Positive growth in office space absorption : Cushman and Wakefield

bkcBy Accommodation Times Bureau

Bengaluru, May 4, 2017– The Indian real estate is on the cusp of change as the commercial office segment moves closer towards corporatization, according to RICS and Cushman & Wakefield report titled “Commercial Office Real Estate: Positive Disruptions- Beacons of Change”

The report was released today at the RICS Real Estate Conference 2017 – Commercial Real Estate: Positive Disruption, Beacon of Change- with Cushman & Wakefield as research partner for the conference. According to the report, three major forces are likely to disrupt the way commercial office market functions, albeit in a positive manner – changes in economic policies of major economies in the world, changing ownership pattern and the shift towards new commercial tenancy models such as Co-working.

Anshul Jain, Managing Director, India, Cushman & Wakefield at the launch of the report said, “Overall, while there will be certain short-term headwinds emanating from global policies, India is relatively well-insulated. India is firmly on track to become an economic powerhouse with strengthening GDP, better business environment and investor-friendly policies by the government.

Sachin Sandhir, Global Managing Director – Emerging Business, RICS said, The biggest change in the sector will be brought about by its institutionalization. As institutional investors gain ownership in commercial office assets, better corporate governance and best professional practices are slowly being adopted by the commercial real estate sector.With REITs coming in, we will see an increased demand for professional valuers of REIT assets. Also, professional management and valuation of properties as per international standards will become the norm, steering the sector towards institutionalization, especially once REIT’s are listed and the Real Estate Regulation Act is fully enforced,  

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