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Cushman & Wakefield
Nuvama and Cushman & Wakefield Management Pvt Ltd (NCW) has raised Rs 1,700 crore under its new real estate fund for making investments in office assets across major cities in India. The NCW is a Joint Venture (JV) between wealth management firm Nuvama Asset Management and global real estate consultant Cushman & Wakefield. In a statement on Thursday, the JV firm announced the first close of its Prime Offices Fund (PRIME). The fund achieved a corpus of around Rs 1,700 crore, it added. The Fund aims to offer investment opportunities to investors in the Indian commercial real estate sector. The Fund will focus on Grade A+ offices across key micro-markets in India's top six cities --?Bengaluru, NCR, Pune, Mumbai, Chennai, and Hyderabad. The Fund targets investments across a portfolio of new developments, as well as completed and leased assets and has already built a robust deal pipeline for deployment. Anshu Kapoor, President & Head, Nuvama Asset Management said, "We have been
India's eight major office markets saw a 6 per cent annual decline in fresh supply of workspaces during 2024, even as the demand hit an all-time high, according to Cushman & Wakefield. Real estate consultant Cushman & Wakefield (C&W) data showed that new supply of office space stood at 451.5 lakh square feet in 2024 as against 477.9 lakh sq ft in the preceding year. New supply declined in Delhi-NCR, Pune, Chennai, Hyderabad, Kolkata and Ahmedabad, while it jumped in Mumbai and rose marginally in Bengaluru. Among cities, the new office space supply in Mumbai jumped more than 4 times to 83.2 lakh sq ft in 2024 from 20.5 lakh sq ft in the preceding year. In Bengaluru, the new supply grew to 133.4 lakh sq ft from 133.1 lakh sq ft. However, Delhi-NCR witnessed a 5 per cent fall in new supply to 46.8 lakh sq ft from 49.2 lakh sq ft. In Chennai, the new supply fell 59 per cent to 21.7 lakh sq ft from 53.3 lakh sq ft. Pune saw a dip of 27 per cent to 42.2 lakh sq ft from 57.4 lakh
India's office market was very active in 2024 with gross leasing of workspace witnessing a 19 per cent increase to a record 885.2 lakh square feet across eight major cities, according to Cushman & Wakefield. The gross leasing or absorption of office space stood at 745.6 lakh square feet in the preceding year, data from real estate consultant Cushman & Wakefield (C&W) showed. "The year 2024 has been a defining year for India's office sector, achieving record-breaking leasing volumes and reaffirming the country's position as the strongest growth market globally for office space demand," said Anshul Jain, Chief Executive, India, Southeast Asia and APAC Tenant Representation, Cushman & Wakefield. The growing presence of Global Capability Centers (GCCs), contributing nearly 30 per cent of total demand, underscores India's strategic importance for global multinationals, he highlighted. "As we move into 2025, the demand for Grade-A spaces is expected to remain robust, further
Delhi's upscale Khan Market has retained the 22nd rank in a global list of most expensive high-street retail locations with an annual rent of USD 229 (over Rs 19,000) per sq ft, according to Cushman & Wakefield. Via Monte Napoleone in Milan, Italy, has become the most expensive main street globally with an annual rent of USD 2,047 per sq ft, beating New York's Upper 5th Avenue (49th to 60th Sts) which commands a rental of USD 2,000 per sq ft a year. Global real estate consultant Cushman & Wakefield on Thursday released the 34th edition of its flagship retail report 'Main Streets Across The World 2024' that focuses on headline rents in 138 best-in-class urban retail locations across the globe. The global index ranks the most expensive destination in each market. With rents at USD 229 per square foot annually (around Rs 19,330), Khan Market retains its position on the prestigious global list and continues to be India's most expensive high street, the consultant said. Khan Market
Gross leasing of office space across top eight cities is likely to cross 80 million square feet this calendar year, beating a record 74.5 million square feet during 2023, according to Cushman & Wakefield. Real estate consultant Cushman & Wakefield on Wednesday released its report on the office market for the third quarter of this calendar year. The gross leasing of office space rose 66 per cent to 24.8 million square feet across the top eight cities in Q3 2024, marking the second highest quarterly leasing volume in the sector's history. During January-September, the gross leasing has reached 66.7 million square feet. Office leasing stood at 49.1 million square feet in 2018; 67.7 million square feet in 2019; 46.6 million square feet in 2020; 50.4 million square feet in 2021; 72 million square feet in 2022; and 74.5 million square feet in 2023. "Strong market fundamentals have sustained extraordinary leasing momentum in the Indian office market, as evidenced by the remarkably ...
Leasing of retail spaces in shopping malls rose 15 per cent annually during the April-June period to 6.12 lakh square feet across eight major cities on better demand from retailers, according to Cushman & Wakefield. Real estate consultant Cushman & Wakefield India data showed that the demand for retail space on major high streets across these eight major cities increased 4 per cent annually to nearly 14 lakh square feet during the second quarter of the 2024 calendar year. As per the data, the leasing activities in shopping malls rose to 6,12,396 square feet during April-June 2024 from 5,33,078 square feet in the year-ago period. High street locations saw a growth of 4 per cent in leasing to 13,89,768 square feet from 13,31,705 square feet during the period under review. The leasing data includes all types of shopping malls- Grade A and Grade B -- and also all prominent mainstreets. These eight cities are -- Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Pune and ...
