First-of-its kind co-authored report on co-working in India at India’s biggest realty event.
In its capacity as Knowledge Partner for this prestigious annual event, international property consultancy JLL India unveiled two incisive research reports at the 9th CII India Realty & Infrastructure Conclave 2017 held in Mumbai.
For their release, Ramesh Nair,CII Conclave 2017 (WR) and CEO & Country Head, JLL India, offered insights into both these reports.
“‘2017: The Inflection Point of Indian Real Estate’ – a joint publication by CII and JLL India – provides a comprehensive analysis of the major real estate policies in 2017,” said Nair. “It also examines the impact of technology and other market forces shaping the Indian real estate industry this year and going forward. The report provides some very interesting statistics. For instance, 900 REIT-worthy Grade A commercial assets equalling 280 million sq ft are currently available across India’s key cities and awaiting deployment into India’s REIT market. Also, commercial real estate is perking up significantly in 2017 – we expect a net absorption of 34.3 million sq ft this year on the back of returning IT and ITeS demand, as opposed to 33.4 milion sq ft in 2016.”
Indeed, these are just glimpses of the radical positive changes currently influencing the Indian property industry – the sector is at the cusp of significant change in 2017. The theme for the 9th CII Realty Conclave 2017 – ‘The Turning Point of India Real Estate: Decoding Opportunities, Trends and Insights to Maneuver the Curve Ahead’ was aptly chosen, and highlighted the importance and impact of this era of change for the country’s realty sector. Several high-powered panel discussions added depth to the event, examining key issues currently at play in the sector.
The panel ‘Commercial Office: The Future of India Office Spaces’ was moderated by Karan Sodi, Managing Director-Mumbai, JLL India and featured Amit Grover, Director-Office Businesses, DLF; Vinod Rohira, Managing Director & CEO-CRE & REIT, K Raheja Corp; Juggy Marwaha, India Lead, WeWork; Michael Holland, CEO, Embassy Office Parks; Anand Piramal, Director, Piramal Group; Thirumal Govindraj, Managing Director, RMZ Corp; and Narayan Ranjan, Chief of Staff, Viacom 18.
The report ‘Future of Work – The Co-Working Revolution’, the very first co-authored study by JLL India and WeWork on the booming co-working offices industry, was also released during this session.
“This report investigates the trends and market forces driving the brave new world of co-working office spaces across India and the world,” said Nair. “It describes in detail its influence on the corporate real estate sector as it embraces the uncertainty and turns disruption into opportunity. The concept of co-working is not new; however, the tremendous growth it has seen around the globe – and now in India – in recent years is tremendously exciting.”
Juggy Marwaha, Lead, WeWork (India), said, “The future of this industry will redefine the term ‘co-working’. The trend will move towards creating beautiful, well- designed and functional spaces that encourage collaboration and create a sense of community which will further be enhanced by a sophisticated online platform, and community events.” He also said, “2016-17 witnessed a spike in the growth of the industry, and as it evolves further, it will be the era of flexible office spaces. There will be a paradigm shift in the way companies will operate in future, and some of the best innovations and projects will be an outcome of such true collaboration.”
In every respect, the 9th CII Realty & Infrastructure Conclave held in Knowledge Partnership with JLL India lived up to its reputation as the biggest and most power-packed conference for the Indian real estate industry. As the country’s most anticipated annual real estate event, it once again provided a fitting platform to the foremost stakeholders of the Indian real estate industry to discuss, debate and share their vision for the sector’s collective and progressive growth.