12th Aug 2024 Mumbai, Maharashtra, India Leading independent property services group ANAROCK has announced the launch of its dedicated commercial office leasing services and the appointment of CRE veteran Peush Jain as Managing Director – Corporate Leasing & Advisory. After successfully launching office strata-sale-focused ANAROCK Commercial in 2020, the Group sees this move as the logical next step toward completing its industry-defining real estate services portfolio.
The launch of its commercial leasing and advisory vertical aligns seamlessly with the Group’s overarching growth strategy. ANAROCK will target international strategic collaborations and aggressively hire top-notch commercial advisory talent to deliver exceptional services to corporate occupiers.
“It is well known that a sizeable segment of our leadership has a highly pedigreed commercial real estate background,” says Anuj Puri, Chairman – ANAROCK Group. “However, our business strategy is phased expansion. While commercial office leasing has always been a must-have in our portfolio, we wanted to wait for the right moment in time to launch this vertical. That time is now – and given Peush Jain’s established track record, we are in a strong position to capture significant market share in this segment.”
A real estate industry veteran with 23 years of experience in commercial real estate leasing, Peush Jain has deep industry relationships with domestic and multinational occupiers, owners, and investors in various asset classes. Prior to his appointment at ANAROCK, he held leadership roles in international property consultancies CBRE and Colliers International.
At ANAROCK, he will spearhead corporate leasing, tenant representation across service lines, landlord representation for key developers, and managing important client relationships.
“I am excited to join ANAROCK, an industry icon in real estate services, to expand its portfolio into commercial real estate leasing and advisory services,” says Peush Jain, Managing Director – Corporate Leasing & Advisory, ANAROCK Group. “Apart from long-standing office occupier and owner relations, the Group has a technology-focused approach which aligns perfectly with my vision of integrating tech-driven solutions into the commercial real estate business. We will be adapting many of the Proptech solutions ANAROCK has developed in-house to extend the Firm’s brand of excellence into the office leasing and advisory vertical.”
The time is indeed right for the Group to explore the lucrative office leasing sector, which is performing much better in India than in even the most advanced economies. According to ANAROCK Research, the Indian office market has demonstrated remarkable resilience despite global uncertainties. Projections indicate that office leasing in India will reach an unprecedented milestone by surpassing 50 million square feet by 2024-end. This surge is predominantly driven by robust leasing activities from Global Capability Centers (GCCs).
Currently occupying approximately 200 million square feet, GCCs are anticipated to expand their footprint to 280-300 million square feet in the next 3-4 years, triggering a demand surge of 80-100 million square feet. Key drivers in this growth include segments such as manufacturing, engineering R&D, technology, and BFSI (Banking, Financial Services, and Insurance).