Copyright 2023.All rights reserved.This report has been prepared in good faith,based on CBREs 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 tosignificant uncertainties and contingencies,many of which are beyond CBREs control.In addition,many of CBREs views are opinion and/or projections based on CBREs subjective analyses of current market circumstances.Other firms may have different opinions,projections and analyses,andactual market conditions inthe future may cause CBREscurrent viewsto later beincorrect.CBREhasno obligation to update itsviewshereinifits opinions,projections,analyses ormarket circumstances laterchange.Nothing in this report should be construed as an indicator of the future performance of CBREs securities or of the performance of any other companys securities.You should not purchase or sell securitiesof CBRE or any other companybased on the views herein.CBRE disclaims all liability forsecurities purchased or sold based on information herein,and by viewing this report,you waive all claims againstCBRE as well as against CBREs affiliates,officers,directors,employees,agents,advisers and representatives arising out of the accuracy,completeness,adequacy or your use of theinformationherein. This way, at any point in time, there will be 3 contracts available for trading in the market (for each security) i.e., one near a month, one mid-month and one far month duration respectively. Instrument type represents the instrument i.e. TRADING 2.1 Trading Months It's imperative to understand that not all the Nifty companies' stocks have been traded at SGX. Web10.2 Listing of Marginable Futures Contracts; 10.3 Contract Specifications. Quantity freeze is calculated for each underlying on the last trading day of each calendar month and is applicable through the next calendar month. Get SGX Nifty Live timings & Open, High, The Futures contracts settlement is based on the NIFTY settlement price in the Indian stock exchange NSE. (See Exhibit1. Identify support and resistance levels based on stock future contract. (1)(1)(1)(1)(2)(1)(3)16Table of ContentsOnline sales,which consist of sales generated through our websites and mobile applications for products picked up in our stores or delivered tocustomer locations,represented 13.8%of net sales during the first nine months of fiscal 2022 and grew by 8.4%compared to the first ninemonths of fiscal 2021.The increase in online sales for the first nine months of fiscal 2022 was a result of customers continuing to leverage ourdigital platforms and reflects our ongoing investments to enhance these platforms and related fulfillment capabilities,which support ourinterconnected retail strategy.Comparable Sales.Total comparable sales for the first nine months of fiscal 2022 increased 4.2%,reflecting a 9.7%increase in comparableaverage ticket,partially offset by a 5.3crease in comparable customer transactions compared to the first nine months of fiscal 2021.Theincrease in comparable average ticket was primarily driven by inflation,as well as demand for new and innovative products.The decrease incomparable customer transactions reflects the impact of macroeconomic factors including the broader inflationary environment,as well ascycling favorable weather and government stimulus during the first nine months of fiscal 2021.During the first nine months of fiscal 2022,11 of our 14 merchandising departments posted positive comparable sales when compared to the firstnine months of fiscal 2021,led by Building Materials,Plumbing,Millwork,Paint,Hardware,and Kitchen and Bath,which posted comparablesales above the Company average.Our Indoor Garden,Outdoor Garden and Appliances departments posted negative comparable sales.Gross ProfitGross profit for the first nine months of fiscal 2022 increased 4.8%to$40.9 billion from$39.0 billion for the first nine months of fiscal 2021.Grossprofit as a percentage of net sales,or gross profit margin,was 33.6%for the first nine months of fiscal 2022 compared to 33.8%for the first ninemonths of fiscal 2021.The decrease in gross profit margin during the first nine months of fiscal 2022 was primarily driven by investments in oursupply chain network and higher product and transportation costs,offset by the benefit from higher retail prices.Operating ExpensesOur operating expenses are composed of SG&A and depreciation and amortization.Selling,General&Administrative.SG&A for the first nine months of fiscal 2022 increased$760 million,or 4.0%to$19.7 billion from$19.0billion for the first nine months of fiscal 2021.As a percentage of net sales,SG&A was 16.2%for the first nine months of fiscal 2022 compared to16.4%for the first nine months of fiscal 2021,primarily reflecting leverage from a positive comparable sales environment and lower incentivecompensation,partially offset by wage investments for