CoreNet Global’s recently released 2011 state-of-the-industry report on commercial real estate (CRE), there is good news to be found about 2010 and in the first quarter 2011.
Despite the continuing turbulence and uncertainty in other parts of the globe, two economies – India and China – will continue to grow at an annual rate of 8-10%.
CB Richard Ellis Group Inc., the commercial real estate services company has reported first quarter 2011 revenues of $1.2 billion compared with $1.0 billion in the year-earlier quarter, reflecting an increase of 16%.
The period ending 1Q11 witnessed moderate activity in the office market in the city. With CBD vacancy rates continuing to hover at around 1%, office transactions were limited to either small office queries or larger office spaces that were inevitably a churn in the existing stock.
On 11 March, a major earthquake and tsunami hit Eastern Japan. According to official statistics, the number of deceased had surpassed 13,000 as at 14 April.
The Sensex has always been a barometer of the country’s general economic ‘mood’. The real estate index, on the other hand, is an indicator of the sentiments towards real estate developers.
Real estate traditionally has always had the perception of being a sector where ‘land & buildings’ was the language required and ‘people skills’ were of no great relevance. But, now, even big Real estate players are soon beginning to understand the importance of effective ‘client servicing’, enhanced ‘team productivity’ and professional ‘managerial skills’.
Central Business Districts (CBDs) are supposed to be the lifeline of the city and a mirror of the economic activity and real estate market trend.
Corporate confidence is boosting activity in top tier office markets around the world, leading to accelerating early cycle rental growth and robust capital value growth in prime assets, especially where new quality supply is limited, according to Jones Lang LaSalle’s inaugural, quarterly Global Office Outlook report.
Indian house prices rose rapidly from 2002 to 2007. Strong economic growth and urbanization supported house prices, while in city centres a housing bubble was encouraged by inadequate infrastructure, lack of planning and antiquated land use laws.