
174、E,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023Outlook for the remaining yearMidyear reviewListing of the first retail REIT has resulted in the much needed diversification of the countrys REIT landscape.Besides,the market is expected to witness the listing of Indias fourth office sect
175、or REIT in the upcoming quarters.Also,NDR warehousing is looking at its INR 2,000 crore Infrastructure Investment Trust(InvIT)by listing its almost 19 million sq.ft.portfolio in India.The draft placement document has already been filed with SEBI.Furthermore,Reliance Industries Ltd(RIL)is also believ
176、ed to have started the process to set up an InvIT for its asset portfolio of almost 33.6 million sq.ft.as of December 2022.FORECAST 5In H1 2023,the market saw the listing of Indias first retail REIT-the fourth listed REIT in India.With a view to further streamline the REIT operations in the country,
177、the Securities and Exchange Board of India(SEBI)implemented several significant amendments to the REIT regulatory regime in August,as mentioned below:The year 2023 could see the listing of Indias first retail REIT,adding more depth to the REIT market in India.PREDICTO-METERNearly ThereDivergenceOn T
178、rackInvestmentsREIT landscape to getmore diverseANNOUNCEMENTDESCRIPTIONNominationrightsUnitholders of REITs can now nominate a person to represent them on the board of the Manager of REIT.StewardshipCodeAny unitholder holding not less than 10%of the total outstanding units of the REIT must comply wi
179、th a Stewardship Code,which outlines the responsibilities of unitholders towards the REIT.Sponsorsunit-holding normsSponsors of REITs will be required to hold a certain minimum unit-holding on a reducing scale for the entire life of the REIT.The sponsors mandatory unit-holding must be locked in and
180、unencumbered.Previously,sponsors were required to hold at least 15%of total units for a minimum of three years from listing or initial offer.41CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023Outlook for the remaining yearMidyear reviewAs per historical trends,we e
181、xpect investors to continue preferring such platforms in the medium-to long-term,as it allows them to spread the investment and execution risk while maximizing returns potential.In addition,this route also leads to higher synergies between marquee global investors,who bring long-term patient capital
182、 and follow global best practices,and developers who bring local market knowledge and expertise to the table.We believe that the much-needed long-term patient capital would further strengthen the fundamentals of the Indian real estate sector and result in further institutionalization.FORECAST 6In H1
183、 2023,we have seen the creation of investment and development platforms totalling USD 4.4 billion.Among the major real estate sectors,office held the highest share of 47%,followed by residential and I&L sectors with more than 18%and about 5%share,respectively.Alternate sectors(Hospitals and Data Cen
184、tres)accounted for a 31%share.The growing trend of commitments in investment and development platforms is likely to continue in 2023,with major commitments to be made in the office and I&L sectors.PREDICTO-METERNearly ThereDivergenceOn TrackInvestmentsPartnership models to gain further tractionSourc
185、e:CBRE Research,Q3 2023Fig 6.4 Sectoral split in investment and development platform deals in H1 202347%18%18%13%5%OfficeHospitalResidentialData CenterI&LHospitalsData Centres42CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023We anticipate that investment flows in
186、real estate would remain steady over the next two years,with about USD 16-17 billion of cumulative inflows expected during this period.Going by the historical and prevailing trends and the available capital with the existing investment platforms that have been raised over the past 2-3 years,we expec
187、t the office sector to continue garnering a majority share of the total institutional inflows,followed by the I&L sector and site/land parcels.Investments:Overall sectoral outlookBlend of core and core-plus;selectively opportunisticMix of brownfieldand greenfieldGateway cities Mumbai,Delhi-NCR and B
188、angalorePredominantly opportunistic in key urban cities,mix of core-plus and opportunistic in tier-II townsLargelygreenfieldprojectsAcross tier-I and selecttier-IIcitiesValue-add in gateway cities majorly opportunistic across tier-Iand II citiesBoth brownfield and greenfieldMetro/tier-I cities,selec
189、tive entry/expansionin tier-IIcitiesPrimarily opportunistic otherwise majorly structured-debtPredominantly greenfieldTop seven cities,and select tier-IIcitiesPredominantly opportunisticData Centresto be high on investors radarGreenfieldMumbai,Bangalore,Hyderabadand Delhi-NCRINVESTMENTSTRATEGYDEVELOP