hourly associates and increased operational costs,including investments designed todrive efficiencies in our stores.Depreciation and Amortization.Depreciation and amortization for the first nine months of fiscal 2022 increased$50 million,or 2.8%to$1.8billion.As a percentage of net sales,depreciation and amortization was 1.5%for the first nine months of both fiscal 2022 and fiscal 2021,reflecting leverage from a positive comparable sales environment,offset by increased depreciation expense from strategic investments in thebusiness.Interest and Other,netInterest and other,net for the first nine months of fiscal 2022 was$1.2 billion compared to$980 million for the first nine months of fiscal 2021.Interest and other,net,as a percentage of net sales was 0.9%for the first nine months of fiscal 2022 and 0.8%for the first nine months of fiscal2021,primarily reflecting higher interest expense due to higher debt balances and increased variable rate interest from our interest rate swapsduring the first nine months of fiscal 2022,partially offset by leverage from a positive comparable sales environment.Provision for Income TaxesOur combined effective income tax rate was 24.2%for the first nine months of fiscal 2022 compared to 24.1%for the first nine months of fiscal2021.Diluted Earnings per ShareDiluted earnings per share were$13.37 for the first nine months of fiscal 2022,compared to$12.31 for the first nine months of fiscal 2021.Theincrease in diluted earnings per share was driven by higher net earnings during the first nine months of fiscal 2022,as well as lower dilutedshares due to share repurchases.17Table of ContentsNON-GAAP FINANCIAL MEASURESTo provide clarity on our operating performance,we supplement our reporting with certain non-GAAP financial measures.However,thissupplemental information should not be considered in isolation or as a substitute for the related GAAP measures.Non-GAAP financial measurespresented herein may differ from similar measures used by other companies.Return on Invested CapitalWe believe ROIC is meaningful for investors and management because it measures how effectively we deploy our capital base.We define ROICas NOPAT,a non-GAAP financial measure,for the most recent twelve-month period,divided by average debt and equity.We define averagedebt and equity as the average of beginning and ending long-term debt(including current installments)and equity for the most recent twelve-month period.The following table presents the calculation of ROIC,together with a reconciliation of NOPAT to net earnings(the most comparable GAAPmeasure):Twelve Months Endeddollars in millionsOctober 30,2022October 31,2021Net earnings$17,095$15,938 Interest and other,net1,477 1,307 Provision for income taxes5,540 5,053 Operating income24,112 22,298 Income tax adjustment(5,844)(5,378)NOPAT$18,268$16,920 Average debt and equity$42,222$38,519 ROIC43.3C.9%(1)Income tax adjustment is defined as operating income multiplied by our effective tax rate for the trailing twelve months.LIQUIDITY AND CAPITAL RESOURCESAt October 30,2022,we had$2.5 billion in cash and cash equivalents,of which$719 million was held by our foreign subsidiaries.We believethat our current cash position,cash flow generated from operations,funds available from our commercial paper program,and access to the long-term debt capital markets should be sufficient not only for our operating requirements,any required debt payments,and satisfaction of othercontractual obligations,but also to enable us to invest in the business,fund dividend payments,and fund any share repurchases through thenext several fiscal years.In addition,we believe that we have the ability to obtain alternative sources of financing,if necessary.Our material cash requirements include contractual and other obligations arising in the normal course of business.These obligations primarilyinclude long-term debt and related interest payments,operating and finance lease obligations,and purchase obligations.In addition to our cash requirements,we follow a disciplined approach to capital allocation.This approach first prioritizes investing in thebusiness,followed by paying dividends,with the intent of then returning excess cash to shareholders in the form of share repurchases.For fiscal2022,we plan to invest approximately$3 billion back into the business in the form of capital expenditures,in line with our expectation ofapproximately two percent of net sales on an annual basis.However,we may adjust our capital expenditures to support the operations of thebusiness,to enhance long-term strategic positioning,or in response to the economic environment,as necessary or appropriate.In February 2022,we announced a 15%increase in our quarterly cash dividend from$1.65 to$1.90 per share.During the first nine months offiscal 2022,we paid cash dividends