{"id":1004039806,"date":"2012-03-14T03:26:49","date_gmt":"2012-03-14T11:26:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004037781"},"modified":"2022-12-07T18:51:02","modified_gmt":"2022-12-08T02:51:02","slug":"laying-the-foundation-in-fast-paced-bric-countries-patience-and-nimbleness-translate-to-success","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/laying-the-foundation-in-fast-paced-bric-countries-patience-and-nimbleness-translate-to-success\/","title":{"rendered":"Laying the Foundation: In Fast-Paced BRIC Countries, Patience and Nimbleness Translate to Success"},"content":{"rendered":"

By Paul Rosta<\/strong><\/p>\n

For some years now, Brazil, Russia, India and China have offered happy hunting grounds to U.S.-based real estate companies. Despite their ups and downs, the four countries that have come to be collectively known as the \u201cBRIC nations\u201d have shown steadily improving transparency and sophistication in their investment, development and service markets. Experienced U.S. players continue to have an edge in these countries, but hurdles, as well as vast possibilities, await veterans and new entrants alike.<\/p>\n

Familiar challenges like navigating bureaucracies, teaming up with the right local partner and building a home-grown team are constantly taking new twists. \u201cYou can\u2019t go into any of the BRIC markets without your eyes wide open and being educated about how to get your money out,\u201d contended Steve Collins, managing director with Jones Lang LaSalle Inc.\u2019s international capital group. In this report, CPE <\/em>explores the trends, challenges and strategies for success that mark four of the world\u2019s most exciting markets.<\/p>\n

China<\/strong>: Taking the Long View<\/strong><\/p>\n

The slowing of the economy in the world\u2019s largest nation is a frequent topic of discussion these days. The International Monetary Fund estimates that China\u2019s real gross domestic product will grow about 9 percent this year, down from 10.3 percent just two years ago. The slowdown stems in part from measures imposed by Beijing to tighten credit in the face of a 5 percent inflation rate and an overheated residential market. In major cities like Tianjin, Shenyang and Chongqing, the addition of new offi ce and retail product in 2013 and 2014 will cause a medium-term spike in vacancy, explained Chris Brooke, CBRE Group Inc.\u2019s president & CEO for China.<\/p>\n

Some observers feel, however, that reports of China\u2019s problems are greatly exaggerated. In a recent study on the world\u2019s major urban centers, Jones Lang LaSalle cites estimates that the 10 fastest-growing cities are all in China.<\/p>\n

According to the most recent PricewaterhouseCoopers-Urban Land Institute Emerging Trends <\/em>report, restrictions on residential investment are encouraging developers to turn toward commercial projects. Chinese insurance companies are eyeing stepped-up investment in domestic assets, and an increasing number of Chinese companies want to build or buy trophy properties that match the quality of those developed for foreign corporations.<\/p>\n

Added together, these trends translate into an increased opportunity \u201cfor U.S. developers to undertake high-quality mixed-use projects that can incorporate the latest global trends associated with building design, occupier requirements and sustainability,\u201d Brooke said. A prime example emerged in January, when Nike Inc. commissioned Tishman Speyer to build a 600,000-square-foot campus in Shanghai. The project is part of The Springs, a $2.5 billion mixed-use project the developer is constructing in Shanghai\u2019s Yangpu District. At full buildout, the 9.7 million-square-foot project will include residential, retail, office and hotel components.<\/p>\n

Ample demand for consulting, leasing and property management awaits service providers, as well. The most successful growth strategy for those specialties will extend beyond China\u2019s big four\u2014Beijing, Shanghai, Guangzhou and Shenzen\u2014and instead target provincial markets, Brooke predicted. Finding and keeping talent will be an issue for some time. \u201cGiven the relative immaturity of the market, it is very difficult to identify individuals who have the necessary levels of experience to operate and manage high-quality mixed-use developments,\u201d Brooke said.<\/p>\n

