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Southern Markets To Account To 40% Hiring For CBRE

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Chennai, 31st October 2018: CBRE South Asia Pvt. Ltd., world’s largest real estate consulting firm today announced the company’s business plans in Chennai and milestones which have shaped the southern RE landscape for the last 20 years.

With India being a key market, CBRE expects its local business to fuel growth and development in the country. Close to 40% of hiring is concentrated in the Southern markets thereby indicating strong potential of these geographies. Boasting of a robust economy and a skilled manpower, Chennai remains a crucial market for CBRE.

“We foresee retaining our No.1 position in the Chennai region & our vision fuels our purpose to provide exceptional outcomes for clients by combining local market insight, broad services, specialized expertise and premier tools and resources. We expect sectors such as Technology, Affordable Housing, Warehousing, Industrial, Retail, Capital Markets and Government Advisory to drive growth for us”, said Anshuman Magazine, Chairman, India & South East Asia, CBRE

CBRE also launched a report titled ‘Destination 2020’ which articulates the salient features of Chennai as a compelling destination for investments in the Southern market. Commenting on the launch Mr. Preetham Mehra, Executive Director, Head – Operations Chennai Office &, CBRE Consulting (South), “We are celebrating 20 years of our presence and association with the Chennai market and each day we have endeavored to provide exceptional outcomes for our clients and looking ahead, we are focused on accelerating the execution of our growth strategy.”

As per the report, Chennai has the right ingredients to sustain long term investments owing to factors such as excellent manpower availability, physical and social infrastructure.

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Infrastructure and the recent policy initiatives undertaken by the state government are expected to augment the supply for both residential and commercial segments. The central government’s PMAY scheme and introduction of RERA is likely to fuel demand for affordable homes.

The report said that unlike its southern counterparts such as Bangalore and Hyderabad where IT/ITeS continues to sustain commercial demand, Chennai’s commercial activity is driven not just by IT, but also by manufacturing and BFSI sectors, resulting in a comparatively stable commercial market.

The report predicts that key preferred micro-markets in Chennai such as OMR Zone-1, OMR Zone-2 and Mount Poonamallee Road are expected to witness quality supply in addition of more than 10 million sq. ft. in the next 2-3 years. Furthermore, corporates from the IT/ITeS sector will remain the demand driver for office space, followed by occupiers from the automotive, BFSI, research and consulting sector.

The office sector is likely to benefit from consolidation from existing corporates and entry of new players in the flexible workspace solutions and Global insourcing centres (GICs).

With the advent of GST, Chennai has also firmly established itself as a destination of choice both for warehousing investors, operators and occupiers by virtue of having multiple seaports, an international airport and excellent road network across the state.

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About CBRE Group, Inc.

CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates) and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. CBRE was the first International Property Consultancy to set up an office in India in 1994. Since then, the operations have grown to include more than 8,000 professionals across 10 offices with a presence in over 80 cities in India. As a leading international property consultancy, CBRE provides clients with a wide range of real estate solutions, including Strategic Consulting, Valuations/Appraisals, Capital Markets, Agency Services, Asset Services and Project Management. The guiding principle at CBRE is to provide strategic solutions that make real estate holdings more productive and economically efficient for its clients across all service lines.

CBRE has been included in the Fortune 500 since 2008, ranking #207 in 2018. It has also been voted the industry’s top brand by the Lipsey Company for 17 consecutive years and has been named one of Fortune’s “Most Admired Companies” in the real estate sector for 6 years in a row.

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