of$5.9 billion to shareholders.We intend to pay a dividend in the future;however,any future dividend issubject to declaration by our Board of Directors based on our earnings,capital requirements,financial condition,and other factors consideredrelevant by our Board of Directors. Find everything about the leading stock exchange of India, Browse a comprehensive and innovative product and service offerings by NSE. (Google Cloud is growing the fastest,at 38%,though its revenues are roughly a third ofAWSs. If the last Thursday is a trading holiday, the contracts expire on the previous trading day. The security descriptor for the options contracts is: Option contracts are available on 189 securities stipulated by the Securities & Exchange Board of India (SEBI). Browse Exchange circulars, press release and media articles. The underlying symbol denotes the underlying security in the Capital Market (equities) segment of the Exchange, Expiry date identifies the date of expiry of the contract, Strike Price: Strike price for the contract. A person who buys an option is said to belong in the option. 2) Important events such as RBI policy, election results, GDP or job numbers also impact SGX Nifty swings. 5G auction kicks, 5G auction kicks off, Bajaj Auto rides on price hikes. *In a few cases,though the policies do not directly mention about a particular incentive,an indication of indirect initiatives has been consideredSource:Respective state government websites;Invest India website updated as of November 2022;CBRE Research,Q1 2023State-level Policies are Additional Investment MagnetsFigure 3.2:Key state-level policies for the LS sector in India 11)%Haryana Pharmaceutical Policy,2019Uttar Pradesh Pharmaceutical Industry Policy,2018Rajasthan MedTech and Bulk Drug Policy,2021Karnataka Biotechnology Policy,2017Gujarat Biotechnology Policy,2022 Telangana Life Sciences Policy,2015Odisha Biotechnology Policy,2018Tamil Nadu Life Sciences Policy,202211289647352Himachal PradeshMadhya PradeshMaharashtraAndhra PradeshLEGENDLand-related incentivesInfrastructure developmentCapital subsidies/capital interest subsidiesStamp duty exemptionsTax benefitsSingle-window clearance/ease of approvalsStates with dedicated LS policiesExisting medical devices clusters3 Bulk Drug Parks proposedHimachal Pradesh,Gujarat and Andhra Pradesh4 Medical Devices Parks proposed Tamil Nadu,Madhya Pradesh,Uttar Pradesh,Himachal PradeshPRIMARY LOCATIONS 1.Hyderabad2.BangaloreSECONDARY LOCATIONS 1.Mumbai2.Pune3.Delhi-NCR4.Chennai5.Ahmedabad6.Vadodara7.Visakhapatnam8.Valsad9.Ankleshwar11 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentChapter 4LS Real Estate Clusters in India12 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentLS company portfolios typically consist of four major components,namely R&D laboratories,logistics facilities(including cold storage),manufacturing facilities and corporate offices,as detailed below:Key Components of LS Real Estate PortfoliosBiotechnology R&DGenetic engineeringCell engineeringEnzyme engineeringFermentation engineeringProtein engineeringRaw materialsPlasmaCell culture geneAntibodies and enzymesLow serum medium AntigenBiomedical manufacturingGenetically engineered drugVaccinesBlood productsDiagnostic reagentLogistics and salesDistributors/3PL playersLogisticsWholesalersConsumersR&D labsResearch organisationsPharmaceutical companiesPharmaceutical companiesUniversitiesHospitalsDistributors/3PL firmsPharmacies/Retail shopsOficesLS parksSmall-sized manufacturing plantsLarge-sized manufacturing plantsOficesLS parksPharmaceutical companiesPharmaceutical companiesResearch organisationsLS parksOficesLS parksIndustrial parksIndustrial parksOther chemical raw materialsCold ChainLogisticsIndustrial parksSource:CBRE Research,Q1 2023Real estate asset types that house LS companies:Components of LS company portfolios:LS parkIndustrial parkOfficeRetailR&D laboratoriesLogistics facilitiesLarge-sized manufacturing plantsSmall-sized manufacturing plants13 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentPharmaceuticals is a highly regulated industry and entails numerous regulatory approvals,including the registration of manufacturing plants and Good Manufacturing Practices(GMP)certifications.An analysis of the WHO-GMP*certified pharmaceutical manufacturing plants in the country revealed that as of 2019,Gujarat housed the highest number of WHO-GMP certified pharma manufacturing plants followed by Maharashtra,Himachal Pradesh and Telangana.Further,Uttarakhand,Tamil Nadu,Karnataka and Andhra Pradesh are also major manufacturing hubs(refer Figure 4.1).Moreover,India ranks second globally in terms of the number of US FDA-certified plants located outside the US,closely following China(refer Figure 4.2).LS Manufacturing Well Supported by Pharmaceutical Clusters in