Real Estate Year End 2020 Review & Outlook 2021
Anshuman Magazine, Chairman & CEO, India, South East Asia, Middle East & Africa, CBRE
While 2020 has been an unprecedented year globally, it has been able to create certain unique opportunities for the Real Estate sector that are likely to usher in a new era of innovation and digital transformation going forward. The Covid-19 pandemic has necessitated recalibration at a systemic and individual level, including the Real Estate sector, which has shown remarkable resilience in the face of the pandemic. The year 2021 would require us to reimagine the way we have operated so far. Below is a lowdown on how the Real Estate story unfolded in 2020:
Office: Quarterly growth was up by 14% from Q2 2020 – Q3 2020
The commercial Real Estate sector has made large strides in the past decade. Robust occupier interest, ascension of organized Real Estate developers and the emergence of institutional capital have accelerated this growth. The quarterly growth in office space take was up by 14% from Q2 2020 – Q3 2020, with increase in absorption of space from 6.9 million sq. ft to 7.9 million sq. ft. At an overarching level, the future of the workplace has been witnessing a lot of debate, most of which has been centered around how office space would be used and designed, what role would tech play, and what status would the workplace hold in terms of its physicality amid changing work patterns.
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NBM&CW January 2021