190、MENTTYPEPREFERREDMARKETSOfficeI&WRetailResidentialAlternates43CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 202307Data Centres ALTERNATE SECTORS:44CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023The exponential growth in AI-genera
191、ted data workload is expected to drive demand for high power density DC facilities(more than 30kW/rack)as compared to traditional power density facilities(8-10kW/rack).In addition,engineering&manufacturing firms and tech companies are likely to set up DCs for R&D labs.Further,PSUs and other governme
192、nt enterprises would continue to focus on the deployment of operations to third-party colocation DCs.FORECAST 1With continued demand from BFSI firms,cloud service providers,social media and content streaming companies,DC occupancy levels stood at 75-80%in H1 2023.Also,PSUs have set up third-party co
193、location DCs to address the growing demand for e-governance projects.Looking aheadMidyear reviewData Centre occupancy levels stood at approximately 80-85%at the end of 2022,which are likely to further improve in 2023.The sectors such as BFSI,media and OTT services are expected to continue DC space t
194、ake-up during the year.Further,public sector undertakings(PSUs)and other key government enterprises are also likely to move to third-party colocation DCs due to an increased focus on digitization and e-governance to ease operations.PREDICTO-METERNearly ThereDivergenceOn TrackOccupancy levels to impr
195、ove,increased adoption of hybrid route likelyData Centres 2023 India Market Outlook Report 45CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023By the end of 2023,the total DC stock in India is expected to increase by about 35%annually to touch 1,048 MW,with a planne
196、d supply of about 170 MW lined up for the second half of the year.Cities such as Mumbai,Chennai and Delhi-NCR are together expected to account for a share of nearly 95%in the new supply addition.FORECAST 2In H1 2023,the DC market in India witnessed a supply addition of about 103 MW.Mumbai dominated
197、the new capacity addition with a share of 73%followed by Chennai(17%),Hyderabad(6%)and Bangalore(4%).Looking aheadMidyear reviewThe total DC stock in India is expected to touch 1,020 MW,with a planned supply addition of about 340 MW,in 2023.More than 95%of the development completions during the year
198、 is expected to be concentrated in Mumbai,Noida,Chennai,Hyderabad,Pune and Bangalore.Nearly ThereDivergenceOn TrackDC supply tocontinue to riseData Centres PREDICTO-METER46CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 202307Flexible Spaces ALTERNATE SECTORS:47CBRE R
199、ESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 202347%37%24%21%13%13%8%5%5%Increasing use of flexible office spaceConsolidating to fewerlocationsDecentralizing to more locations(e.g.,hub and spoke)Flight-to-quality relocation/upgrading to higher quality buildingsRelocating
200、 some functions to tier-II citiesUsing satellite offices/near home workingExploring sale leasebacksUnsure/nothingRelocatingto CBD fringes or decentralized locations44%31%14%7%8%13%1%6%25%India Occupier Survey,Q1 2023%of respondentsIndia Occupier Survey,Dec 2021Midyear reviewFORECAST 1Flexible spaces
201、 continue grow as enterprises take up space in flexible centres.The share of flexible spaces in office leasing took the third spot in H1 2023,increasing by 20%and 14%Y-o-Y and H-o-H,respectively.As per CBREs 2023 India Office Occupier Survey,several large occupiers have increased the share of flexib
202、le spaces in their portfolio over the past year.The total flexible stock in India,as of Q2 2023,stands at about 59 million sq.ft.The need to support hybrid and distributed working would continue to drive demand for flexible spaces in 2023.The flexible space stock is expected to grow from 51 million
203、sq.ft.in 2022 to over 60 million sq.ft.by the end of 2023.Nearly ThereDivergenceOn TrackFlexible spaces demand driversto remain intactSource:CBREs 2023 India Office Occupier Survey,Q2 2023;CBRE India Future of Office Survey 2021,December 2021;CBRE Research,Q3 2023Note:These results are limited to th
204、ose respondents who chose to answer this question and may differ from individual companies on a case-by-case basis due to their scale,type and location of business operations.Flexible Spaces PREDICTO-METERFig 8.1:Portfolio strategies in India over the next 12 months2023 India Market Outlook Report 4
205、8CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023PREDICTO-METERMidyear reviewFORECAST 1The need to support hybrid and distributed working would continue to drive demand for flexible spaces in 2023.The flexible space stock is expected to grow from 51 million sq.ft.
