GRI Offices India 2024

Key takeaways from the 5th edition of GRI Club India’s premier commercial real estate event

May 29, 2024Real Estate
Written by Isabella Toledo

GRI Club India recently hosted the 5th edition of GRI Offices India, the commercial real estate event that gathered the biggest names in the industry to share insights into the most pressing issues being faced by the sector today, including topics such as coworking, fractional ownership, REITs, ESG, and the future of office spaces. Read all of the key takeaways in our latest report - GRI Offices India 2024.

Amidst the global surge in remote work trends catalysed by the COVID-19 pandemic, India's office sector has defied all odds, showcasing remarkable resilience. Despite initial concerns, the sector witnessed record-breaking leasing activities in both Q4 of 2023 and Q1 of 2024, even surpassing the performance witnessed pre-COVID in 2019.

The rise of remote work trends has prompted a significant shift in workspace preferences over the past quarter-century. Leasing activities have emerged as the dominant force, overshadowing traditional sales. Conventional business hubs are being replaced by dynamic coworking spaces and, more recently, by the adoption of managed services.

While the global momentum towards remote work continues, there's a prevailing sentiment in India that traditional office experiences will persist. However, the focus extends beyond merely bringing employees back to the office; it's about curating an environment that not only beckons them but fosters their growth and productivity.

Simultaneously, the past decade has witnessed a transformative shift in commercial real estate investment practices. The emergence of Real Estate Investment Trusts (REITs) and Alternative Investment Funds (AIFs) has diversified investment avenues, once monopolised by High Net Worth Individuals (HNIs) and global giants like Blackstone and Brookfield. Domestic investors have now risen as contenders, dominating fresh bids for commercial assets.

This shift in investment dynamics reflects a broader trend of increased confidence in the Indian market. Both domestic and international investors are drawn by the perceived value proposition and relative affordability compared to other global markets, leading to a steady influx of capital.

However, amidst this optimism, prudent capital allocation remains paramount. While the influx of funds heralds prospects for growth and development, vigilance is necessary to ensure investments align with sustainable and value-creating ventures. The true challenge lies in discerning between prudent investment and reckless speculation, ensuring that India's commercial real estate sector continues on its trajectory of resilience and prosperity.

Learn more and discover all of the insights shared during these discussions in our new report, available here - GRI Offices India 2024.