CII Infrastructure Project Management Conference 2023

Essentials for Transformation

What is a tall building?

There is no standard benchmark worldwide that is used to classify tall buildings. Therefore, for this report, CBRE Research adopted the definition of tall buildings issued by the Council on Tall Buildings and Urban Habitat (CTBUH), one of the key authorities on the subject.

Any building with a height of more than 150m meets the tall building classification. Within the tall building classification, there are two sub-types of tall buildings: supertall buildings and mega tall buildings. These buildings are defined as developments that exceed a height of 300m and 600m, respectively.

The height is measured from the lowest, significant, open air, pedestrian entrance to the highest point which is further divided into three categories:

• Height to the architectural top: The architectural top includes spires but does not include antennae, signage, flag poles or other functional technical equipment. This is the typical measure used by the CTBUH

• The highest occupied floor within a building

• Height to the tip irrespective of the material or the function of the highest elements, i.e. antennae, signage, flag poles or other functional technical equipment

The primary usage of a tall building may be residential, office and hotel or it could be mixed-use comprising office, retail, residential and hotel components.

Looking skywards

The skyline of major cities in the world is defined by some of the most iconic tall buildings in their financial districts. Prior to the tech boom, there was a strong need for accounting, auditing, consultancy and law firms to be in proximity to the city centre in order to efficiently service their key clients which included large financial institutions and major corporations in other industries. Further expansion of the financial sector also led to the growth of other supporting industries, thereby leading to rapid growth in office demand. This in turn led to the creation of central business districts (CBDs) which continued to grow vertically and, sometimes, horizontally.

The pattern of vertical development is best illustrated by the Manhattan borough of New York City, which has been the leading global financial centre of the world since the 1920s. Over the past century, the skyline of Midtown and Downtown areas rapidly evolved with the completion of numerous tall office buildings housing large financial institutions and major corporations. Today, this skyline is also punctuated by several tall residential towers and hotels.

Hong Kong has one of the highest number of tall buildings in the world; in addition, Shenzhen, New York City, Dubai, Guangzhou, Shanghai, Tokyo1 too figure among traditional financial centres, all of which rank high on the Global Financial Centres Index (GFCI).2

India’s growing vertical inclination over the years

With a height of nearly 80m, a residential building – Usha Kiran in Mumbai which was completed in 1961 – was the first tall building in India. After 1970, a few more tall buildings were built such as Subhash Chandra Bose Tower in Kolkata, and Oberoi Trident and Air India Building in Mumbai, but the construction of tall buildings accelerated in India only after 2000.

Source: Council on Tall Buildings and Urban Habitat; CBRE Research, Q2 2023

Note: Religious buildings have been excluded from the analysis

MICL-Tardeo Minerva Piramal Aranya

Towers

One

Source: Council on Tall Buildings and Urban Habitat; CBRE Research, Q2 2023

The acceleration in construction of tall buildings was associated with several factors that led to the transformation of the Indian economy. Some of these are listed below:

Steady pace of economic growth Policy liberalisation fueled advancement in construction tech

From 1991 to 2003, when GDP grew at an average rate of 5.4% a year3 India’s economic growth steadily accelerated and became less erratic as well as diversified across sectors and states. This gave a muchneeded fillip to infrastructure and real estate development, causing the country to make huge strides towards complete transformation.

Increased rate of urbanization

Although liberalisation in India was already underway during the 1980s, a more systematic set of reforms which led to sustainable growth did not kick in until the 1990s. Reforms such as deregulation of industry, relaxation in external trade policies and easing of government intervention in the services sectors opened India up for globalization.4 From 1992 to 2005, not only did India’s foreign investment increased by more than 315%5, but foreign companies and investors also brought with them new technologies that facilitated sophisticated methods of construction.

With the rapid growth in population, India also witnessed a steady rise in its urbanisation rate. Between 1960 and 2000, the percentage of population residing in urban areas increased from 18% to 28%6 With more people residing in cities, demand for space continued to grow rapidly. And as land became scarce, tall buildings emerged, allowing for efficient use of limited land resources. With a density of approximately 21,000 people per sq. km,7 a classic example is Mumbai which was one of the first cities to witness the inception of tall buildings in India.

