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The Indian commercial real estate market has so far been dominated by the IT/ITes and banking and financial services sectors. This is also borne out by the DTZ Occupier Perspective India Office Demand and Trends Survey 2011-2012. With the IT/ITes sector in large part relying on the global market, the downturn in the global economy had affected demand for office space in India. However, according to a recent study from Jones Lang LaSalle, absorption rates, as well as new completions, which started to climb again in 2011, are projected to continue the general trend over the next two years. While CRE is still much more prevalent in the MNC sector in India, Indian companies are beginning to embrace the concept, though still somewhat warily. Traditionally in India, CRE was the purview of the COO, CFO or under general administration. This is still the case in many Indian-owned companies. While the bigger Indian companies are beginning to look at the strategic value of CRE with more interest than before, there is still a long way to go before an unequivocal acceptance of CRE takes place. With the expansion of Indian companies across India and increasingly across the world, the need for paying special attention to real estate, portfolio optimization, sustainability, project and process management is going to grow.
Keywords: India Report, Asia Pacific, Economy, Market, Demographics, Population, Workplace, Human Resources, Sustainability
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