The demand of premium office space across major cities is likely to exceed 70 million square feet this year and going forward as work-from-home is no longer a concern for the Indian commercial real estate market, said Cushman & Wakefield India chief Anshul Jain. Cushman & Wakefield, one of the leading global real estate consultants, is bullish on the Indian office market, driven by high demand from global capability centres (GCCs) and domestic companies across major sectors. In an interview with PTI Videos, Jain, Chief Executive, India & Southeast Asia and Head of Asia Pacific Tenant Representation, Cushman & Wakefield, said, "India is now being called the Office of the world interestingly. And the demand in India is one of the highest in Asia, and in fact the rest of the world." Indian office market across seven major cities is witnessing a very strong demand, with both gross leasing and net leasing reaching around pre-COVID level, he said. "So, from an office market .
Nuvama Asset Management and global commercial real estate services firm Cushman & Wakefield on Wednesday formed a joint venture entity, which will launch a Rs 3,000-crore commercial real estate fund. The new entity will be known as Nuvama and Cushman & Wakefield Management. The announcement was made by Matthew Bouw, the chief executive of Cushman & Wakefield Asia Pacific; Anshu Kapoor, the president & head of Nuvama Asset Management, and Anshul Jain, the managing director, Cushman India & Southeast Asia. The joint venture aims to empower investors with superior fund management expertise through Nuvama, while leveraging Cushman's global expertise in the commercial real estate industry, the companies said. The joint venture will focus on providing investment opportunities to domestic investors in the commercial real estate market, they said. Nuvama Asset Management, formerly known as Edelweiss Wealth Management, is the asset management arm of Nuvama Wealth Management
Bengaluru, the most prominent city for commercial real estate market, saw a 39 per cent decline in gross leasing of office space during July-September with corporates making delays in taking decisions to expand business, according to Cushman & Wakefield. According to data released by real estate consultant Cushman & Wakefield, the gross office leasing in Bengaluru fell to 22,13,654 square feet (sq ft) during July-September from 36,39,339 sq ft in the year-ago period. Across eight major cities, the absorption of office space fell 13 per cent to 151,18,147 sq ft from 173,76,222 sq ft. Anshul Jain, Head of APAC Tenant Representation and Managing Director, India & South East Asia, said, The office segment is seeing major shifts in terms of evolving occupier demands. "India is currently in the spotlight as a preferred destination for business expansion, the top tier markets are destined to witness more innovation and traction in the real estate place. We can expect a healthy ...
The demand for office space may rise 14 per cent this year to 60 million square feet across eight cities, mainly driven by strong rebound in Indian economy and aggressive hiring plans in IT/ITeS sector as well as startups, according to real estate consultant Cushman & Wakefield. As per the data, the gross leasing of office space across eight major cities increased to 52.57 million square feet in 2021 from 49.42 million square feet in the preceding year. The eight cities are Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Pune, Hyderabad and Ahmedabad. "India's journey towards a sizable USD 5 trillion economy holds within itself a plethora of opportunities for growth of commercial office market," said Badal Yagnik, MD, Tenant Representation, India, Cushman & Wakefield. He pegged annual leasing activity over the next two years at close to 60 million square feet each. "Key triggers driving this growth are a fast-growing economy, significant expansion foreseen in the ...
Gross office space leasing by multi national companies to set up R&D centres across major Indian cities stood at 14.13 million sq ft in 2019, a nearly five-fold jump from 2014, as the country remains an attractive destination for global outsourcing, according to Cushman & Wakefield. The property consultant has recently released its report titled 'Global Capability Centers -- Making India the Cradle of Global R&D' that analyses the Indian 'Global Capability Centers (GCC)' industry, its evolution over the years and key growth drivers. During 2014, only 3.15 million sq ft of gross office space was leased by captive or GCCs, contributing 8 per cent of the overall gross leasing. The number, however, jumped to 14.13 million sq ft during 2019. The share of captive centers in the overall office demand has risen to 20.9 per cent during 2019 from a mere 8 per cent in 2014, the consultant said in a statement. "The captives, Global In-house centers (GICs) or Global Capability Centers .
Property consultant Cushman & Wakefield today said it has appointed Rajesh Sharma as the Managing Director for its Integrated Facility Management (IFM) and Asset Services. Sharma will provide strategic leadership to both IFM and Asset Services teams in strengthening client relationships and enhancing property-level performance, the company said in a statement. Commenting on the appointment, Cushman & Wakefield MD India Anshul Jain said: "With him on board, Cushman & Wakefield will be in a stronger position to help clients achieve optimum performance in their portfolios." Sharma brings with him a background of association with leading national and multinational corporations such as WNS, Genpact and Daewoo Motors, amongst others.