3. India’s Growth Story, The World Bank, October 2018

4. India in the 1980s and 1990s: A Triumph of Reforms, IMF, March 2004

5. Foreign Direct Investment in India Since 1991: Trends, Challenges and Prospects, Social Sciences Research Network, January 2008

6. The World Bank, 2018

7. World Population Review, June 2023

Mumbai city – an ode to tall buildings in India

Today, nearly 77% of tall buildings in India are located in Mumbai. Considering the limited land resources in the city, it is likely to continue leading the construction of tall buildings going forward as well. Mumbai also commands premium prices compared to most other cities which also makes construction of tall buildings economically viable.

Source: Council on Tall Buildings and Urban Habitat; CBRE Research, Q2 2023 Note: Completed and under construction buildings have been considered for the analysis while religious buildings have been excluded from the analysis

One of the prime reasons that spurred the development of tall buildings in Mumbai was the exponential increase in urban population along with wealth accumulation among its population. The island city is also water locked from three sides which further strengthens the need to build vertically. The city’s population between 1991 and 2001 grew by 22.4% while train ridership increased by 42.37% (from 4.95 million to 6.4 million).8 Decentralization in growth led to the expansion of the city towards north and east, leading to the emergence of new micro-markets such as Malad and Goregaon in the Western Suburbs, and Powai, Vikhroli and Kanjurmarg in the Eastern Suburbs. Once residential destinations in the city peripheries, these areas are now termed as some of the key development hubs of Mumbai. Despite this growth, land remains a scarce resource in its key urban city centres where extensive agglomeration and rapid urban population increase have caused land prices to soar.

Tall buildings are usually constructed in central locations with adequate infrastructure and necessary transport linkages so that the area can cope with the rise in the number of people travelling to and from the vicinity. It also depends on the location’s embedded value9 which needs to support the higher building costs of the tall buildings. Consequently, in a city like Mumbai, tall buildings generally become viable in locations with a relatively high embedded value in excess of INR 35,000 per sq. ft. of capital value for a residential tower. In addition, the views offered by high-rise structures augment the desirability factor of not only the structure but also the location. The combined effect of these factors have led to the development of high-rise structures in distinct clusters.

For instance, high-rise clusters in Mumbai have emerged in Central Mumbai and South Mumbai – two of the most expensive and premium locations in the city. Some of the most densely populated areas of the city, these locations are not only well connected via public transport and roadways to other parts of the city but also command a premium in real estate prices compared to other parts of the city.

Mumbai International Airport

CENTRAL MUMBAI

Under Construction

Completed

Planned

Sectoral analysis

Figure 1.6: Share of tall buildings in India by their construction status and use More than 90% of tall buildings in India10 are residential while only 5% are office buildings. Several factors drive this split, which include:

Lack of support infrastructure

The FSI conundrum

Source: Council on Tall Buildings and Urban Habitat; CBRE Research, Q2 2023

Note: Completed, under construction and planned buildings have been considered for the analysis while religious buildings have been excluded from the analysis

Figure 1.7: City-wise share of tall buildings in India by their use

Tall buildings are material and energy intensive structures and require more energy than would be necessary at lower heights. Water and electricity usage is much higher in tall buildings as water has to be pumped to the highest occupied floor and all floors have to be artificially lit and mechanically ventilated. In case of an office building, the cumulative water and electricity requirement per head per day is much higher than a residential building due to a higher number of occupants. Many Indian cities continue to be plagued by erratic power supply and inadequate water supply issues. Although office buildings are equipped with back up systems, provision of continuous power supply and regular water supply could be expensive and challenging in case of tall office buildings. India is still dependent on fossil fuels and its energy infrastructure is not yet equipped to handle the amplified energy demands of tall office buildings.

Although payment of hefty FSI* / FAR (floor space index / floor area ratio) premiums to construct tall buildings is a common thread among both residential and office developers, lower FSI norms may not be economically viable for office developers in certain situations. As they are largely dependent on a rental revenue stream which is likely to be impacted by macro-level trends, lower FSI norms could be one of the factors discouraging them to build taller.

Hotel O ice Residential Mixed use Others

Source: Council on Tall Buildings and Urban Habitat; CBRE Research, Q2 2023

Note: Completed, under construction and planned buildings have been considered for the analysis while religious buildings have been excluded from the analysis

10. Includes completed, under construction and planned buildings

Public safety Ambiguity in building codes

The average number of occupants per floor in a residential tall building is much lower compared to an office building; so, evacuating occupants in a residential building in case of a hazard is comparatively easier. On the other hand, building safety measures related to fire hazards, vertical transportation, provision for public services (washrooms, refuge areas, etc.) are usually more stringent and complex in an office building due to the sheer number of occupants.

