CBRE Group, the commercial real estate services and investment firm, has come out with an outlook on real estate sector for 2023, which forecasts the strong momentum in residential sector continuing.
Hyderabad: As the year 2022 inches towards a closure, it ushers in new hopes and newer aspirations for 2023. The past year, indeed, has been a mixed bag with some dreams achieved, some kept in abeyance and some chucked as not feasible.
For most, the dream to weave a nest of one’s own continues to be the most precious one and as real estate scenario recovered from the impact of Covid and flourished, many had their property aspirations fulfilled in the year 2022. And those who could not, look forward to the arriving year to turn their dream for a home into a reality.
CBRE Group, the commercial real estate services and investment firm, has come out with an outlook on real estate sector for 2023, which forecasts the strong momentum in residential sector continuing.
The CBRE real estate outlook for Hyderabad on residential front says, “The strong momentum would continue in new launches and sales. However, steady supply infusion may impact delivery timelines and execution capabilities, leading to a rise in unsold inventory.”
In terms of sales, mid-end followed by high-end segments are likely to continue to drive demand, with a higher focus on larger unit sizes.
Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE, says, “While Western Hyderabad would continue to be the key driver of new launches and sales, government policy initiatives to distribute growth towards other directions of the city would propel residential activity in newer locations of North, East and South Hyderabad. Strong momentum in land acquisition is likely to continue.”
On the office front, CBRE outlook for Hyderabad says the tech firms would continue to drive leasing activity, followed by flexible space operators, engineering and manufacturing firms, BFSI companies and life sciences firms.
“Medium- to large-sized deals (>50,000 sq ft) are expected to continue to dominate absorption in 2023. IT Corridor II and Extended IT Corridor are likely to dominate supply, with the completion of quality investment-grade developments,” says Magazine.
Meanwhile, the CBRE outlook for retail has the global/domestic brands entering the city continuing to diversify their store formats to enhance the experience quotient. “Fashion and apparel stores are likely to drive leasing in malls and high streets; entertainment and food and beverage stores are also expected to remain active in retail expansions,” he adds.
Pop-up outlets, flagship stores and concept stores are expected to gain prominence, especially in Central and West Hyderabad. Construction completion of organised retail malls would increase in 2023, especially in Western and Eastern parts of the city.
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