The coronavirus pandemic resulted in many businesses pausing their real estate decisions. With a large number of workplaces relying on employees working remotely, the commercial real estate sector saw a severe downturn, especially during the several months of lockdown.
Pre-commitments in new completions, and occupiers taking advantage of better deals while the market is down have led to an increase in market absorption. At this stage, consumer spending behaviour will be a key determinant of strategy calibration for landlords and developers.
Going forward, the pandemic and epidemics in general are likely to find mention as force majeure events in contracts. Events like this one will likely become commercially negotiated clauses, rather than plain boiler plate clauses. This could potentially lead to extensive renegotiations and changes in client or lessee retention strategies. It will have to be seen how 2021 will turn the markets, and how occupiers and developers adapt to these changing circumstances.
BTG Legal is hosting a webinar on Thursday, the 28th of January 2021 addressing such key issues in the real estate sector. The webinar is scheduled for 08:30 – 10:00 PM IST, and will be conducted by Ms Veena Krishnan (Partner, BTG Legal) and Mr. Satish Bangalore N.-Managing Director, Skydealz India Property Services LLP.
What is the current commercial real estate market scenario, as India looks to open up, post the lockdown imposed by the Government?
What is the current outlook of occupiers, builders and developers?
How did the market absorption in 2020 fare as compared to 2019?
What are the key factors that have significantly increased the investment levels in co-working spaces?
What are the re-negotiation and client/lessee retention strategy you should be looking at?
What are the Sustainable and Green Building options in India?
Partner, BTG Legal
Veena comes with over 20 years of experience and has built a stellar reputation in the Real Estate sector in India. Having previously worked with AZB & Partners and Poovayya & Co. in Bangalore, Veena advises her clients in the entire life cycle of their real estate projects in India. Her clients include technology companies, manufacturing units, FMCG majors, hotel chains, factories, funds and investors. Veena is also on the statutory Prevention of Sexual Harassment committees of a number of her clients and has developed niche expertise in this area.
Satish B. N.
Managing Director, Skydealz India Property Services LLP.
Mr. Satish B.N is the founder of Skydealz India Property Services LLP. With a real-estate career spanning more than 25 years; he has worked at a senior level with some of the world’s biggest multi-national companies including- CBRE, DTZ and Knight Frank. With a reputation for expanding and growing a business; Satish has developed a first-class standing within the industry and is highly respected amongst his peers. Something that he is proud of and remains committed to withholding this accolade.