Uncertainty on rental premium

Residential tall buildings command a premium over average capital values as buyers are willing to pay additional cost for owning / renting an apartment in a high-rise building. Most tall office buildings also follow a similar trend where rental values are higher than the market average. However, the rent of an office building is also dependent on a number of other factors such as micro-market / location, size of the floor plate, building amenities, sustainability features, etc.

Currently, there is only a single code – IS: 16700 – developed by the National Building Code (NBC) that provides guidelines and standards for the structural design of tall buildings above 150m in India. However, the code is not exhaustive in nature and does not provide standards or guidelines regarding vertical transportation, hazard resistance, façade treatment, electrical fixtures, sustainability, etc. As tall office buildings require more complex and unified building systems owing to a high number of occupants, international codes and standards are usually referred for latest best practices and technologies to construct such buildings in India.

*The FSI ratio denotes a nationwide average range; a few cities / locations may have a higher FSI / FAR as per the local / regional / state guidelines, subject to a few considerations.

Why do we need these towering buildings?

Mass exodus of people from rural areas to cities has led to an increasing number of people moving towards the fringes of these cities due to lack of affordable housing in city centres. Although advancement in transport technology has allowed many major cities to de-densify and expand horizontally, leading to the emergence of suburbs, this pattern of urban sprawl has various costs associated with it. Limited institutional capacities and fragmented government regulations create challenges in implementing a robust infrastructure network, providing affordable housing and facilitating efficient distribution of resources. Research indicates that the cost of providing basic services such as water, sanitation is 30-50% less in densely populated areas compared to sparsely populated ones.11

As we continue to spread horizontally and build outwards, more and more people continue to flock to the cities, thereby leading to an increase in carbon emissions, Tall buildings can help reduce carbon emissions by creating compact environments with efficient mobility features.

The positive image and branding associated with tall buildings is often cited as a key reason behind growing preference for these structures. The high profile, prestige and visibility of tall buildings means developers frequently use them as a marketing tool to boost their branding. In addition, the quality of tall buildings is top notch. Planning, designing, constructing and operating a tall building is very demanding and must overcome numerous challenges including wind and earthquake resistance, fire separation, elevator connectivity, etc. The standard and quality of power back-up, air conditioning, and water supply systems are generally of a much higher standard compared to other investment-grade buildings. Most tall buildings are also very well located in prime districts or newly developed CBDs.

One of the key reasons for the high cost of constructing tall buildings in India is the technology and construction methods used have not yet become mainstream. With construction of more tall buildings and wider adoption of technologies, the cost is likely to align in the future.

Today, the definition of a true city centre continues to evolve, and there is more than one city centre in most Indian cities. Offices are usually located in these city centres but it is not often that employees are able to afford a home near their workplace. According to CBRE’s Live-Work-Shop survey, not only more than 50% respondents displayed a higher preference to move to locations near the city centres, but nearly three-fourths of the respondents also preferred a one-way commute time of not more than 30 minutes to their workplace. Building tall can free up more space in the city centres where offices and homes are lifted above the street levels and the ground floors / basements are freed up for shops and leisure facilities. Open spaces between high-rise clusters can be developed as parks and public areas while enlivening the city skyline.

Tall buildings are not just popular among occupiers alone but investors may also look at them as a high-net return properties. In case of an office building, tall buildings can offer plenty of diversification in the tenant mix. The presence of multiple tenants with variation in lease tenures also increases an investor’s exposure to the rental cycle. This allows them to prepare for any unprecedented event that might occur in the leasing market over a period of time. Tall buildings also boast of a timeless appeal which is an attractive factor for an investor who is in the game for the long haul.

Taming the urban sprawl

Reinventing the city through iconic architecture

Attracting a new wave of investors

Shorter commute to work Technological advancement Reducing the carbon footprint

Source: CBRE Research, Q2 2023

Note: The above rental values are quoted rental values including common area maintenance (CAM) charges and government taxes.

Source: CBRE Research, Q2 2023

Note: The above capital values are quoted capital values excluding height premium, car parking, preferred location charges (PLC), club charges and other additional charges.

In case of a residential building, a skyscraper enables an investor to receive a higher premium compared to other buildings as buyers are ready to pay over market value for a stellar view, better quality and the status that comes with owning / renting a tower space. Therefore, many residential tall buildings are positioned in the premium or luxury segments to make them more economically viable.

