Wednesday, February 2, 2011

Rental and capital value growth strengthens to 3% across Asia Pacific’s office market

Aggregate net take-up in office space across major Tier I markets reaches more than double the level of the previous year

SINGAPORE, February 1st 2010 – New research from Jones Lang LaSalle reveals that positive business sentiment and solid corporate hiring are buoying leasing demand in the office markets of Asia Pacific. In 2010, aggregate net take-up across major Tier I markets was more than double the level of the previous year.

Vacancies have stabilised or started to trend down in many cities and more markets moved to the upturn phase of the rental cycle in 4Q10. Of the 26 featured office markets, 17 saw an increase in net effective rents during the quarter. In the previous quarter, 12 markets recorded an increase in rents. Rental growth is accelerating, with an average quarter-on-quarter increase across the region of 3.1%. In 3Q10, quarterly rental growth averaged 1.8%.

Beijing recorded the largest quarterly rental growth of 9.0% in 4Q10, while rents in Shanghai grew by 7.9%, with the result for both markets being driven by strong spatial demand from MNCs and domestic corporates. Rents in Singapore grew by 8.6% q-o-q, underpinned by a temporary shortage of space. Hong Kong saw a further 4.6% increase on the back of a tight supply situation and solid demand by the financial sector. On an annual basis, Hong Kong led the way across the region, recording a strong 33% increase in rents.

In a few markets where tenant demand remains weak, rents are generally beginning to stabilise or grow moderately. For example, in Kuala Lumpur and Bangkok , rents remained stable in 4Q10 while in Tokyo , rents rose by 2.7% q-o-q as withdrawal of leasing incentives helped offset some residual declines in gross rentals. Rents in Australia and New Zealand saw moderate movements, both positive and negative during the quarter.

Jeremy Sheldon head of markets for Jones Lang LaSalle in Asia Pacific says, "the pick up in demand is broad based, and increasingly includes the local corporate sector, especially in China and India . MNC's seeking global growth opportunities are in the market as well as some new entrants. These trends will continue into 2011 barring any economic or political turbulence. This demand will exacerbate rental increases in markets where vacancy is already low."

Consistent with strong fundamentals, we expect leasing demand to remain solid and vacancies to generally trend down over the next few quarters. Driven by improving occupancy levels, the regional office market is now largely landlord favourable. Rental growth of up to 30% is expected across the region this year, with the strongest growth likely to be seen in supply constrained markets. However, there will be significant variations across markets, with a few laggards that are likely to see little, if any, growth.

Across the region, the average quarterly increase in capital values in 4Q10 was 3.2%, compared with 2.8% in 3Q10. Again Hong Kong outperformed over the year, recording a 36% increase in capital values on the back of strong buying activity, largely by local investors.

Stuart Crow head of Capital Markets for Jones Lang LaSalle in Asia Pacific comments, “Investors are in a confident mood, and capital values have recovered ahead of rents in most markets in anticipation of good growth. We are expecting investment volumes in Asia Pacific to rise by a further 20-25% in 2011 with improvements in the leasing markets helping buoy investor confidence. Companies are poised to start spending again but shortages of quality space will emerge, causing a shift to landlord favourable market conditions in Asia Pacific.”

Almost all major markets saw either stable or increasing capital values. The largest quarter-on- quarter increase was recorded in Singapore and Shanghai , both increasing by 10.0%. Hong Kong, Beijing and Guangzhou followed closely with quarterly increases of about 7.5%. Across the region, the average quarterly increase in capital values in 4Q10 was 3.2%, compared with 2.8% in 3Q10. Again Hong Kong outperformed over the year, recording a 36% increase in capital values on the back of strong buying activity, largely by local investors.

Capital values are expected to increase in nearly all markets during 2011, by up to 25%, as rental performance and investor confidence further improve. Markets expected to see the largest growth include Hong Kong, Tokyo , Singapore and the China Tier I cities.

Monday, April 19, 2010


Pawan Swamy, Managing Director ( West India ) Jones Lang LaSalle Meghraj

Mumbai is the financial capital of the country. While it is still a far cry from being comparable to Shanghai in terms of aesthetics and infrastructure, the fact remains that most large corporations and financial institutions have their presence in this city. The commercial demographics are large and variegated, and there is a constant inward migration from all over the country.

