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Investment transactions in commercial real estate up by 26 pc in first half of 2018:RICS

Bengaluru, Jul 26 (UNI) Commercial real estate investment transaction during the first half of 2018 saw a phenominal 26 per cent growth at Rs 156 billion, a report here said on Thursday.
At a Corporate real estate conference here RICS, a consultancy firm in association with its knowledge partner Colliers International India released a report “Opportunities in a changing world: Making the most of an uncertain environment” which said the key changes in the business environment that were likely to impact Corporate Real Estate (CRE) requirements and suggested strategies for occupiers and developers to harness the full potential of the opportunities derived from this change. The report also highlights the increased role of investors in changing business environment.
Colliers Research forecasts that commercial real estate is likely to dominate the real estate investment in the coming years. The report mentioned that India witnessed investment transactions totalling to Rs 156 billion (USD2.4billion) in H1 2018, up 26 per cent compared to H1 2017 (USD 1.9billion). The commercial segment dominating with global players such as Blackstone, Brookfield and Xander remained bullish on investment in commercial real estate in H1 2018. With increasing investment, the CRE market has also started witnessing profound structural changes in the way commercial real estate is built, financed and managed. According to Colliers research the change in ownership from local developers to institutional investors and advent of REITs should lead to the institutionalisation of the CRE in the next three years.
According to Colliers Research about 120 million sq ft (11.2 million sq m) of gross o­ffice absorption in the next three years. The demand is likely to be well supported by robust supply pipeline of about 124 million sq ft (11.5 million sq m) of offi­ce stock in major Indian cities.
“In 2018 and beyond, we believe the demand for office space will be led by technology, engineering, manufacturing, e-commerce, logistics and finance sectors, along with co-working operators. The growth in corporate real estate will however not be without its challenges. Change in global policies, protectionist trading positions taken by some countries and a resultant fluctuation in global growth are already affecting the way occupiers lease or buy office space.We have seen the emergence of co-working spaces in a big way. It represented about 8% of office space absorption in 2017 compared to the previous year's share of 3 per cent. Technologies such as automation/artificial intelligence could replace traditional job roles in industries such as IT and BFSI. A loss in jobs and a change in the work culture are likely to have an impact on the way companies lease or buy office space,” said Nimish Gupta, Managing Director, RICS South Asia.
“Supported by a firm economy, we expect the office market to remain robust over the next three years, reflecting strong employment growth and economic reforms. However, we do not expect the absorption level to grow further since despite strong demand other factors such as the quest for workspace efficiency and the possible start of adoption of disruptive technologies such as Blockchain and Artificial Intelligence (AI) may hold down overall absorption volumes”,says Ritesh Sachdev, Senior Executive Director, Occupier Services at Colliers International India.
As per the report, the dynamism in the business environment will probably lead to uncertainty in real estate requirements. Both occupiers and developers need to work together to ­find optimal solutions that can create a win-win situation.
UNI CNR MSP HVB1322
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