Height premiums are an important factor in pricing high-rise residential towers; broadly speaking the higher the apartment, the higher the price. Height brings additional views, more privacy and added exclusivity. CBRE examined the unit by unit pricing of 15 prominent residential schemes in Mumbai across a range of price points and specifications, varying from a modest 25 storeys to a colossal 50+ storeys. Our calculations indicate an average price premium of 10-15% after the 20th floor and higher than 25% in some cases after 40th and 60th floors.

~35 - 45% Premium above floor 60

- 30% Premium above floor 40 ~10 - 15% Premium up to floor 20 per floor

Source: CBRE Research, Q2 2023

Note: Although height premiums are a common practice in Mumbai as several developers are able to charge a premium rate to provide a sea facing view, the premiums are higher in tall buildings. The list of 15 buildings was selected on the basis of location, developer profile, quality of construction, amenities, configuration, unit size, etc.

Towering aspirations may pose challenges

By 2030, India’s urban population is expected to be more than 600 million.12 Consequently, India will have to unlock many new growth avenues within its cities, leading one to conclude that tall buildings could become one way to fulfill the demand for urban space.

However, the path to building tall is not an easy one and may pose several challenges,

Meticulous design and construction

Space efficiency, along with the shape and geometry of a tall building, must satisfy the value and the cost of development where the net-to-gross floor area ratio should be optimum. The design of a skyscraper must be structurally sound with a strong and deep foundation to withstand the impact of strong winds, earthquakes and other external forces. Several major cities in India such as Delhi and Ahmedabad are located in seismic zones IV and V respectively which can pose additional challenges in the construction of tall buildings. Choice of construction materials is also critical as they should not only be fire-resistant and strong enough to weather external forces but also lightweight to minimize the load on the foundation.

Fire safety preparedness such as evacuation strategies, fire department accessibility, smoke movement and fire control, etc. takes precedence in the construction of a tall building.

High cost of building and maintenance Non-adaptive building laws:

Building vertical brings up additional costs as there are a number of technical challenges such as appropriate slenderness ratio13 enhanced façade treatment, provision of ultra-high-speed lifts, advanced safety mechanisms among others. Tall buildings also need regular inspections, repairs and upgrades which require specialized equipment and trained personnel to ensure longevity, further raking up maintenance costs.

These buildings also require more lighting, better air conditioning, and state-of-the-art lifts which result in high-cost energy consumption compared to a standard low-rise building.

In addition, developing a skyscraper is highly capital intensive, which reflects the ‘all-or-nothing’ approach to development and lack of any phasing opportunity. As a result, off-plan sales are required to forward fund the development. Generally a lender will require a sizeable proportion of units to be pre-sold before releasing any capital in case of a residential tall building.14

12. World Cities Report: Envisaging the Future of Cities, UN Habitat, June 2022

Although there are many reasons for fewer tall buildings in India, some of the major deterrents to the construction of tall buildings are the FSI / FAR norms. Most of the cities in India have a permissible FSI ranging between 2 –5*, which means that developers have to pay a hefty premium for purchasing additional FSI in order to build higher.

13. Slenderness ratio is defined as the ratio of the structural height of a building to the narrowest structural width at the ground floor plan or tower base

14. CBRE’s Towers of London - A rising contribution to housing, May 2014

*The FSI ratio denotes a nationwide average range; a few cities / locations may have a higher FSI / FAR as per the local / regional / state guidelines, subject to a few considerations.

Source: Urban Redevelopment Authority, Singapore; Hong Kong Building (Planning) Regulations, https://www.plazahomes.co.jp/news/kenpeiritu-yousekiritsu/, Seoul Government, Taipei City Government

Note: In some cities, FSI FAR bonus can be awarded / purchased, subject to a few considerations

Public safety concerns: Along with a sound structural design to withstand wind pressures at higher altitudes, a tall building also requires enhanced fire performance and safety protocols. This includes provision of not only passive but also active control measures. Passive control measures will include use of fire-resistant materials, building design intended to compartmentalize the fire and prevent spread and facilitate suppression while active control measures will include efficient emergency and evacuation plans with adequate exits points, fire alarm systems, sprinklers, etc. Smoke migration during a fire in a tall building can become a major threat to the life of its occupants. Even if this threat is addressed with an effective design through structural stability, sophisticated HVAC systems, and smoke-spread modeling techniques, the current fire safety infrastructure network available in India is not yet resilient enough to handle some safety-related concerns in a tall building.

