Chandigarh
8 September 2022
DIVYA AZAD
CBRE South Asia Pvt. Ltd, India’s leading real estate consulting firm, today announced the commencement of its new office in Chandigarh to strengthen its India presence. The announcement is part of CBRE’s growth strategy to serve clientele in rapidly growing tier-II markets closely. The new office will be positioned to introduce CBRE’s multidisciplinary offerings in northern India, empowering clients to access customized regional expertise. The new office will accommodate a talent pool of employees with skill sets, and relevant experience and carry forward CBRE’s winning workplace culture in these new markets.
With the latest expansion of the office in Chandigarh, CBRE will now have 15 offices in India, apart from a presence in over 80 cities in India. CBRE will extend its service offerings to its client base across Office, Retail, Residential, Industrial & Logistics, Data Centers, Healthcare & Education, Life Sciences, Hospitality, Government, and Alternate Investments. As per CBRE estimates, flagged by a strong underlying end-user demand and an expected high economic growth rate, tier-II cities will rank in the list of attractive future investment destinations.
Establishing a strong regional presence will give an edge to foster client collaboration productively to deliver quality solutions. The expansion will also enable new business opportunities, rationalize resources, and develop the best local talent. As a prerequisite to serving the local markets, CBRE will offer customized integrated services to clients under a single operating model, with facilities including transaction and project management, property management, investment management, appraisal and valuation, property leasing, strategic consulting, property sales, mortgage services, and development services.
“Our expansion plan in Chandigarh reaffirms CBRE’s long term commitment to provide professional support and enhanced accessibility to our client in the region. I am confident about the high growth potential of Chandigarh as economically thriving region with a large and growing consumer market that has led to increased investment activities. It is our intent to bring in local, regional experts who are uniquely placed to manage clients and achieve sustainable results. It will also play a critical role recognizing the diverse talent pool in the region. Besides this, the new office will enable us to create a cohesive service network and leverage our capabilities.”,said, Anshuman Magazine, Chairman & CEO – India, Southeast Asia, Middle East & Africa, CBRE.
The Indian real estate sector has witnessed high growth across asset class with rising office, and residential spaces demand. Despite the downswings of the COVID, the industry has remained largely resilient overall. In H1 2022, office leasing activity reached 29.5 mn sq. ft. during the period, a rise of 157% Y-o-Y. A similar trend was observed in the Industrial and Logistics (I&L) space, where leasing activity in Q2 2022 reached 6.1 million sq. ft. lead by 3PL players and engineering & manufacturing firms.
The retail sector also made a robust recovery in Q2 2022, with transaction activity growing by more than 100% on a Q-o-Q basis; overall, in H1 2022, it reported massive growth of more than 160% (Y-o-Y). This growth resulted from pent-up demand causing a renewal in physical retail visits even as online shopping continued to perform strongly. Continued policy push for enabling manufacturing ecosystem and infrastructure development will keep the real estate demand trajectory soaring in 2022, and tier-II cities will capture majority of the growth.
The expanded footprint of CBRE is aligned with the overall market annual growth of ~ 12 % and will address the call for a credible and trustworthy valuer. The newly operational office will offer valuation & advisory services for real estate owners, developers, corporates, investors, and lenders. These services also assist clients with risk mitigation solutions, including project risk monitoring services, technical & approvals due diligence, cash flow projections, and other value-added solutions.
