The pan-India office space vacancy in 2016 at 15 per cent was the lowest in eight years. The sharpest decline in pan-India office vacancy was seen between 2013 and 2016 when it went down from 18.5 per cent to 15 per cent. “On the back of positive office space demand from sectors such as manufacturing,… Read More »
Canada Pension Plan Investment Board and mall developer The Phoenix Mills have entered into a pact to set up a strategic investment platform for retail real estate properties in India. This is CPPIB’s maiden retail real estate venture in India. CPPIB will initially own 30% of the platform with an equity commitment of around Rs… Read More »
The Salarpuria Sattva Group has bought 10 acres of premium land in Hitec City in Hyderabad from BPTP, a Gurgaon-based builder for an undisclosed amount, a person with direct knowledge of the deal told ET. “The deal was closed last week and Salarpuria plans to build 4 million sq ft office space,” the source said.… Read More »
SoftBank-backed ecommerce firm Snapdeal is planning to give up about half of the space in its main corporate office in Gurugram as part of a cost-cutting drive. After layoffs, the online marketplace is planning to leave ASF Tower, where it occupies about 1.5 lakh sq ft, and some part of ASF Center, which covers about… Read More »
In a report that could bring cheer to techies in Kerala, real estate consultant CBRE has termed Kochi an emerging IT destination in the country. According to the report, the growing demand for office space, especially in the IT sector, is a clear sign the city is all set to become the next technology hub.… Read More »
Major co-working operators leased only 1.2 million sq ft in 2016, which accounted for 3 per cent of the overall leasing volume in our country. More than 50 per cent centres are based in Bengaluru, NCR and Mumbai with 60 to 80 per cent occupancy. Colliers, in its report on co-working space forecasts that the… Read More »
Coworking firms leased 0.12 million square feet of office space in Gurugram in 2016, comprising 10% of the overall coworking leasing across key cities, and the demand is set to grow further, according to property consultancy Colliers International. Location such as Sohna Road, Golf Course Road, Sector 44, Sector 29 and Udyog Vihar emerged as… Read More »
Real estate requirements from software firms—the biggest occupiers of commercial office buildings in emerging markets like India— slowed down in 2016 and may further get impacted this year due to global uncertainty and growing technological disruptions, said the top executive of global consultant JLL Inc. In an interview with Mint, Christian Ulbrich, global chief executive… Read More »
Sri Lankan capital Colombo is the most suitable to be South Asia’s commercial hub, says Liang Thow Ming, Chief Marketing Officer of the US$ 1.4 billion Colombo Port City project being executed by the China Harbor Engineering Company (CHEC) . Liang told this correspondent that Colombo is not only South Asia’s cleanest and the most… Read More »
The Competition Commission of India (CCI) has approved global private equity firm Blackstone’s plan to acquire stakes in real estate firm K. Raheja Corp’s (KRC) commercial office portfolio. Blackstone has been the front-runner to buy 15% stake in the K. Raheja Corp’s commercial real estate business for $250-300 million. The Mumbai-based developer’s office portfolio is… Read More »