The greatest challenge for China, though, may well be the \u201cdistractibility\u201d factor. \u201cGiven the volatility of the market in China, and the fact that a market of such significant scale and diversity is undergoing a complete transformation, it is easy to be diverted from a long-term plan by short-term market fluctuations and trends,\u201d Brooke contended. The solution: Stick with the program for the long haul. \u201cA well-formulated and carefully executed strategy can overcome many of the risks associated with doing business in China, particularly in relation to the recruitment, retention and development of human capital.\u201d<\/p>\n

India<\/strong>: Pausing to Re-assess<\/strong><\/p>\n

As economic growth levels off in the world\u2019s second-most-populous nation, some of the luster has inevitably come off India\u2019s real estate market. \u201cThere is no question there\u2019s been a slowdown,\u201d said Shekar Narasimhan, managing partner of McLean, Va.-based Beekman Advisors and CEO of Beekman Helix India Partners, a merchant bank specializing in development capital. The International Monetary Fund estimates that India\u2019s gross domestic product will grow 7.53 percent this year, down from 10.1 percent in 2010. By 2015, GDP growth will rebound only to 8.1 percent, the IMF predicts.<\/p>\n

India is the only one of the four BRIC nations showing a decline in demand for office space and investment properties, according to a study published in February by the Royal Institution of Chartered Surveyors. Strict regulations limit the exposure of India\u2019s banks to real estate. As a result, real estate accounts for about 5 percent of capital exposure among Indian banks, compared to about 40 percent in the United States. It has become a commonplace understanding that it is easier to put money into India than it is to take it out. Many investors from the United States and other countries are lowering expectations or exiting altogether, at least for the time being. \u201cYou see a lot of funds put money into joint ventures there and slowly extract it,\u201d Collins reported. Much of these ups and downs can be traced to growing pains. Rules permitting direct real estate investment from foreign players date only to 2005. Only a few years later, the global fi nancial crisis disrupted that fledgling market. For most investors, results have been only so-so. \u201cIt has not been an easy experience for many,\u201d Narasimhan explained.<\/p>\n

That said, India\u2019s rapid growth and sheer size offer ample promise. Much attention has focused on the seven or so biggest cities\u2014 Mumbai, Delhi, Bengaluru, Kolkata, Chennai, Hyderabad and Ahmedabad\u2014which range in population from about 4 million to 14 million. Yet Narasimhan pointed out that smaller, fast-growing cities like Pune, Jaipur and Indore offer a huge supply-demand imbalance that make them attractive. No matter the location, success in India requires local or returning expatriate talent, and a minimum 10-year commitment, he contends.<\/p>\n

Some experienced, well-capitalized U.S. players are following those principles and making bold investments. Hines, for instance, recently launched its first development in India: One Horizon Center, a 25-story office tower in the Delhi suburb of Gurgaon. The centerpiece of a planned 2.4 million-square-foot office, retail and residential development, One Horizon will offer 800,000 square feet of office space plus 65,000 square feet of retail when it is complete in 2013. In a telling move, Hines\u2019 local partner for the project is DLF Ltd., India\u2019s largest investment and development firm.<\/p>\n

Brazil<\/strong>: Appetite for Growth<\/strong><\/p>\n

For most U.S. players, opportunities in Brazil continue to focus mostly on the sprawling Sao Paolo and Rio de Janeiro metropolitan areas. Both ranked among the world\u2019s top 30 cities for direct commercial real estate investment in 2010 and 2011, according to Jones Lang LaSalle Inc. Rio de Janeiro attracted $5 billion to take 24th place, on par with San Diego; at $4 billion, Sao Paolo ranked 29th, roughly equivalent to Miami. And with industrial rents averaging $13.98 per square foot, the city ranked behind only Tokyo, London and Singapore, according to CBRE.<\/p>\n

Brazil\u2019s appetite for new product and potential rewards continue to draw U.S. institutional investors. Four years after the capital markets crisis stalled Clarion Partners\u2019 planned debut in Brazil, it unveiled plans in January for a $100 million distribution facility northwest of Sao Paolo in joint venture with DHL Supply Chain. The developers of the 140,000-square-meter facility will attempt to capitalize on the supply\/ demand imbalance that characterizes Brazil\u2019s industrial and office markets alike. Only about a quarter of Sao Paulo\u2019s current industrial stock is considered investment grade. The project will be completed in three phases starting this summer, with the third phase scheduled to come on line in 2014.<\/p>\n

