Commercial real estate has performed exceptionally well not only in the year 2019, which was mired by downturn, but has been giving steady returns for the last four to five years. According to Colliers, the commercial office assets accounted for 46.0% of the total inflows during 2019 totaling USD2.8 billion (&#8377; 19,900 crore), with the sector backed by strong demand dynamics and rental appreciation. During 2019, Blackstone alone invested about USD1.5 billion (&#8377; 10,650 crore) in office assets. In a latest study by ANAROCK Property Consultants, Indian real estate attracted more than USD 5 billion private equity inflows in entire 2019, out of which commercial real estate attracted USD 3.3 billion of PE funds in 2019. Approximately 60 percent of the private equity inflows was in the commercial real estate. This gives us the level of confidence private equity investors have in India growing commercial real estate. &ldquo;Commercial real estate segment has delivered a stellar performance in the last four to five years,&rdquo; says Anuj Puri, Chairman, ANAROCK Property Consultants. &ldquo;India&rsquo;s commercial real estate has been on a high since the last few years and 2019 was no different. This segment remained quite vibrant during the year with demand for Grade A office space spiralling upward while vacancy levels seeing a downturn,&rdquo; adds Anuj Puri. As per ANAROCK research, of approximately USD 14 bn of foreign private equity in Indian real estate between 2015 and 2019, more than 60% (approx. USD 8.4 bn) was in commercial real estate alone. &ldquo;The commercial real estate has been attracting increased attention from investors from around the world. The segment has changed the contour of the Indian real estate space in recent years. The Reserve Bank of India data has shown a positive trend where lending to the commercial estate has risen to 15 percent by July 2019, as compared to just 4.2 percent of the last year. The lending space left by NBFCs has been taken over by the banks.&rdquo; says Anuj Khetan, Director, Vijay Khetan Group.Stellar Performance in 2019In its latest report Knight Frank India stated that the office market recorded its historic best year in terms of transaction volumes in 2019, recording 60.6 million square feet (msf ), backed by a surge in leasing activity by the Information Technology segment. New completions surged by 56% in 2019 and was recorded at 61.3 msf, marginally surpassing demand. &ldquo;2019 can be seen as a relatively positive year for the real estate sector. The historic rise in the office transactions is a significant growth indicator for the office market as it represents the continued commitment of domestic and global corporations in the country&rsquo;s growth potential despite the ongoing economic slowdown,&rdquo; said Shishir Baijal, Chairman and Managing Director, Knight Frank India. The key highlights of the report are close to 61.3 million sq ft (msf ) of office space was delivered during 2019, amounting to a 56 percent YoY growth over 2018. Bulk of 2019&rsquo;s office space supply came online during the second half of the year (H2 2019) at 37.5 msf, registering a 78 percent YoY growth over the previous period. Office leasing activity in 2019 touched a historic high 60.6 msf despite the ongoing slowdown in the economy, registering a 27% YoY growth over 2018. H2 2019 also saw a similar growth in transaction volumes at 29% and accounted for a record high of 33.2 msf. Bengaluru, which has dominated this decade in terms of transaction volumes, saw the highest volume of office space leased again in 2019 at 15.3 msf, followed by Hyderabad at 12.8 msf, nearly twice its previous annual high. However, Bengaluru was overtaken for the first time in terms of space transacted in a half-yearly period, during H2 2019. Bengaluru came second to Hyderabad which saw a massive 8.9 msf of space transacted during H2 2019 and it was the market that experienced the most transaction activity during the period. The IT sector accounted for 41% of the total office space leased in H2 2019, against 31% in H2 2018; while the share of Banking, Financial Services and Insurance (BFSI) reduced to 16% in H2 2019, from 18% in H2 2018, as the sector reeled under the shadow of the NBFC crisis. Coworking companies leased 4.1 msf of office space in H2 2019 and accounted for 12% of the total space transacted in the top eight cities, a substantial increase from 8% share in H2 2018.According to the latest JLL Report, India Market Update 2019, 46.5 mn sq ft of office space got absorbed and nearly 52-mn sq ft of Grade A office space was completed in 2019. The market reported a net absorption of 37 mn sq ft in 2011. Over 46 mn sq ft in 2019 as compared to over 33 mn sq ft in 2018, the year witnessed a jump of 40% in net absorption. The strong expansion of IT/ITeS (42% of overall leasing) and co-working operators (14% of overall leasing) in cities with strong fundamentals and planned infrastructure improvements has led the strong growth in demand so far.The country also witnessed stronger new completion during the year 2019. Registering a growth of 45%, y-o-y, 51.6 mn sq ft of new office space was added to the stock in 2019. In line with net absorption, Bengaluru, Delhi NCR and Hyderabad together accounted for nearly 80% of the new completions in 2019. Each of these three cities witnessed more than 13 mn sq ft of new completions, with Bengaluru leading the pack at 13.9 mn sq ft.Outlook 2020&ldquo;Indian commercial real estate will continue to grow in 2020 as well with demand for Grade A office spaces inching new high across the top Indian cities. We may see at least 15-20% growth in commercial leasing this year as well. Meanwhile, PE funds - particularly foreign players -will remain laser-focused on commercial segment as many would like to explore the REITs option,&rdquo; says Anuj Puri.The year 2019 also witnessed the successful launch of REIT - Embassy Office Parks in March 2019. &ldquo;The launch of India&rsquo;s first REITs added another feather to this glorious growth, thus enabling the country&rsquo;s entry into the league of mature