Your Weekly Dose of News from the Commercial Real Estate Industry
315Work Avenue Earns Great Place To Work? Certification
315Work Avenue , a prominent coworking space provider in India, has achieved the prestigious Great Place To Work? Certification, a significant accomplishment for the flexible workspace industry. The certification, awarded in the Mid-Size Organizations Category, is a testament to the company's commitment to creating a superior work environment.
The certification was determined by an anonymous employee survey conducted by the Great Place to Work? Institute (India) . This recognition highlights the positive workplace experiences reported by the employees and showcases the company's dedication to creating a high-trust workplace.
315Work Avenue is a pioneer in the flexible workspace sector. It manages an impressive 2 million square feet, which translates to approximately 40,000 seats, across prime locations in Bengaluru , Chennai , Mumbai , and Pune . The company offers a variety of flexible workspace solutions.
The Great Place To Work? Certification is a globally recognised mark of an excellent employer and is considered the gold standard in identifying and recognising great workplace cultures. Achieving this certification places 315Work Avenue among the elite ranks of top employers nationally and globally.
Mr. Manas Mehrotra , the visionary founder of 315Work Avenue, expressed his pride and gratitude for this recognition. He attributed this achievement to the collective efforts and the positive work environment fostered by the team. Emphasising the company's philosophy, Mr Mehrotra highlighted its commitment to valuing each employee, helping them reach their full potential and contributing to their collective success.
This recognition places 315Work Avenue on a global platform, joining the ranks of over 10,000 companies across 60 countries vying for this accolade annually. The Great Place To Work? Institute, with its 30 years of research and data, continues to be a global authority on workplace culture, making this achievement all the more significant for 315Work Avenue in its journey towards excellence in the flexible workspace sector.
10 Million Sq Ft Office Space were Leased Out in Noida from 2020 to 2023 - Colliers, India
Noida, a rapidly growing satellite city near the Indian capital, has become a new hub for the real estate industry, especially in office leasing. Since 2020, around 10 million square feet of office space have been leased in the area, indicating a significant increase in demand. Bhupindra Singh, MRICS , Managing Director (North) at Colliers India, a renowned real estate consultancy, shared these insights during "The Growth Story of Noida" event organised by CRC Group in partnership with ICCPL GROUP and CNBC-TV18 .
Singh highlighted the contrast in the pace of office leasing over the last decade. From 2010 to 2020, around 10 million square feet were leased, a figure matched in just three years from 2020 to 2023. This rapid growth demonstrates Noida 's rising prominence in office real estate, especially in India's coworking and flexible spaces sectors.
Singh predicts a rise in rentals for Grade office spaces and IT/ITeS parks, with a significant drop in inventory in the coming years. He anticipates that office rentals ranging between Rs 40 and Rs 80 per square foot will increase due to soaring demand and limited availability.
Vidhi Dheri , Director-Real Estate at 世邦魏理仕 , another esteemed real estate consultancy, pointed out Noida's unique approach to urban development. The city's growth has been authority-driven, with infrastructure development preceding real estate projects. This method has attracted high-quality tenants, including corporate and retail sectors, making Noida desirable for international corporate investments.
According to Ashutosh Kumar Kashyap, head of real estate at the airport, the development of the Noida International Airport is set to boost the region's attractiveness even further. The airport's announcement has increased property leasing in Noida and Greater Noida, particularly along the Noida-Greater Expressway .
Kunal Bhalla , founder and CEO of CRC Group , highlighted the significance of Noida's robust infrastructure, especially its road network, in driving the city's growth. He emphasised the importance of last-mile connectivity and sustainability in maintaining Noida's momentum as a prime destination for corporate investments.
Noida's rise as a significant player in India's coworking and flexible space market bodes well for the region's future of office real estate.
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BFSI Sector Hits Decade-High in Office Leasing, Led by GCCs - CBRE Report
India's BFSI (banking, financial services, and insurance) sector has matched the technology sector in driving office leasing for the first time in a decade. From January to September 2023, the BFSI sector leased almost 10 million square feet of office space, accounting for about 23% of all office space leased. This growth is attributed to the strong performance of BFSI companies, boosted by low non-performing loans and robust capital and liquidity reserves. The fintech sector's growth and the expansion of e-payment services also contributed to this trend.
A report by 世邦魏理仕 South Asia Private Limited titled 'BFSI firms turbocharging Indian Office Realty' sheds light on this significant growth. It details the sector's leasing trends, expansion patterns, and future outlook, offering valuable insights into its evolving dynamics. A key highlight is the dominance of Global Capability Centres (GCCs) established by BFSI majors in India, which accounted for more than half of the sector's office leasing. This represents a 256% year-on-year growth, led primarily by Mumbai , Bengaluru , and Hyderabad .
Mumbai is the leader in BFSI office leasing, contributing 30% to the sector's overall leasing across top Indian cities. Bengaluru and Hyderabad followed, benefiting from their technology hubs and talent pools that support BFSI digitisation efforts. BFSI GCCs are expanding their footprint and driving digital transformation, specialising in risk monitoring and transaction taxation services.
The report also notes a significant presence of global banks and investment banking firms in the BFSI leasing landscape, with large deals by American firms for their GCCs marking a notable trend. Insurance and financial service firms are expanding their GCC capabilities in India, with services ranging from wealth management to trading.
The BFSI sector is expanding in space and deal size, surpassing the average deal size across the top five sectors by about 47% in the observed period. Large-sized deals, often exceeding 100,000 square feet, comprised a significant portion of BFSI transactions, primarily fueled by GCCs and domestic banks.
Anshuman Magazine , Chairman and CEO of CBRE, highlights the sector's resilience and the increasing need for digital infrastructure, anticipating strong hiring in the BFSI sector. Diverse financial services and the demand for skilled sales, wholesale banking, and treasury professionals drive this growth. Additionally, the sector is increasingly interested in flexible spaces in India , recognising the benefits of customised spaces, enhanced flexibility, and reduced capital expenditures.
In summary, the BFSI sector's robust growth and evolving needs are reshaping the office leasing landscape in India, with a significant focus on coworking and flexible spaces. This trend marks a new era of growth and opportunity in the Indian financial landscape, driven by digital transformation and the evolution of GCCs.
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