Mumbai, being the archetypal City of Opportunity , generates an unprecedented demand for properties across the residential, commercial and retail sectors. The realty market in Mumbai is therefore highly attractive. It attracts a huge amount of foreign investments, has a huge consumer market and boasts of a high quality workforce.

All these factors, coupled with growing urbanisation, are fuelling the demand for property constantly. Moreover, with limited space available in the central city, Mumbai’s real estate market boundaries are constantly extending into newer areas.


There will be lots of activity on the residential property front, owing to the strong demand and the fact that many developers are going for public funding. Residential is currently in vogue, so this is the area of focus for developers who seek to create brand in order to get on the funding bandwagon.

Residential prices are expected to move further upward as sales increase and investor sentiments strengthen. Demand for commercial spaces is improving and will continue to do so until the end of 2010. This will translate in to a large number of transactions, both in terms of leases and outright purchases. However, the new supply will keep pricing under pressure.

There is supply coming in on all segments of residential, from luxury to mass housing. The commercial and retail segments are also yielding enough supply to keep the market going over the next year.


There is still a chronic infrastructure deficit that needs to be addressed. While we rely on the Government for filling the gap to a large extent, much also depends on developers, who need a more progressive view on the future directions the city’s urban spread must take. Nevertheless, there are infrastructure projects such as the metro, monorail and flyovers being put in place to boost accessibility more locations within the city and reduce commuting time. This is good news for the realty sector in the mid-to-long term, depending on the pace at which these measures are implemented. Residential real estate will continue to be in highest demand, and therefore on the priority list of most developers.


Both demand typologies represent very dynamic sides of the same coin. Mumbai's residential market banks heavily on both.

Rental - Mumbai is a city with population of 20 million plus, and a major proportion of this population is constituted by a migrant workforce. Many of these will eventually return to their respective home states and cities. Moreover, a large segment of this migrant population cannot afford the property rates. Mumbai is expanding linearly towards the North. Since all major business activities are towards the South part of the city, where residential prices are generally unaffordable. These segments do not choose to settle down and buy property in the city, and this creates a huge demand-base for leasehold properties, since rentals in these parts of Mumbai are still affordable from the mid-management level onwards.

Nevertheless, rental affordability is still an issue for end users in the more centralized areas of Mumbai. By the same coin, the income on rental returns for property owners ranges from a mere 2.5%-3.5% annually, capital appreciation notwithstanding.

Outright ownership - Among the huge population base, there is always a component of people who seek to eventually own their own property. With more and more of the farther suburbs getting developed, there are always opportunities for this segment to enter the residential market at a relatively affordable level. They will benefit from the inevitable price rises as these areas develop in terms of connectivity and social / general infrastructure. Therefore, there is also a perennial demand for owned residential properties among those who can afford the capital outlay necessary to avail of the investment potential of Mumbai's high appreciation rates. Amenable home loan interest rates serve to keep this demand at a healthy level.

The problems related to outright ownership property in Mumbai are lack of general affordability, a high incidence of legal issues pertaining to clear titles, construction delays and lack of compliance to original development plans by builders.

Friday, March 5, 2010


Santhosh Kumar, CEO – Operations, Jones Lang LaSalle Meghraj

From complete obscurity to one of the most highly-hyped North Indian growth corridor, to overheating and back to the top slot in India ’s most lucrative residential real estate investment hotspots - when it comes to market status updates, Gurgaon has certainly been around.

As is invariably the case in new sectors, residential property demand at Gurgaon began on a strong and promising note. However, between 2007-08, it fell prey to speculators who purchased properties with the sole intention of making quick profits. This led to overheating of property prices in Gurgaon, and the market began correcting sharply when a series of severe stock market fluctuations took place. Investors into Gurgaon’s residential real estate market found themselves facing an unexpected lack of ready cash and began to sell their holdings. Prices corrected to the tune of 15-20% in most projects.

