Pune real estate poised for a record year in Office

Pune – March 20, 2024 –CBRE South Asia Pvt. Ltd., India’s main real estate consulting agency, right now introduced that Pune’s real estate sector is poised for a record year in workplace and Industrial & Logistics (I&L) phase leasing in 2024. As per CBRE India, Pune’s Office phase leasing is projected to hit 7 mn. sq. ft. in 2024, the very best ever in the final six years. With this, the town at the moment stands because the sixth-largest workplace market in India. The availability of land banks has been recognized as a important issue driving this development, enabling the event of expansive workplace campuses and offering a numerous collection of high-quality property at aggressive charges. This mixture is proving extremely enticing to companies searching for growth or relocation alternatives.

Office leasing in Pune touched 6.3 mn. sq. ft. in 2023, a 13% enhance from 2022. This development stemmed from high-quality developments, a sturdy expertise pool, and aggressive pricing. The demand was unfold throughout prime areas, together with Aundh, Baner, and Viman Nagar, amongst others, with every zone absorbing almost 1.5 million sq. ft. New gamers, akin to Prestige and Salarpuria, and institutional buyers akin to Mapletree, entered the market, additional fueling exercise.

Driven by pandemic-induced uncertainties, versatile workspace operators captured a significant slice of leasing exercise in Pune. These adaptable areas permit corporations to discover new operational places and search agile workspace options. While the Banking, Financial Services, and Insurance (BFSI) sector maintained its growth trajectory, the expertise sector witnessed average leasing exercise as a consequence of elements akin to return-to-office (RTO) insurance policies and world financial headwinds. Pune’s strong expertise pool and aggressive real estate market stay main attracts for info expertise (IT) corporations. This is evidenced by the institution of campuses by main corporations akin to Tata Consultancy Services, Infosys, Wipro, and Accenture inside the metropolis. Their presence displays a sturdy confidence in the market’s potential. Furthermore, the town’s workplace market is about to be bolstered by upcoming high-quality workplace developments and ongoing infrastructure initiatives. The demand is anticipated to stay steady in the primary half of 2024, with a potential upswing in the latter half.

Industrial & Logistics phase prone to record highest leasing degree in 6 years

According to CBRE, the I&L sector in Pune is anticipated to hit record leasing in six years in 2024 with roughly 2.4 mn. sq. ft., accompanied by a excessive provide of three.2 mn. sq. ft. The metropolis hosts a important variety of small and medium-scale gear producers, complementing its strong IT business. Industrial and logistics parks have emerged as outstanding hubs, notably in areas akin to Chakan-Talegaon. Other lively zones embrace Sanaswadi-Ranjangaon and Pimpri-Chinchwad. In 2023, Pune noticed substantial leasing in the I&L phase, recording 1.7 mn sq. ft., a 113% enhance from 2022. Warehousing transactions had been led by third-party logistics (3PL) gamers, FMCG, and auto and ancillary industries. In the industrial sector, engineering and manufacturing corporations, together with each newcomers and established gamers, expanded their presence in the town. Pune’s industrial prowess is well-recognised, significantly in the essential automotive manufacturing phase. Major corporations akin to Bajaj Auto, Tata Motors, and DaimlerChrysler have established their bases right here. Beyond vehicles, Pune boasts a thriving engineering and manufacturing panorama encompassing numerous industries akin to machine instruments, chemical compounds, and electronics.

Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE,stated, “Several elements contribute to Pune’s flourishing real estate panorama. The metropolis’s strategic location affords distinct benefits, whereas its strong infrastructure ensures seamless enterprise operations. Moreover, Pune’s expert workforce makes it a extremely enticing vacation spot for corporations searching for to ascertain or develop their presence in India. This confluence of benefits solidifies Pune’s place as a premier real estate vacation spot inside the nation, attracting each buyers and occupiers.”

Anuj Dhondy, Executive Director, Advisory & Transaction Services, CBRE India,stated,“Pune’s real estate market is demonstrating strong development throughout numerous micro-markets. In the workplace sector, prime areas like Kharadi, Aundh, Baner, Balewadi and Viman Nagar are witnessing sturdy demand. This surge in exercise is attracting new market entrants, together with outstanding builders alongside institutional buyers searching for a foothold in this flourishing market. The industrial and logistics sector is mirroring this constructive pattern, with established hubs like Chakan-Talegaon, Sanaswadi-Ranjangaon, and Pimpri-Chinchwad are thriving alongside the presence of quite a few gear producers. This micro-market variety caters to a wide selection of occupier wants and positions Pune for continued success.”