Commercial Real Estate in India: A Sector on the Rise
Commercial real estate (CRE) is a term that refers to properties that are used for business purposes, such as office buildings, retail malls, industrial parks, hotels, and data centers. CRE is an important segment of the Indian economy, as it contributes to employment, infrastructure, urbanization and foreign investment. According to a report by Construction Week, the COMMERCIAL REAL ESTATE sector in India is expected to grow at a compound annual growth rate (CAGR) of 13% approximately. The demand for office space has been and is still on the rise, driven by the growth of sectors such as information technology (IT), banking and financial services (BFSI), e-commerce, and start-ups. According to CBRE India, the office market witnessed a robust recovery in 2021, with gross leasing reaching 42.5 million sq ft, up by 18% year-on-year. The top cities that accounted for the majority of the leasing activity were Bengaluru, Hyderabad, Delhi-NCR, Mumbai and Chennai. The office m...