That said, the inherent strength of Gurgaon’s property market revealed itself during the recent economic recession and concurrent real estate market slowdown. While the demand dynamics there did waver, the fact that Gurgaon prevails as the most preferred North Indian locations for the corporate sector. The resultant demand for quality residential spaces had dropped primarily because of a lack of supply of appropriately priced mid-income housing, since most projects during the boom period focused squarely on the high-income segment.


During the recession, there was a marked slowdown in sales for higher-priced units at Gurgaon, but the degree of drop was no more and no less than on par with that witnessed in the rest of the country. This was a key phase, in which developers had to take decisions that would have an immediate and long-term effect on their business viability. Fortunately, they aligned their business models to the new demand dynamics and finally started catering to the middle income segment by launching affordable and mid-sized apartments.

With the return of economic stability and renewed focus on this vital market by domestic and international players, there has been a visible scaling up of development in terms of commercial office and retail space (from the current 22 million sq.ft. of office space to an anticipated 40 million sq. ft. by 2012). As a result, Gurgaon is once again witnessing a massive infusion of demand for quality residential properties.

In the main residential areas and projects of Gurgaon, such as DLF Phase I-V, Golf Course Road , M.G.Road National Highway 8, Nirvana Country, Sushant Lok, Sohna Road , etc. property rates have again started picking up. Residential as well as commercial properties of different varieties are available in these locations, and demand for them is perking up fast.

As of now, prices are rising again in the case of projects offering immediate or early possession. In fact, with the pickup in the economy and renewed interest by the corporate sector, builders have started moved back to luxury housing projects. The residential launches in past few months further validate this point.


With the return of demand – and considering the track record of overheating - there are obviously questions being asked about the rationality of residential property prices at Gurgaon. The fact is that while rates would definitely appear higher than those in some of the smaller cities, one needs to factor in the degree of overall development and the demand dynamics prevalent in this burgeoning North Indian business hub.

In market terms, residential prices in Gurgaon are validated by the available infrastructure and overall locational value. They are certainly still on par with those seen in middle segment housing in the rest of the country. In terms of locational value and overall desirability and demand, Gurgaon tops all other locations in the NCR region. Only South Delhi can compare on those fronts, but residential prices are even higher there.

Nevertheless, residential property in Gurgaon is not an option for buyers with budget restrictions beyond a certain point. Such buyers are looking at the newer, non-central sectors of Gurgaon, where prices are lower in keeping with the slower pace of overall development. Faridabad , the outer parts of Noida, Indrapuram and Ghaziabad are also seen as suitable options by budget home seekers within the NCR region.

The upshot - Gurgaon continues to be an excellent long-term real estate investment. The market there is growing at a rational and sustainable rate, and this is a healthy sign. Over-enthusiastic projections in terms of property investment returns have ceased. As is the case with all other cities at this point in time, actual returns at Gurgaon are still linked to overall economic performance and growth. However, any property investment made for a horizon of five years or above will definitely fetch satisfactory returns.



Rates (per sq ft)


Golf Course Road

Rs 6000-10,200 p sq ft

Rates refer to under construction premium apartment like Magnolias, Belaire, Park Place and Verandas

Golf Course Road Ext road

Rs 4200-5000 p sq ft

New Launches of developers like Pioneer Urban , BPTP , IREO, etc.

Sohna Road

Rs 3200-4500 p sq ft

New Launches of developers like Tulip, Unitech, BPTP

In and around M.G. Road

Rs 4500- 5500 p sq ft

Resale rate

DLF Phase V

Rs 6000 and above per sq ft

Prevailing rate

*(Quoted rates refer to basic selling price and not include extra costs)

Wednesday, January 27, 2010

Subhankar Mitra, AVP - Strategic Consulting, Jones Lang LaSalle Meghraj:

The end of the forest land debacle in Mumbai spells good news for developers whose projects were roadblocked in the affected areas of Mulund, Vikhroli, parts of Borivali, Goregaon and other fringe areas around the Sanjay Gandhi National Park. This marks an end to the long-standing uncertainty over these areas and the priojects that had been launched and not completed there. The builders in question can now complete their pending projects, anda the penalties involved will not be seen as a constraint in the light of the high property prices that these areas command. This is also the end to the suspense that buyers into these projects were subjected to.