206、in 2022 to over 60 million sq.ft.by the end of 2023.Nearly ThereDivergenceOn TrackSource:CBREs 2023 India Office Occupier Survey,Q2 2023;CBRE 2022 India Office Occupier Survey,July 2022;CBRE Research,Q3 2023Fig 8.2:Percentage of flexible spaces in the overall office portfolio in India(now&two years
207、from now)Note:These results are limited to those respondents who chose to answer this question and may differ from individual companies on a case-by-case basis due to their scale,type and location of business operations.NowTwo years from now34%25%23%19%23%15%11%9%11%2%11%17%of respondents%of flexibl
208、e spaces in the overall office portfolio0%10%11-25%26-50%51-75%76-100%More than 10%of the total office portfolio as flexible spaces%of respondents2025India Occupier Survey,Q2 202356%43%24%India Occupier Survey,Dec 202127%India Occupier Survey,Jul 2022Flexible Spaces Flexible spaces demand driversto
209、remain intact49CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023Looking aheadMidyear reviewIncreasing the use of flexible spaces is expected to continue being a portfolio strategy for occupiers.CBREs 2023 India Office Occupier Survey suggests that a major share of
210、respondents are planning to allocate more than 10%of their office portfolios to flexible spaces.This proportion is expected to rise from 43%in Q1 2023 to 56%by 2025.Additionally,87%of respondents indicated that there would be either no change or an increase in the percentage of flexible spaces in th
211、eir office portfolios two years from now.FORECAST 1The need to support hybrid and distributed working would continue to drive demand for flexible spaces in 2023.The flexible space stock is expected to grow from 51 million sq.ft.in 2022 to over 60 million sq.ft.by the end of 2023.Fig 8.3:Change in th
212、e percentage of flexible spaces in the overall office portfolio in India(two years from now)PREDICTO-METERNearly ThereDivergenceOn TrackIncrease,38%No change,49%Decrease,13%Source:CBREs 2023 India Office Occupier Survey,Q2 2023;CBRE 2022 India Office Occupier Survey,July 2022;CBRE Research,Q3 2023No
213、te:These results are limited to those respondents who chose to answer this question and may differ from individual companies on a case-by-case basis due to their scale,type and location of business operations.%ofRespondentsFlexible Spaces Flexible spaces demand driversto remain intact50CBRE RESEARCH
214、 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 202307Life Sciences ALTERNATE SECTORS:51CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023Life Sciences Looking aheadWhile the sector is at a nascent stage in India,there is ample opportunity for sev
215、eral states such as Telangana,Karnataka,etc.to earmark parks for life sciences facilities.Buoyed by the increasing government healthcare expenditure and talent availability,global corporates are expected to continue to invest in India for their research&development centres.Midyear reviewFORECAST 1Du
216、ring H1 2023,life sciences(LS)firms were the sixth biggest driver of office demand in the country.Global firms continued to lead the absorption in the life sciences sector,accounting for a share of more than 85%.Propelled by the ample availability of skilled talent across the spectrum,presence of a
217、strong technology infrastructure and adequate investment-grade assets replete with relevant amenities,several global firms have opened their global capability centres(GCCs)for research&development and business process management(BPM)services.Fig 9.1 Annual space take-up by LS companies(2019-2023)The
218、 outlook for the sector would continue to be positive as office leasing activity by life sciences firms is expected to be sustained in 2023.PREDICTO-METERNearly ThereDivergenceOn Track0%1%2%3%4%5%6%7%0.00.51.01.52.02.53.020022H1 2023(%share)(in million sq.ft.)LS space take-up in mn sq.ft.
