Knight Frank Upbeat About Next Phase of India Growth

India's office market is set to become the world's fourth-largest with 1 billion square feet of office stock. William Beardmore-Gray, senior partner and group chair, Knight Frank LLP, and Shishir Baijal, chairperson and managing director, Knight Frank India, tell Vishal Chhabria and Prachi Pisal in Mumbai the country is one of the largest contributors to Knight Frank outside the United Kingdom in terms of either people or revenue and profit. Edited excerpts:

- William Beardmore-Gray, senior partner and group chair, Knight Frank LLP, and Shishir Baijal, chairperson and managing director, Knight Frank India

You have been in this business for almost 35 years. What kind of changes have you seen, especially in the past few years, in the industry?

Beardmore-Gray: A significant change over the past five to 10 years has been the increasing influence of private capital in the investor space. Private equity has continued and has grown in stature, especially after the global financial crisis.

We are seeing global uncertainties and layoffs by tech giants. Isn't that a concern for your industry?

Baijal: There is a near-complete work-from-office now. In terms of focus on proper collaborative spaces, ESG (environmental, social and governance) compliance, and wellness facilities, the usage of space per person has increased substantially.

The need for global capability centres (GCCs) and India-facing businesses in India has increased dramatically. These two factors have contributed to the office demand.

The movement of GCCs, which started three-four years ago, is adding to the pace of the need for offices.