During 2022, despite the ongoing economic concerns, the real estate sector performed well and witnessed higher traction. The year 2023 has started on some caution with pressures from a looming global recession and slowdown in certain sectors. While some sectors such as office are seeing slowing demand, there are ample opportunities in sectors such as industrial, alternate assets, etc. that are likely to grab stakeholders’ interest.
According to a Colliers’ report, Real estate outlook for 2023 is going ahead, flex, hybrid and green are going be the underlying themes for the office sector. The report states about 60 mn sq ft of additional green Grade A stock has received pre-certifications or are under discussion for green certification which is likely to come in the office markets of Hyderabad, Pune and Delhi NCR.
“The real estate sector saw strong recovery gains and impressive growth in 2022, signaling the significance of office spaces in a post Covid-19 world. As we look at 2023, the global economy is seeing signs of recession which could lead to a relative slowdown. However, the APAC region appears less volatile, with several pockets of opportunity on the horizon. We foresee some stability in the market by mid-year in the office markets. Hybrid working, flexibility and greening real estate will be the key buzz words in the sector,” said Ramesh Nair, Chief Executive Officer, India & Managing Director, Market Development- Asia, Colliers.