Complex economics of tall buildings: One of the key considerations for the construction of a tall building is the delicate balance between cost and reward. Tall buildings have the potential to change the skyline of any city while simultaneously increasing the value of neighbouring properties. This means that a developer who owns property in the vicinity of a tall building, along with the building itself, can reap more collateral benefits. However, land cost, construction time, material costs, efficiency, etc. are some of the key factors that could decide the functionality of the finished product. In addition, a tall building has to be of optimum height where the benefit from each additional floor outweighs the cost to build that floor. Completion dates of these buildings are sometimes a decade in the future which also increases the risk of being exposed to a volatile market cycle.

Embracing ESG trends

Tall buildings require excessive building materials and use of sophisticated structural systems so that they are able to endure greater wind pressures at high altitudes. Construction, operation and maintenance of tall buildings are megascale energy-consuming activities. Therefore, tall buildings themselves have been traditionally known for their rapacious energy intake.

While such an analysis might be accurate in a literal sense, a more wide-ranging and holistic examination of tall buildings points to the fact that they are indeed sustainable – unlike low-rise buildings, the sustainability impact of tall buildings goes far beyond their physical boundaries. If we consider a low-rise apartment building with about 500 units, it would require a more complex network of infrastructure which includes roads, sidewalks, drainage facilities, water supply, electricity and gas lines, etc., compared with a compact tall building which allows the integration of all these services in an efficient manner.

In addition, a newer generation of tall buildings that are incorporating latest technologies and design standards to build smart and energy-efficient structures is evolving. For instance, use of locally sourced materials can reduce environmental damage during construction by cutting down energy usage as well as emissions involved in transporting materials from further afield. On the other hand, use of low-carbon construction materials – such as timber or steel that has a high recycled content, or more sustainable concrete – can also help reduce carbon footprint. Sky / vertical gardens, rainwater harvesting, advanced air filtration systems, use of renewable energy systems (solar panels, wind turbines, etc.) are some of the key features that could help tall buildings achieve their sustainability goals.

Shanghai Tower Shanghai, China

~632 m

Bank of America Tower

New York, US

~366 m

Salesforce Tower

San Francisco, US

~326 m

Oasia Hotel

Singapore

~193 m

Curved spine building design to redirect typhoon-level wind force, also allowing for a less resource-intensive construction

Built with 40% locally sourced materialsii

Rooftop ‘City Park’ii

Much of the building’s volume dedicated to sky terraces – green plot ratio (GPR) of 1000+ percent**

Presence of 200 wind turbines at the top of the structure that generate approx. 10% of the building’s electricity

Water management and recycling system to harvest rainwater; waterless urinals and low-flow fixtures Building-integrated photovoltaic (BIPV) system*

Water management and recycling system that reduces water use by 54%ii

Highly e icient variable chilled water system to facilitate natural ventilation

While tall buildings are not free from some basic issues and the current real estate landscape of India may not be very favourable to their construction and maintenance, the benefits of tall buildings certainly outweigh their demerits in the long run. Most studies indicate that urban populations are expected to rise significantly over the next few years. By 2050, nearly 68% of the population in the world is anticipated to live in urban areas15 and the world population is expected to reach 9.7 billion.16 India has already overtaken China to become the most populous country in the world.17 Accommodating this population in our cities that are already bursting at the seams will become a colossal challenge.

Figure 5.1 shows some measures that are likely to aid and promote the construction of tall buildings in India.

While growing outwards is possible for most major Indian cities at the moment, it is not likely to be sustainable in the long run. Therefore, developers, architects, planners and policymakers will have to draw up plans to manage growth vertically. In India, such a scenario has already been witnessed in Mumbai across some locations, but it is yet to transpire in other cities where outward development continues to remain the norm. Apart from Mumbai, Hyderabad is another city where developers and other stakeholders are keen to grow vertically in a bid to move closer to the city centres by utilizing the generous FSI norms in the state of Telangana.

