Chennai: Chairman and CEO, India, South East Asia, Middle East & Africa at CBRE – a Real estate consulting firm – Anshuman Magazine shared “Review 2019 and Outlook 2020” for the real estate market.
Sharing his opinions, Anshuman said, “Tech is expected to continue shaping office demand even as occupiers adopt newer workplace strategies to realign their portfolios by trying to find the right mix of flexibility and collaborative / incubation spaces within their core workplaces along with adding external flexible options.” He added, “We expect flexible space operators to continue to expand operations and target secondary markets in Tier I cities and major markets in Tier II and III cities.”
Further addressing about the outlook, he said, “As the Indian economy transitions and its workforce expands, it will offer vast development and investment opportunities for the real estate sector. The growth of cities is going to further influence the country’s-built environment, while technology, demographics and environmental issues will become its new value drivers. Already, workplaces are becoming more modern and open, in keeping with the aspirations of the millennial working population.”
Anshuman said, “The logistics industry is embracing technology to keep pace with the increasingly digital times even as retail goes omni-channel with an eye on the smart shopper. Meanwhile, housing is getting more affordable, on the back of government initiatives and the growing needs of young families. The real estate universe is expected to expand sizably in the coming year as new asset classes (REITs, co-living spaces, student housing) make their presence felt.”