The increase of residential supply in these areas will help in stabilizing property rates there in the short-to-medium term. Buyers can now take possession with the assurance that there will be no future legal entanglements. This fact will also reflect positively on the appreciation potential of these projects - apart from the fact that they can now be sold at the prevailing market rates, rather than the significantly discounted prices that were in evdience while the forest land issue was still pending in court.

Friday, November 13, 2009


Anand Dutta, Head (Retail) Pune, Jones Lang LaSalle Meghraj

In Pune, retail transactions have picked up noticeably, following a marked upsurge in shopper sentiments and a generalized correction in retail real estate rentals. Properties are now more viable for retailers, and the current scenario is now considered far more amenable to their bottom lines than it was before. Moreover, an increasing number of retail landlords in Pune’s malls and on key high street locations have opened up to the minimum guarantee and revenue sharing models. The general stance now is that if a retailer is making money, landlords are willing to offer reductions on rentals if the retailer is willing to sharing his topline. As a result, a number of retailers in Pune are now once again looking at expansion. The number of retail space deals has gone up significantly after the Dussera-Diwali period, which many players agree was better this year than in the previous year. Retailers are understandably displaying a predilection for ready properties.

Interest has revived not only in malls but also on Pune’s more prominent high streets of MG Road, JM Road, Aundh’s Parihar Chowk and Kothrud’s Karve Road. The highest activity levels in terms of expansion are currently being witnessed among vanilla retailers in the apparel, accessories, hypermarkets and jewelry categories. As before, value retail rules the roost in a budget-conscious city like Pune. However, we are also seeing a surprisingly fast
revival in terms of premium brands, and transactions for retail spaces in advantageous
locations in malls and on high streets are picking up.

The latest addition to Pune’s high-value retail sphere is Jewel Square at Koregaon Park, next
to Hotel Blue Diamond. This is naturally a premium location with an excellent high-profile shopper catchment, though this exclusive shopping centre encompasses only about a lakh
square feet, the occupier profile over its four levels is remarkable. Jewel Square, which is now
almost 90% booked out, is defined by premium brands who are eager to take advantage of this unique location, which is accessible to the affluent crowd of Pune and also close to other important micro markets such as Vimannagar, Kalyaninagar, Camp - and, of course, Koregaon Park.

Significantly, high-end brands like Mango, Promod, Aldo, Charles & Keith and Tommy Hilfigher are entering Pune’s mall territory for the first time with this project, which launches on 21st November, 2009. Other premium brands at Jewel Square include La Senza, Esprit, Calvin Klein, Forever New, Da Milano, Nike, Apple I Store, After Shock, Hi Design, Ritu Kumar, Chemistry, BIBA, Jashn, Satya Paul, Tie Rack London, Reliance Time Out and BJN Hotels.

Earlier, these high-end brands were shying away from entering the city. The fact that this mall
has garnered such concentrated enthusiasm by premium brands will give a big boost to mall developers for their upcoming projects and open up potential for other high end retailers to look at Pune as a suitable market.


• MG Road: 140 - 170
• JM Road: 160 - 200
• Aundh: 125 - 150
• Karve Road: 100 - 120