219、LS sector share in pan-India leasingRank 7Rank 8Rank 6Rank 6Rank 6Steady office absorption bylife sciences firms2023 India Market Outlook Report Source:CBRE Research Q1 202352CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023Life Sciences The life sciences sector in
220、 India is expected to continue its growth trajectory in the upcoming years with an increase in cluster developments such as bulk drug parks,medical devices parks and pharma cities.Further,the sector would continue to evolve through leveraging of government incentives,enhanced distribution networks,l
221、ast mile efficiencies and also via 3PL partnerships to improve supply chain networks.FORECAST 2Driven by the ambitious government healthcare support via various central and state level policies,we have witnessed robust development of life sciences clusters across various cities.The Indian pharmaceut
222、ical market is estimated to touch USD 130 billion in value by the end of 203020.Looking aheadMidyear reviewMore cluster developments such as life sciences/pharma cities,bulk drug parks,medical devices parks,etc.are expected to develop in the future.Flight-to-quality leasing by occupiers in new-age u
223、pcoming and existing life sciences parks is likely to result in vacancies dipping in the medium to long term.PREDICTO-METERNearly ThereDivergenceOn Track20.EY-FICCI-Indian Pharmaceuticals Industry 2021:Future and Now,February 2021Life sciences real estate supply to evolve in the future53CBRE RESEARC
224、H 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 202308Hospitality:Up and Beyond54CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023The nearly two-year-long cyclical upswings and downswings of the COVID-19 pandemic and the resulting travel restric
225、tions impacted the hospitality sector in India,probably more severely than any other sector.However,activity started to normalise in 2022 with“revenge travel”emerging as a key trend for most part of 2022.The year 2023 has been promising till now,and the outlook for the Indian hospitality industry re
226、mains positive.Domestic demand will continue to be strong and international travel is also expected to pick up,despite possible economic challenges in the US and Europe.According to the Directorate General of Civil Aviation(DGCA),domestic air traffic registered an annual growth rate of 33%in H1 2023
227、.In addition to the already-concluded G20 Summit,the upcoming P20 summit and the ICC Mens World Cup where India plays host is likely to lead to an increased demand for hotels in the cities where these events will take place.Hospitality:Up and Beyond9.710.110.411.411.712.712.512.112.912.913.212.512.1
228、2.01.91.92.02.12.32.62.22.32.22.62.90.00.51.01.52.02.53.002468101214Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23Apr-23May-23Jun-23Jul-23International Passengers(In Million)Domestic Passengers(In Million)Domestic FlyersInternational FlyersFig 10.1 Domestic and international arrivals(India-J
229、uly 2023)Source:Directorate General of Civil Aviation,India(as of July 2023)55CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023While demand patterns stabilise in 2023 with revenge travel being on the decline,the demand for leisure travel continues to remain strong.
230、Also,as borders reopen for business as usual,the corporate travel segment has continued to grow despite high airfares and high average room rate(ARRs).Hospitality:Up and BeyondFig 10.2:Number of hotel rooms(in 000)334 347 353 359 369 381 394 407 05003003504004502002120222023F20
231、24F2025FBetween 2020 and 2022,the number of hotel rooms has grown at a CAGR of 2.2%.We expect this steady growth in supply to continue for the next few years.Although only 12,000 rooms are likely to be added in 2023,we expect the CAGR to rise to 3.3%by 2025.However,during this period we expect recov
232、ery in demand to remain ahead of supply addition,which will auger well for the key metrices of the hotel sectors performance.Also,the demand over the next few years is not expected to remain concentrated across select pockets/cities,but likely to be more equilateral and broad-based.Source:CBRE Resea
233、rch Q1 2023/STR Global56CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023Flexible/hybrid working snowballed the bleisure travel theme-but with the debate around flexible working being not completely settled,we expect bleisure travel and workcations as concepts to c
234、ontinue remaining relevant.In fact,as international business travel picks pace,we expect the trend of bleisure only to strengthen.We expect hotels to continue expanding their array of services by including tour packages and pre-planned itineraries for the partners/families of the business traveller.