15. World Cities Report: Envisaging the Future of Cities, UN Habitat, June 2022

16. World Population Prospects 2022; United Nations Department of Economic and Social Affairs: Population Division

17. 1,425,775,850 and counting, India Economics Weekly, Capital Economics, April 2023

KEY PARAMETER STEPS TO BE TAKEN STAKEHOLDERS

Unified Building Code & Guidelines

Formulate stringent national / state level guidelines regarding choice of materials, vertical transportation, methods of design and construction, etc. for the developing residential, commercial, hotel, mixed-use tall buildings

Develop planning guidelines that encourage the integration of tall buildings into the existing urban patterns

Support top institutions / research organizations and enable industry collaborations to drive innovation and build indigenous expertise among architects, engineers, etc.

Invest in safety training exercises of:

Skill Development & Safety Training

• Construction workers to facilitate incident-free sites

• Safety personnel to formulate e ective evacuation plans in case of an emergency

Educate stakeholders regarding the benefits of tall buildings and address concerns related to safety and anticipated impact on local communities

Create Awareness

Emphasize sustainable aspects of tall buildings and enlighten stakeholders about e ective tools to reduce their ecological footprint

Forge International Alliances

Foster collaborations with international organizations and experts who have made advancements in construction of tall building technologies

Partner with international developers / architects / planners who have delivered successful projects in other countries and adapt these best practices to the Indian context

Upgrade Infrastructure Network

Source: CBRE Research, Q2 2023

Ensure the availability of e icient infrastructure network in terms of emergency services, transportation, water supply, sewage systems, power supply so as to support tall buildings

Upgrade existing networks to accommodate future demand in the vicinity of tall buildings

CBRE Project Management –Tall Buildings

1+ Bn SF

Total PJM Portfolio

15+ O ices across India; Executed projects in more than 80 Cities

1250+ Clients Served

70+ Professionals with experience working on tall buildings

12+

Key tall building projects in Delhi-NCR, Mumbai, Bangalore, Hyderabad

42+ Mn SF

Total high-rise portfolio

Services offered Project Management | Cost Consultancy | ESG, Sustainability & Technical due diligence (TDD) | Design Advisory (DA) & Design Management (DM) | Testing & Commissioning (T&C)Development Advisory

About CBRE

CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries.

CBRE was the first International Property Consultancy to set up an office in India in 1994. Since then, the operations have grown to include more than 11,000 professionals across 15 offices with a presence in over 80 cities in India. As a leading international property consultancy, CBRE provides clients with a wide range of real estate solutions, including Strategic Consulting, Valuations/Appraisals, Capital Markets, Advisory & Transactions, Global Workplace Solutions & Property Management and Project Management. The guiding principle at CBRE is to provide strategic solutions that make real estate holdings more productive and economically efficient for its clients across all service lines. Please visit our website at

https://www.cbre.co.in/

About CII

The Confederation of Indian Industry (CII) works to create and sustain an environment conducive to the development of India, partnering Industry, Government and civil society, through advisory and consultative processes. For more than 125 years, CII has been engaged in shaping India’s development journey and works proactively on transforming Indian Industry’s engagement in national development. With its extensive network across the country and the world, CII serves as a reference point for Indian industry and the international business community.

As India strategizes for the next 25 years to India@100, Indian industry must scale the competitiveness ladder to drive growth. CII, with the Theme for 2023-24 as ‘Towards a Competitive and Sustainable India@100: Growth, Inclusiveness, Globalisation, Building Trust’ has prioritized 6 action themes that will catalyze the journey of the country towards the vision of India@100.

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CBRE confirms that information contained in this report, including projections, has been obtained from sources believed to be reliable. While we do not doubt their accuracy, we have not verified them and make no guarantee, warranty or representation about them. Whilst all reasonable care has been taken to ensure that facts stated are accurate and the opinions given are fair and reasonable, given the unorganized nature of the real estate market in the country and the limited information available in the public domain, neither CBRE, nor any director or employee of CBRE shall in any way be responsible for the accuracy of the data obtained from third parties.

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© Copyright 2023. All rights reserved. This report has been prepared in good faith, based on CBRE’s current anecdotal and evidence based views of the commercial real estate market. Although CBRE believes its views reflect market conditions on the date of this presentation, they are subject to significant uncertainties and contingencies, many of which are beyond CBRE’s control. In addition, many of CBRE’s views are opinion and/or projections based on CBRE’s subjective analyses of current market circumstances. Other firms may have different opinions, projections and analyses, and actual market conditions in the future may cause CBRE’s current views to later be incorrect. CBRE has no obligation to update its views herein if its opinions, projections, analyses or market circumstances later change.

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