HYDERABAD - Q3 2009 Office and Retail Update

Abhishek Kiran Gupta, Head - Research, Jones Lang LaSalle Meghraj
Hyderabad Office Sector - 3Q '09
Hyderabad office market continued to witness an increase in overall leasing activity in 3Q09 as compared to the last two quarters. The CBD (Begumpet, Somajiguda, and Raj Bhavan Road) did not witness any tenant vacating spaces for the first time in the year in 3Q09.However, there were incidents of tenants vacating spaces in SBD (Banjara Hills and Jubilee Hills) and Hitec City. The overall netabsorption witnessed a significant increase in 3Q09. Most of this absorption is due to the completion of the buildings that were pre-leased in the previous quarters. The overall vacancy increased in 3Q09 as compared with 2Q09, due to the high vacancy in the newly completed buildings in suburbs.
The city witnessed completion of three buildings in 3Q09 that include Divyasree Solitaire and Divyasree Trinity II in Hitec City and SecondPhase of DLF Cyber City in Gachibowli. This added about 1.3 million sq ft to the total stock and increased it to 17 million sq ft in 3Q09.The CBD and SBD did not witness any completion in 3Q09. The projects in SBD that are in the final stages of completion continued to move at a
slow pace as they did not witness any leasing.
The overall rental values continued to correct for another quarter in 3Q09. However, the rate of correction has slowed down as compared with 2Q09. Hitec city witnessed the highest correction as compared with the
other micro markets that was about 8% q-o-q (24% of correction from the peak in 3Q08). The capital values remained stable in most of the micro markets that shrank the yield rates in 3Q09.
Hyderabad Retail Sector - 3Q '09
Sentiment in the Hyderabad retail market continued to improve in 3Q09, witnessing a moderated demand. Due to the success of GVK Mall and other malls in the city in attracting strong footfalls, the market condition was optimistic in 3Q09 compared with the previous twoquarters of 2009. Net absorption in 3Q09 increased compared with that in 2Q09. However, despite the slight optimism witnessed by the market in 3Q09, we cannot state that demand has increased and the market conditions are improving based solely on this increase in netabsorption. This is because most of this net absorption came from pre-leased space in the previous quarters in newly operational malls.The high street continued to remain the prime choice of the retailers, where the retailer leased the entire building. Trent Ltd leased twosuch buildings in previous quarters and started their stores of Landmark (at Banjara Hills) and Westside and landmark (at Somajiguda) in 3Q09. There were few incidences of retailers leasing vanilla stores in the newly operational Inorbit Mall. There were no pre-leases recorded in 3Q09.
The IT hub of Hyderabad – Hitec City - witnessed its first mall (Inorbit Mall) going operational in 3Q09. With the operation of this mall, Hyderabad saw its first Hyper City store of about 100,000 sq ft. The MPM Bonsai mall is almost in the final stages of its completion and has been again postponed for another quarter as it awaits final approvals.
The overall rental values corrected by 9% q-o-q in 3Q09. This is about a 44% correction from its peak in 3Q08. The prime central micro market Banjara Hills and Jubilee Hills corrected by 4% q-o-q in 3Q09 and
prime suburbs- Hitec City and Gachibowli corrected by 9% q-o-q in 3Q09. The revenue share and minimum guarantee model continued tostrengthen its hold on the market as Inorbit mall has leased most of
its space in this model.

Thursday, October 29, 2009

JLLM - 2010 Commonwealth Games Accommodation - Delhi Pulling Out All The Stops

Pankaj Renjhen, Managing Director – North India, Jones Lang LaSalle Meghraj

In terms of providing the required accommodation for the upcoming Commonwealth Games, Delhi has certainly been witnessing some significant operational challenges. There have been delays in approvals and permissions, and rather loud hiccups in the framework. Whatever finally happens at the delivery end, it has become fairly evident that there is bound to be a shortage of rooms in Delhi for the Commonwealth Games.


This has led to backup measures being put in place. Private residences have been given permission to register single rooms as bed-and-breakfast accommodation. The bed-and-breakfast system is not new in the Delhi region. However, it was not profitable until the coming of the Commonwealth Games. Now that the system has been revived and officially ratified, it will doubtlessly continue at an organized level even after the Games. Homeowners who have been issued bed-and-breakfast licenses will have to renew them every two years, and three months prior to expiry.

There has also been some speculation about farmhouses in the Delhi NCR region being mobilized as stopgap accommodation measures. Going by records, requests by farmhouse owners to utilize their properties for this purpose have certainly been made. The provisions for the Bed & Breakfast scheme would extend to farmhouses, as well. Conceivably, a certain number of farmhouse owners may rent out single rooms for tourist use during the Games.

However, because of the personal sentiments attached to these properties, their location, and the fact that they have residential-use status only, this temporary semi-commercial utilization will not turn into a long-standing trend after the Commonwealth Games. These farmhouses are at the luxury end of the residential market, often with carefully maintained ambiance and infrastructure. Offering them up for long-term tourist use would not be a concept that would appeal to many of these farmhouse owners.

