OFFICE DEMAND
Oil settles 1% lower as Mideast ceasefire talks ease supply disruption concerns
The head of Israel's Mossad has returned from Doha after an initial meeting with mediators trying to reach a Gaza ceasefire and hostage release deal, and negotiations will resume next week, Prime Minister Benjamin Netanyahu's office said on Friday.
Stable economy boosts India's housing market to new heights, scales 11-year peak
The housing property market across India is seeing substantial growth in sales volumes, driven by stable economic conditions and continued confidence, even amidst higher mortgage rates. This uptrend is led by the top eight cities, including Mumbai, Delhi-NCR, Bengaluru, Pune, and Hyderabad, propelling the country’s residential real estate market to an 11-year high in sales volumes during the first half of the year.
Global Capability Centres drive office leasing in H1 2024, with a 37% share
India's office leasing market is dominated by Global Capability Centres (GCCs), with 37% of total leasing activity in January to June 2024. The country's robust workforce, competitive costs, and established ecosystem make it a key market for GCCs. With a projected 20% growth in GCC presence by 2025, the Indian office market is poised for significant expansion. 67% of GCCs plan to increase their office portfolios by over 10% in the next two years.
Office leasing surges to new record in first half of 2024
The Indian office property market has shown strong performance in the first half of the year, driven by economic resurgence and increased corporate occupancies, with technology and banking sectors leading the way. Gross leasing hit a record high of 33.5 million sq ft, up 29% from last year, setting the stage for a potential new peak in 2024. GCCs played a key role in this growth, with India's leadership in the GCC ecosystem remaining strong.
Hindustan Zinc sees exponential growth in demand for silver going ahead
Hindustan Zinc projects a substantial increase in silver demand, targeting higher production levels this year. The company's focus on maximizing silver output aligns with the soaring demand and prices, driven by industrial applications, precious metal usage, and the solar RE transition.
What to expect from real estate and infra sector in upcoming Budget? Keki Mistry answers
Well, I think the focus will be on affordable housing in my opinion and there will some scheme or the other that will come up for the affordable housing segment.
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Haryana government’s policy on fourth floor to keep the realty price in check
The Haryana government's decision to allow construction of stilt plus four floors in residential sectors is set to boost housing demand in Gurgaon and curb soaring prices, experts say. The move, following a ban on fourth-floor construction last year, will provide opportunities for homebuyers and developers, leading to increased supply in high-demand areas like Gurgaon, benefiting both the real estate market and aspiring homeowners.
Corporates embrace more flexibility amidst the hybrid work model
About 30% of occupiers are expected to expand their use of flexible office space over the next 12 months, while 17% are likely to consolidate their offices into fewer locations, CBRE said in its latest ‘2024 India Office Occupier Survey’.
This festive season, mission is possible: Companies to stockpile weapons of mass consumption
Manufacturers are gearing up for a surge in demand, anticipating a boost in sales for smartphones, refrigerators, wearables, and two-wheelers during the upcoming festive season. The industry is optimistic about growth, especially in rural India, with expectations of exceeding previous sales records.
WeWork India appoints Janak Malkani to drive expansion in managed office business
WeWork India has appointed Janak Malkani as the head of managed office and sales for the West region. Malkani's extensive real estate experience will enhance WeWork India's managed office offerings, with a focus on innovative and efficient workspace solutions. WeWork India's flexible workspace market has seen significant growth, with a third of its business driven by the Managed Office portfolio, serving notable enterprise members.
Higher demand from US, Turkey, UAE, Saudi Arabia drive engineering exports in May: EEPC India
Inclusion of steel in the RoDTEP scheme may provide greater incentive for steel exporters in India, said EEPC India Chairman.
Indian office market shows strong growth in H1 2024
The Indian office market showcased resilience in H1 2024 with significant office leasing and new supply growth. Occupiers' confidence, highlighted by major players like HCL Technologies and Tech Mahindra, spurred demand for quality office spaces.
Heat wave in Delhi pushes peak power demand to all-time high level of 8656 MW
According to the realtime data of State Load Dispatch Centre (SLDC) Delhi, the peak power demand reached 8656 MW at 15:06:55 hrs on Wednesday.
Curb on unfair GST demand recovery proceedings: GST official needs prior approval from higher authority to act within 3 months of demand
GST demand order: If you have received a GST demand order, you can either it pay it or file an appeal against it. However if GST officials believe that it is necessary to ask for early payment of the demand before the stipulated time period they can do so. However they need to give a justifiable reason to do so.
Amazon to Lease over 1.1 mn sqft in Bengaluru
Sattva Group has built a new office tower at Sattva Horizon business park near the international airport. The 11-storey building will be able to accommodate more than 7,000 employees, and Amazon will be the sole occupant.
FedEx to cut up to 2,000 back-office jobs in Europe
FedEx plans to cut 1,700 to 2,000 back-office jobs in Europe over 18 months to save $125-175 million annually starting in fiscal 2027 due to weak freight demand. It is expecting $250-375 million in pre-tax costs for legal fees and severance benefits, part of $4 billion permanent cost reduction drive to boost margins and address soft demand in the air-based Express unit.
As work-from-home trend declines, flexible office spaces work for employees and companies
Providing convenience and flexibility for employees on one hand, cost-effectiveness, and asset-light models for employers on the other, coworking/managed spaces are booming. Demand for such spaces is soaring in large metros and Tier-2 cities alike as companies tighten return-to-office rules.