In recent years, research provided by major U.S.-based service firms has done much to advance transparency in Brazil, making it easier to assess market conditions accurately. Yet conducting business also requires contending with the local business culture, and with myriad regulations related to taxes and construction. Belford compares the entitlement process to its counterpart in the United States\u2014\u201cjust at a high level (of intensity) … and that does not seem to be changing.\u201d Stemming from government caution, the entitlement process creates an abundance of hurdles for developers. As a result, even sophisticated institutional players find it necessary to team up with an old hand. \u201cYou\u2019ve got to really be careful,\u201d warned Jeb Belford, the Clarion managing partner overseeing the project. \u201cWe want to make sure that our partners on the ground are very capable.\u201d With a decade of experience in the country, DHL fits the bill, and Clarion\u2019s familiarity with DHL\u2019s North American affiliate, Exel, adds confidence on both sides.<\/p>\n

Those willing to pursue opportunities for development, investment and service in Brazil should be prepared to participate in a talent war. Clarion is focusing on identifying, courting and then retaining top-notch professionals. Skilled professionals who are well versed in the nuances of tax law and accounting are at a premium. Belford emphasized the necessity of developing home-grown talent that is familiar with the Brazilian language and culture.<\/p>\n

Russia<\/strong>: <\/strong>Moscow<\/strong>\u2019s Rising Star<\/strong><\/p>\n

In practice, commercial real estate opportunities in Russia still translate primarily to Moscow, followed by St. Petersburg. Though limited in geographic size, those domains offer no small potential. Last year, Moscow tallied about $6.3 billion in direct commercial real estate investment, a total comparable in scale to investment volume in Stockholm and Boston. The total represents a 15 percent decline from 2010 and a 48 percent decrease from 2008, Real Capital Analytics Inc. reported.<\/p>\n

And Moscow\u2019s standing is rising quickly among investors. The city moved up in respondents\u2019 rankings in the PWC-Urban Land Institute\u2019s most recent Emerging Trends <\/em>forecast. The annual multinational survey of real estate investors awarded the city second place among European markets for both development and new investment potential, and ninth place for attractiveness of its existing investments. Most analysts expect strong economic growth this year as the national economy expands by a projected 5 percent, according to PwC and ULI.<\/p>\n

Institutional U.S. players are making big bets on the market\u2019s future. Retail is a particular hot spot. An affiliate of Morgan Stanley recently acquired St. Petersburg\u2019s biggest shopping center, the 1 million-square-foot Galeria, the Bloomberg news service reported. The property opened in November 2010 at a cost of $380 million and includes 250 stores. Morgan Stanley bought the Galeria from a consortium of Kazakh investors in the fi rst major allocation from a $4 billion fund.<\/p>\n

On the development side, one trend to watch is a government initiative to rationalize growth, manage Moscow\u2019s perpetual traffic jams and increase density. Authorities are proposing the Moscow Ring Program, which would establish about 60 self-contained, master-planned communities around the city\u2019s inner ring. That would restrict development beyond the ring.<\/p>\n","protected":false},"excerpt":{"rendered":"

For some years now, Brazil, Russia, India and China have offered happy hunting grounds to U.S.-based real estate companies. Despite their ups and downs, the four countries that have come to be collectively known as the \u201cBRIC nations\u201d have shown steadily improving transparency and sophistication in their investment, development and service markets. By Paul Rosta.<\/em><\/p>\n","protected":false},"author":445,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,16],"tags":[],"class_list":["post-1004039806","post","type-post","status-publish","format-standard","hentry","category-finance","category-international"],"acf":[],"yoast_head":"\nLaying the Foundation: In Fast-Paced BRIC Countries, Patience and Nimbleness Translate to Success - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/laying-the-foundation-in-fast-paced-bric-countries-patience-and-nimbleness-translate-to-success\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Laying the Foundation: In Fast-Paced BRIC Countries, Patience and Nimbleness Translate to Success\" \/>\n<meta property=\"og:description\" content=\"For some years now, Brazil, Russia, India and China have offered happy hunting grounds to U.S.-based real estate companies. 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