In the second place, most farmhouses in the Delhi NCR region are located in clusters around Mehrauli, Bijwasan, Rajokri and Chattarpur, which are far from strategically placed in terms of where the main Commonwealth Games action will be. As such, they would not present much of an advantage for visitors.

Apart from the above measures, approximately 700 under-construction DDA flats coming up at Vasant Kunj and Rohini will be made ready to accommodate visitors.


Meanwhile, the hospitality sector is going all out to meet the deadline. Some of the 5 star hotels coming up for the Commonwealth Games are Crowne Plaza at Okhla Industrial area, Crowne Plaza at Mayur Vihar, Hilton (Piccadilly) at Janakpuri, Radisson Marina atConnaught Place and Hilton Convention Luxury Hotel at Dwarka, among others. The 5-star deluxe Leela Palace at Chanakyapuri is also in the pipeline. 4 star hotels include Holiday Inn at Mayur Vihar and Novotel at Jhandewalan. In the Gurgaon area, the 5 star supply includes Radisson Manesar and Frasers Serviced Apartments at Udyog Vihar. 5 star deluxe hotels include The Westin Gurgaon, The Oberoi, Four Seasons Gurgaon-DLF Golf Links and JW Marriott at Manesar. Some of the four star hotels are Courtyard by Marriott, Park Plazaextension & Convention Centre and Park Inn. However, this is not an exhaustive list.

Friday, October 16, 2009

Demand for larger homes picking up

Mohammed Aslam, Head – Pune, Jones Lang LaSalle Meghraj:

Pune’s real estate market is pulling itself out of the doldrums brought about by the slowdown. Over the last three months, buyers have begun populating the residential market again and are beating a path to various developers’ sites in search of good deals. Apart from a resurgence in positive sentiments, this renewed demand can also be attributed to the fact that HFI has brought down home loan interest rates to 8-8.5% on fixed interest loans for three years, which stands in marked contrast to the 10-11% that prevailed just six months ago.

While Pune’s real estate market was in the deepest throes of the downturn, the 1BHK and studio apartments were practically the only moving products. Today, general buyers preferences have once again evolved to 2-3BHK flats. The most popular price tags currently fall within the range of Rs. 25-35 lakh.

The slowdown has brought about residential space affordability and availability in areas that were previously out of reach for middle-income buyers. Due to reduction in pricing, residential property buyers now have a choice of attractive deals in preferred areas like Baner, Wakad, Kondhwa, NIBM Road and Aundh. There is also a high level of interest in projects along Nagar Road, which now falls in the new IT/ITES growth zone and represents considerable future appreciation potential.

Projects that were put on indefinite hold during the financial crunch are now seeing the light of day, with construction once again on a war footing across the city. Projects that are due to be launched within the next six months are being advertised heavily. For projects to be launched within the festive season, developers are not offering freebies and esoteric incentives but are focusing on price discounts for limited periods. Some of the most significant launches will include those by Pharande Spaces, Gera and Panchsheel.

On the downside, we have been seeing the first stirrings of price escalations in Pune. Based on the fact that the demand revival is still in its infancy, this represents a worrisome scenario which seems to indicate that the slowdown did not deliver a sufficiently convincing message. Owing to the price-conscious buyer profile that generally defines Pune, demand for residential spaces will only continue to grow as long as rates remain rational.

Tuesday, September 15, 2009

Middle Income Housing (MIH)– the next big real estate opportunity

Reveals Cityscape India 2009 survey

Mumbai, September 4, 2009: An all India survey conducted by Cityscape India reveals that real estate consumers across India are rooting for projects in the MIH (middle income housing) segment, which the real estate industry needs to introspect closely. Over 53% respondents felt that developers are not catering to the rising emerging middle class in India. Over 79% of the respondents with income of Rs. 6L per annum stated that the ideal affordable home would be in the range of Rs. 20Lacs – Rs. 30Lacs. Qualitative response indicates that most affordable housing projects are located in areas which are extremely distant from the main city and also lack infrastructural eco-systems.

