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Tech firms homing in on 36% of office realty in India

Our Bureau Bengaluru | Updated on June 20, 2018 Published on June 20, 2018

R Chandrashekhar, former President, Nasscom   -  BL

Ram Chandnani, Co-Chair, CoreNet Global – India Chapter

Expansion into tier-2 cities driving growth

 

In India, the corporate real estate space is being driven primarily by the growth of corporates, especially their business expansion into tier-2 cities, said former Nasscom President R Chandrashekhar.

Addressing CoreNet Global’s 5th annual India Conference, Chandrashekhar said, “In fact, 36 per cent of office real estate in India is garnered by tech firms, with finance coming a close second. With the service sector employing almost half the workforce in the country, the nature of real estate hiring is constantly changing.”

“However, I believe that by taking advantage of the digital wave in the country, corporate real estate firms will be able to make telling contributions to both the country’s GDP and infrastructure growth,” he added.

India’s potential

Themed ‘India – Future Ready’, the conference highlighted India’s potential in the corporate real estate landscape in 2018. The conference brought together 300 top industry professionals and business leaders to discuss industry trends that are unfolding from private and public perspectives.

The meet dealt with contemporary issues regarding digital disruption and the solutions being developed as a result of it. The conference also discussed the values of creating a blockchain ecosystem in the corporate real estate space and delimiting corporate real estate boundaries in the digital economy.

Participants at the conference discussed the current status of the job market in a VUCA world and its relation to the country’s economic growth. It was observed that India is showcasing a robust corporate real estate demand due to its strong economy.

Tech disruption

“Technology today is an important global driver for innovation. I believe that the corporate real estate community in India fully understands this and has put protocol in place that will enable them to embrace the change technology will bring over the course of life cycle,” Ram Chandnani, Co-Chair, CoreNet Global – India Chapter, and Managing Director Advisory and Transaction Services India, CBRE.

“Efforts today are focussed on how to manage and streamline space utilisation, which over time will help the community overall adapt to changing environments in the future,” he added.

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Published on June 20, 2018
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