Mumbai: CBRE South Asia Pvt. Ltd., a real estate consulting firm announced the strengthening of its operations in Mumbai with the launch of a new office. The new facility was inaugurated by Steve Swerdlow, CEO, CBRE Asia Pacific. He was joined by Anshuman Magazine, Chairman, India & South East Asia CBRE along with other members of the firms India leadership team. With over 8000 professionals CBRE is the current market leader across all segments of real estate consulting including Office, Retail, Project Management and Asset Services. Over the next few years, CBRE plans to further increase its employee strength to provide enhanced services to developers, occupiers, Investors and end-users.
Being the most prominent node of the country, Mumbai has undergone rapid transformation in terms of organized office space, with corporate occupiers driving the demand for high-quality, investment-grade commercial office space. Apart from a robust commercial and industrial landscape, the city’s retail segment has also witnessed enhanced activity off late with organized retail stock to grow by 10% by 2020.
CBRE Mumbai operations have seen a rapid employee growth of over 20% YoY over the past three years and expect it to continue over the coming few years.
Traditionally recognized as a BFSI hub, Mumbai is witnessing renewed interest for Residential, Retail and Industrial & Logistics space in recent years. The warehousing and logistics sector has shown a phenomenal growth of approximately 250% from 2015 – 2017; in H2 2017, primarily driven by e-commerce, FMCG and engineering and manufacturing companies.
Steve Swerdlow, CEO, CBRE Asia Pacific, said, “India has firmly established itself as one of the most attractive commercial real estate markets globally over the past few years. Our ability to better serve our expanding client base from our new world-class workplace in Mumbai, India’s commercial hub, is key to our strategy of growing alongside our clients in this strategic market
Mumbai growth drivers:
- Sustained occupier interest driving Mumbai’s office market
- Organised retail stock to increase by 10% by 2020
- Commercial stock in Mumbai increased by around 25-30% from 2013 – 2017 and is likely to grow by approximately 15% by 2020
- Maharashtra First state to roll out the historic MahaRERA, more than 15,000 projects registered so far
- Logistics and Warehousing demand witnessed 250% growth from 2015 – 2017
- Proactive Government measures propelling the sector
- Robust physical infrastructure development
Anshuman Magazine, Chairman, India & South East Asia, CBRE said, “Mumbai is India’s financial capital, with Maharashtra being the first state to roll out the historic MahaRERA, the state government’s proactive policies, growing occupier demand, improved infrastructure, quality educational institutions and the availability of a large talent pool are the prime drivers to the city’s real estate market. Understanding this growing opportunity, we have expanded our presence in the city to provide enhanced services for all our existing and potential clients. With the overall real estate sector witnessing significant growth, a strong track record, as well as a robust team of professionals, put us ahead of the curve in terms of effectively addressing the requirements of our clients.”