Majority of the respondents felt that reputed developers only cater to the upper classes and do not have anything to offer the middle of the pyramid. The survey also revealed that ‘low cost housing’ projects of 400sq.ft were not typical projects that the middle class would buy into due to lack of infrastructure, poor quality of materials and lack of space for family.
Graham Wood, Cityscape India Group Director comments, “The Indian real estate industry need to listen actively to consumers across India. Their feedback is clearly indicating that MIH is a segment which they need to now focus upon actively. Affordable housing is a different category from MIH; and as the real estate market matures – developers will specifically need to come up with MIH solutions in various cities. Developers have to innovate to bring prices to realistic levels to win back their trust”

Consumers also feel that the 2006 real estate boom was primarily driven by investors and builders, not the real buyers. Today, very few developers are able to keep commitments on timely delivery of projects as banks have stopped lending and genuine buyers have lost trust in the industry.

The Cityscape India conference will have an opening session in Mumbai on December 2009 to discuss the above with leading influencers in the real estate industry.

About Cityscape India

India’s largest and only business-to-business real estate investment and development exhibition and conference will once again take place from 9 – 11 December 2009. The world’s top, real estate developers, leading architects, consultants, engineers and other professionals involved in the design and construction of real estate will attend Cityscape India to create joint ventures partnerships, source investment opportunities, build profitable relationships and access unbiased, in-depth information on the Indian real estate market
For more information please visit

Tuesday, September 1, 2009

World comes to Dubai seeking answers

Cityscape Dubai to explore how best to survive and prepare for the recovery in a still rapidly changing economic environment

The world of real estate investment is to descend on the United Arab Emirates this autumn to seek solutions from what some have referred to as the first great depression of the 21st century, say the organisers of the Cityscape Dubai.

“With reduced liquidity and many projects on hold, investors, developers, architects, indeed the entire real estate industry around the world, is looking for answers to the same questions,” said Chris Speller, Cityscape Group Director. “How do we survive the recession? When can we expect stabilisation? When will the banks start lending again? When will the crisis turn into an opportunity?”

Cityscape Dubai, now in its eighth year and part of the largest business-to-business real estate investment and development brand in the world, encompasses a major exhibition and a series of conferences taking place at the Dubai International Exhibition and Convention Centre from 5-8 October 2009.

“With the radical worldwide economic shakeout, attention has firmly turned onto realistic perspectives on the real estate investment landscape both globally and regionally,” Speller added. “Thousands of participants from more than 100 countries throughout the world have already registered to attend. They are serious players searching for specific answers, which is why Cityscape Dubai 2009 is embracing realism and transparency.”

Among them are companies such as ING Real Estate Investment Management of Hong Kong. Richard T.G. Price, CEO Asia, said: “It is more important than ever to get first hand insights from our clients and partners as to their objectives and expectations for the real estate markets around the world.”

Similarly, Jesper Koll, President and CEO of Tantallon Research, Japan, said: “We all want to know when the global crisis will turn into an opportunity. Cityscape Dubai is poised to help us find a solution.”

Kosta Petrov, Director of the Cityscape Dubai conference and the World Architecture Congress that runs in parallel, said this year’s event – while still the world’s largest real estate show of its kind – would not be about “out of this world” creations.

“Last year saw the beginning of what is being referred to by some economists as the first great depression of the 21st century,” he added. “With liquidity issues and many project developments still on pause, this year is about how best to survive and prepare for the recovery in a still rapidly changing economic environment. In terms of potential new business opportunities, Cityscape Dubai - as the world’s largest real estate show - has no global equivalent.”

Petrov said the Cityscape Dubai conference will bring together “some of the most powerful investors, developers and economists on the planet.” Meanwhile, the World Architecture Congress (5-7 October 2009) has been put together in association with Continental Europe, Hong Kong, Japan and UK chapters and the International Committee of the American Institute of Architects. “The world’s most respected visionaries will share their experience and outlook in a global recession,” he added.

In addition, the Cityscape Dubai Facilities and Asset Management Conference is on 4 – 8 October attracting delegates in the design, build and post-occupancy of buildings. There will also be a Cityscape Dubai “Green Day” on 7 October which will include green communities, green construction methods, energy saving issues, financing green buildings, regulations, facilities management, whole life costs and new materials and products.

For more information about Cityscape Dubai 2009, please visit