235、Spiritual/religious tourism has always been a steady income generator for hospitality in India.A survey by ICICI Direct stated that while Varanasi received 7.2 crore tourists in 2022,Goa was at 85 lakh.These trends underline the potential that the hotel industry can unlock in these locations across
236、categories affordable,mid end and luxury hotels.Also,the gamut of spiritual/religious tourism is expanding to include wellness and wellbeing with the younger generation being particularly inclined towards wellness tourism.According to the 2023 travel predictions by global online travel agency B,70%o
237、f Indian travellers are seeking vacations that“recentre the mind,allow for meditation and mindfulness getaways”.Leading chains have already started to tap into the changing aspirations of religious/spiritual tourists,most of who now seek clean,hygienic,and family-friendly accommodations for which th
238、ey are ready to pay a premium.Also,we expect more traction on new age wellness resorts that will cater to all age groups with highlights such as healthy menus and activities such as yoga,meditation and holistic wellbeing amongst others.Sustainability is another trend that we expect will accelerate i
239、n the coming years.As a starting point,the government of India has already come out with a National strategy for Sustainable tourism in 2022 which highlights the role that the central,state and other nodal agencies/ministries will play in reducing the carbon footprint of the tourism sector while ali
240、gning with the SDG goals.Also,in September 2023,the Ministry of Tourism collaborated with the United Nations World Tourism Organization(UNWTO),to launch the G20 Tourism and SDG Dashboard.The G20 Tourism and SDG Dashboard consolidates the roadmap,survey results,case studies,and best practices from G2
241、0 countries.As regulations become stringent and country level SDG goals comes into focus,we expect hospitality players to accelerate their ESG journeys.While most leading players are already taking steps such as removing single use plastic,recyclable packaging,LED lighting and reducing water usage,h
242、owever we expect the steps to get more defined going forward.Use of renewable energy,prioritising local food produce,installing on-site water bottling plants,local recruitment,amongst others.From a real estate perspective,incorporating green construction materials,reuse of materials while renovation
243、s and opting for green building certifications can mean that hospitality players are environmentally conscious from the start of the project lifecycle.Hospitality:Up and BeyondWhats driving the hospitality industry?57CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 202
244、3Riding on the market momentum,leading hotel chains have announced significant expansion plans.Below are some of the key announcements that hotel chains have made in 2023 on their openings/expansion plan in India over the next couple of years:Hospitality:Up and BeyondExpansion spree to continueHotel
245、s Current number of Hotels in India Hotels signed/added in 2023Future PlansHyatt40+10 hotels to be added,targeting total number of hotels to be at 50Targeted number of hotels by year 2028:100Accor Group55+6 hotels to be added by year end:Opened three hotels:o IBIS in Thaneo Novotel in Jodhpuro Novot
246、el in Mumbai Three upcoming hotels:o IBIS in Wagator Goao Novotel in Jaipuro Grand Mercure in AgraAccor groups brand Fairmont to open additional hotels in Udaipur,Mumbai and Shimla by end of 2024Signed new property of Fairmont Hotels&Resorts in Agra,to be operational by 2025ITC115+Signed three prope
247、rties under brand Storii in Goa,Himachal Pradesh and Uttar PradeshNewer properties at Goa,Manali,and Prayagrajwould be looking for growth and expansion in coming yearsHilton Group20+Hilton and the Dangayach Group to sign the launch of Waldorf Astoria Jaipur13 hotels under construction;plan to have 7
248、5 hotels by 2026Source:Annual reports,media articles and CBRE Research Q3 202358CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentIndia Mid-Year Market Outlook 2023Hospitality:Up and BeyondHotels Current number of Hotels in India Hotels signed/added in 2023Future PlansRadisson Hotel Group150+Launche
249、d brand Radisson Collection brand in India by signing Radisson Collection hotel in Hyderabad,which would be operational by 2026.Upcoming Hotels:Radisson Blu Resort Hyderabad Chevella by 2026.Radisson Hotel Sonamarg by 2024.Radisson Hotel Ujjain by Q1 2026.Radisson Hotel Raipur by Q4 2025.Radisson Ho