EFC expands co-working portfolio; adds 360,000 sq ft in Noida and Pune
Integrated office infrastructure and design company EFC (I) Limited is expanding its co-working portfolio by adding 3.6 lakh sqft in Pune and Noida, aiming to add 10,000 seats by H1FY2025. With a presence in seven states and 35 centres, the company has seen a 120% capacity increase, focusing on institutional demand. India's co-working market is growing rapidly, with an estimated 30-35 million sqft of flexible office stock available.
Doctors demand termination of nursing officer for molesting female colleague at AIIMS-Rishikesh
Resident doctors protested for the termination of a nursing officer at AIIMS-Rishikesh for allegedly molesting a female doctor. They demanded immediate action and suspension of the assistant nursing superintendent. The accused, Satish Kumar, was suspended and arrested following the incident which occurred on hospital premises. Despite ongoing strikes by senior and junior doctors, emergency services and most operation theatres remain functional at the hospital.
Car accident involving juvenile: Sanjay Raut demands removal of Pune police chief
Shiv Sena (UBT) leader Sanjay Raut called for the Pune police commissioner's removal after a fatal accident involving a 17-year-old driving a Porsche. The incident, which killed two, sparked controversy over the police's handling. The teenager, allegedly drunk, was granted bail by the Juvenile Justice Board. Pune police detained the teenager's father and arrested hotel executives for serving alcohol to the minor. Raut criticized the commissioner's actions, calling them corrupt, and demanded justice for the victims.
South India driving office property market recovery
Southern India, particularly Bengaluru, Hyderabad, and Chennai, is set to lead the recovery in India's office property market, with these cities accounting for 60% of the total space requirement by 2025. The tech sector and global capability centers are driving office leasing activities, with Bengaluru leading in demand. Experts anticipate a surge in demand from companies like QuessCorp, Morgan Stanley, Google, and Amazon in 2024.
Brookfield REIT Q4 Results: Net income jumps 89% YoY at Rs 461 crore
Brookfield India Real Estate Trust (BIRET) on Thursday reported an 89 per cent rise in its adjusted net operating income to Rs 460.8 crore during the March quarter and announced distribution of Rs 208.6 crore to unitholders. Its net operating income (NOI) stood at Rs 244.4 crore in the year-ago period.
India’s office leasing demand likely to cross 70 million sq ft in 2024
Demand for Grade A office space leasing in India is expected to exceed 70 million sq ft in 2024, driven by increased rentals and larger deals in key cities like Bengaluru, Pune, and Hyderabad, with contributions from the IT/ITeS and BFSI sectors, Noida, and co-working spaces.
Noida, Gurgaon, Bengaluru register around 30 percent rent hike, highest in India
Rental prices in 13 major Indian cities surged 16% year-on-year in the March quarter, with Greater Noida, Gurugram, and Bengaluru seeing the highest increases. Demand for rental units in the Rs 10,000 to Rs 30,000 range dominated, accounting for 42% of total demand. However, supply only increased marginally, leading to a mismatch between demand and availability. Abhishek Bhadra, Head of Research at Magicbricks, attributes the surge in rents to the resumption of office operations since 2022, offering higher yields to landlords.
Incuspaze leases 350,000 sq ft in Gurugram
The company has also leased 150,000 sq ft space in Pune and 60,000 sq ft space in Jaipur, as it is looking to add 1.5 million sq ft this year owing to increasing demand for flexible space in the country.
Israel says Hamas' ceasefire proposal far from meeting its "core" demands
A Gujarat government official, Nilesh Maheta, will oversee Tuesday's Lok Sabha ballot as a woman, Bijal Maheta, after undergoing gender reassignment surgery in 2020. Maheta's journey reflects years of struggle with her gender identity, dating back to her school days, and culminating in her decision to transition in 2012. The Transgender Persons (Protection of Rights) Act 2020 provided her with legal protection, reassuring her decision. Despite facing challenges, Maheta feels supported by her colleagues and is excited about her new role, symbolizing a step towards inclusivity and acceptance.
Rapid growth set to drive consolidation among India’s flexible office providers
Flexible workspaces in India have been witnessing rapid growth, leading to industry consolidation through mergers and acquisitions among major players like WeWork and Brookfield. The evolving sector is expected to reshape the market dynamics and set new industry standards. According to Ankit Gupta, president, Brookfield Properties, India is a global talent hub and the demand for an integrated live-work-play environment is driving a flight-to-quality trend. This extends to coworking spaces, paving the way for consolidation.
Green office spaces demand in India outpaces supply
The rise of environmentally conscious tenants in commercial real estate, focusing on decarbonizing their portfolios, has led to a significant surge in demand for sustainable buildings across key Indian property markets, surpassing available supply. As corporations aim for fully green-certified office portfolios, competition among tenants is expected to intensify, resulting in higher rents for property owners.
Here's how Bengaluru's water crisis has affected real estate sales as per Knight Frank report
Housing sales in Bengaluru have slightly decreased by 2% to 13,133 units compared to 13,390 units last year, mainly due to reduced sales in the affordable housing category. The office space demand in the IT city remained steady at 3.5 million square feet, according to a report by Knight Frank. Sales in the less than ₹50 lakh housing segment dropped by almost 65% to 70%, while sales in the ₹50 lakh-₹1 crore segment dipped by 7%. However, sales of houses in the more than ₹1 crore segment increased by almost 50%.
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