markets. As anticipated, the first commercial REITs received overwhelming response and within just six months of its launch its value increased over 37%. Following suit, more players including realty major K Raheja and USbased Blackstone are reportedly eyeing the underlying opportunities in REITs in 2020. In a major new trend, unlike in previous years when most funds looked at only income-yielding assets in commercial real estate, 2019 saw major funds focus on the development of office assets,&rdquo; says Anuj Puri. With residential real estate on a decline, investor will be vying to invest in REITs. &ldquo;We expect a flurry of commercial investment activity in 2020 and 2021 as funds aggregate assets to list them as real estate investment trusts (REITs),&rdquo; says a report by Colliers.Co-working:The number of centres of large coworking operators in the country is likely to double or treble in the next two years as the segment has gained momentum. &ldquo;This number is likely to double or even treble in the next two years, given the rate at which these leading players actively leased spaces across major cities in 2019,&rdquo; says Anuj Puri. The Indian co-working segment is currently populated by players of varying size and scale. There are currently more than 200 players operating across the country. The top 7 players in this space alone have more than 350 centres across multiple cities in the country. These players include Cowrks, WeWork India, Awfis, Regus, Smartworks, 91springboard and OYO&rsquo;s Workspaces. According to NASSCOM, the end of 2020 will see India have more than 10,500 start-ups, ranking third behind US and UK. As cities like Bengaluru, Gurugram, Pune and Hyderabad witness the rise of the entrepreneurial wave, the demand for coworking spaces is only set to grow in the coming years. &ldquo;In 2020, more large companies will opt for flexible coworking spaces for their short-term expansion plans. Supply has been growing with demand &ndash; towards 2018-end, the total supply of flexible workspaces was anywhere between 7-7.5 mn sq. ft. area &ndash; and crossed 12 mn sq. ft. by the end of 2019,&rdquo; says Anuj Puri.Co-living&ldquo;New trends such as &lsquo;co-living&rsquo; will see rapid growth across major economics hubs of India, driven in part by an expanding millennial work force and the rise of the shared economy&rdquo; says Sangeeta Prasad, MD &amp; CEO, Mahindra Lifespaces Developers. The co-living segment will offer a business opportunity of &#8377; 1 lakh crore by 2023 as demand for shared rental space is rising, according to a joint report by JLL and FICCI. As per Anarock data, Sequoia Capital invested USD 10 mn in Delhi-based student accommodation platform Stanza Living in 2018. Goldman Sachs and HDFC were also key contributors to student housing last year, solidifying interest of global investors in this new and upcoming segment. Warburg Pincus, a global Private Equity fund and mid-market chain Lemon Tree Hotels set up a JV in late 2018 to create the first co-living platform focusing on the development of affordable and conveniently located spaces for students and young working professionals across major educational clusters and key office markets in India. According to the report, Co-Living &ndash; Reshaping Rental Housing in India, the rising demand for shared renting will propel the market and offer a business opportunity of rupees one trillion by 2023 along with the capacity of 5.7 mn beds from the previous levels of &#8377; 458 bn and 3.6 mn beds in 2018.Logistics &amp; WarehousingAccording JLL&rsquo;s report, titled &lsquo;Indian Logistics and Warehousing: Tracing the Lifecycle&rsquo;, sectors such as 3PL/logistics, engineering, auto &amp; ancillary, e-commerce, FMCG, retail, and telecom and white goods have remained the biggest demand drivers. As a result of the high demand, logistics sector is expected to grow to $215 billion by 2020. &ldquo;Warehousing is one segment that has taken off on the introduction of GST &ndash; the removal of Octroi has brought in a level playing the field for locations that offer efficiency as also &lsquo;value for money&rsquo; rather than being restricted to locations on the outskirts of Octroi posts. In this, the segment, the growth of organized e-commerce has spawned demand for warehouses that power India&rsquo;s e-commerce giants across the country. The rising trend is the demand for automated and intelligent warehouses, and Indian real estate worked hard to meet the requirements of this new segment of commercial real estate,&rdquo; says Dr. Niranjan Hiranandani, Founder &amp; MD, Hiranandani Group.Opportunities AheadThe commercial real estate is gaining traction. Data centres, IT / ITES are fast emerging as the next big opportunity for the commercial real estate. &ldquo;Investors will find commercial real estate an excellent opportunity to own and lease out, and one expects domestic investors to maintain the same sort of bullish trend that FIIs have done in Indian commercial through 2019. The new decade, starting with 2020 is expected to post excellent growth figures for commercial real estate. New segments will rise and flourish, while back-end offices, warehouses, retail spaces as also work-spaces will continue to post increased demand,&rdquo; says Dr. Niranjan Hiranandani.Investors including NRI and Bankers are keen to invest in India&rsquo;s booming commercial real estate. Already, bidding war for iconic commercial realty is hotting up. K Raheja Corp, South Korean Mirae Asset Global Investment, Japan&rsquo;s Sumitomo Corp, Blackstone Group, Embassy Group, Singapore&rsquo;s Xander Investment Management and others are in the fray and are putting up spirited fight to gain controlled of commercial real estate. Foreign investors are now willing to take more risks and enter greenfield projects. The momentum gained in year 2019 is in all likelihood excepted to increase in year 2020. With downturn excepted to continue commercial real estate is the best bet to park money for better RoI.

Commercial real estate: Upturn amidst downturn

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