250、tel Visakhapatnam by Q2 2026.As the market is witnessing a boom,there is also a supply-demand gap from a skilled workforce perspective.Most leading chains are trying to address this gap by either hiring from relevant,alternate fields such as retail or are investing in their own skill centres to upsk
251、ill employees.Technology as a macro trend has already begun to permeate in this segment.It is currently operating at two levels digitalization of the guest experience by way of automated hotel processes for activities such as check-in/check-out;and digitalization of background processes for jobs suc
252、h as hotel management and room bookings.This is especially relevant as the industry faces a workforce challenge.Currently,ownership and management contracts are a more popular business model in India.However,as the countrys hotel market is witnessing a boom,brands are now considering deploying the f
253、ranchising business model as it allows for rapid expansion.Several international and Indian-origin brands are now exploring opportunities in franchising across positioning and brands.This trend accelerated in the aftermath of COVID-19 in India after travellers sought trusted brands as they started t
254、ravelling again.What to watch out for?Copyright 2023.All rights reserved.This report has been prepared in good faith,based on CBREs current anecdotal and evidence based views of the commercial real estate market.Although CBRE believes its views reflect market conditions on the date of this presentat
255、ion,they are subject to significant uncertainties and contingencies,many of which are beyond CBREs control.In addition,many of CBREs views are opinion and/or projections based on CBREs subjective analyses of current market circumstances.Other firms may have different opinions,projections and analyse
256、s,and actual market conditions in the future may cause CBREs current views to later be incorrect.CBRE has no obligation to update its views herein if its opinions,projections,analyses or market circumstances later change.Nothing in this report should be construed as an indicator of the future perfor
257、mance of CBREs securities or of the performance of any other companys securities.You should not purchase or sell securitiesof CBRE or any other companybased on the views herein.CBRE disclaims all liability for securities purchased or sold based on information herein,and by viewing this report,you wa
258、ive all claims against CBRE as well as against CBREs affiliates,officers,directors,employees,agents,advisers and representatives arising out of the accuracy,completeness,adequacy or your use of the information herein.Follow UsContactsResearchAbhinav JoshiHead of Research-India,Middle East&North Afri
259、caabhinav.joshicbre.co.inVidhi DheriDirector,National Operations-Researchvidhi.dhericbre.co.inRajorshiSanyalGeneral MPradeep NairAssociate DVaishnavi BalaGeneral MUttara NilawarSenior General MKarthigaRavindranDeputy General MJenifer RubanSenior AMohamed Atif KhanSenior MI&L,Retail&Data CentresOffic
260、e,Flexible Spaces&Life SciencesResidentialInvestmentsMainak KarmakarSenior MRaghav SandSenior AEconomy Copyright 2023.All rights reserved.This report has been prepared in good faith,based on CBREs current anecdotal and evidence based views of the commercial real estate market.Although CBRE believes
261、its views reflect market conditions on the date of this presentation,they are subject to significant uncertainties and contingencies,many of which are beyond CBREs control.In addition,many of CBREs views are opinion and/or projections based on CBREs subjective analyses of current market circumstance
262、s.Other firms may have different opinions,projections and analyses,and actual market conditions in the future may cause CBREs current views to later be incorrect.CBRE has no obligation to update its views herein if its opinions,projections,analyses or market circumstances later change.Nothing in thi
263、s report should be construed as an indicator of the future performance of CBREs securities or of the performance of any other companys securities.You should not purchase or sell securitiesof CBRE or any other companybased on the views herein.CBRE disclaims all liability for securities purchased or s
264、old based on information herein,and by viewing this report,you waive all claims against CBRE as well as against CBREs affiliates,officers,directors,employees,agents,advisers and representatives arising out of the accuracy,completeness,adequacy or your use of the information herein.Advisory&Transacti
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