IndiaFigure 4.1:Geographical distribution of WHO-GMP-certified plants in India(as of 2019)Figure 4.2:Percentage of US FDA-certified plants located outside the US(as of May 2022)HimachalPradeshUttarakhandMaharashtraTelanganaAndhraPradeshTamil NaduKarnatakaGujaratLowestHighest19%8%5%5%4%4%4%3%3%3%2%2%2%Source:Central Drugs Standard Control Organization(CDSCO),2019;CBRE Research,Q1 2023*World Health Organization Good Manufacturing PracticesSource:US Food&Drug Administration,May 2022;CBRE Research,Q1 2023ChinaIndiaSouth KoreaCanadaFranceGermanyItalyMexicoUnited KingdomJapanSpainSwitzerlandIrelandTaiwanOthers14 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentTelangana leads with the highest number of US FDA-certified plants,followed by Maharashtra,Gujarat,Andhra Pradesh,Karnataka and Tamil Nadu.Other states with a sizeable presence include Madhya Pradesh and Himachal Pradesh.A further analysis of the type of operations revealed that while Gujarat is the topmost state for general manufacturing,Telangana is the leading state for analysis and API manufacturing.Telangana,Maharashtra and Gujarat are the Key Export ClustersFig 4.3:Distribution of US-FDA certified plants in India(as of May 2022)Fig 4.4:Distribution of US-FDA certified plants by type of operations(as of May 2022)HimachalPradeshMaharashtraTelanganaAndhraPradeshTamil NaduKarnatakaGujaratLowestHighestMadhya PradeshSource:US Food&Drug Administration,May 2022;CBRE Research,Q1 2023*indicates production of finished pharmaceutical products *indicates production of an active ingredient in any pharmaceutical productSource:US Food&Drug Administration,May 2022;CBRE Research,Q1 2023GujaratMaharashtraTelanganaKarnatakaOthersTelanganaAndhra PradeshMaharashtraKarnatakaOthers22%8%#%Manufacturing*API Manufacturing*15 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentIndia has about nine biotechnology clusters at various stages of development,located in Karnataka,Telangana,Tamil Nadu,Gujarat,Uttar Pradesh,Kerala,Chhattisgarh and Jammu&Kashmir.Below is a snapshot of select biotechnology clusters in the country along with an indication of the availability of real estate facilities such as office spaces,manufacturing units,R&D lab spaces and logistics&cold storage facilities.Source:Department of Biotechnology,GoI;CBRE Research,Q1 2023*PPP Public Private Partnership;*for R&D lab space LS Parks Facilitate Office,Manufacturing,R&D and Logistics RequirementsFigure 4.5:Key LS Parks in India11)%CityLucknowLS clusterBiotech Park,LucknowYear of setup2002CategoryEstablished clusterOwnershipGovernmentCityVadodaraLS clusterSavli Biotech ParkYear of setup2007CategoryEstablished clusterOwnershipGovernmentCityChennaiLS clusterTICEL Bio ParkYear of setup2004CategoryEstablished clusterOwnershipGovernmentCityBangaloreLS clusterBengaluru LS ParkYear of setup2022CategoryEmerging clusterOwnershipA PPP*between the Government of Karnataka and private entity Labzone CorporationOther key clustersSyngene Park,BIOCON CampusCityHyderabadLS clusterGenome ValleyYear of setup1999CategoryEstablished clusterOwnershipGovernment land allotments to various private companiesOther key clustersMedical Device Park at Sultanpur,Hyderabad Pharma CityUttar PradeshTamil NaduTelanganaKarnatakaGujaratOffice spacePrimary marketsSecondary marketsManufacturing unitsR&D lab spaceLogistics&cold storage facilities16 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentLeading LS companies in India prefer to operate from large-scale parks that can meet both their office and R&D needs.Startups and MSMEs are also increasingly opting to locate themselves in parks with a clear industrial positioning and abundant R&D resources.Thus,site selection plays an important role for the successful functioning of any LS park catering to various occupier requirements.What do Occupiers Look for in LS Parks?Figure 4.6:Site selection strategy for LS clustersHigh industry concentrationPresence of upstream and downstream industriesHigh quality clinical resources and laboratoriesSupportive central&state policiesPromotion of industrial clustersTransport:Last-mile connectivity,shuttle services,public transportation and parking spacesEnvironment:Green/open spaces and amenitiesCore:Ofice spaces and R&D labsOthers:Exhibition centres,conference rooms,leisure spacesIndustrial land with environmental clearances and a non-contentious titleCompliance with general requirements and building technical codes for biosafe laboratoriesDedicated space for biohazard disposal solutionsSingle storey factory with cleanroomStrict security to prevent theft or leakage of R&D data5.0 m floor height(including space for R&D equipment installation)Electrical Supply:200-650 W/sq.m.Floor Loading:500 1,500 kg/sq.m.Ceiling Bearing:to accommodate air handling unit(AHU)LocationPolicyAmenitiesFunctionLand TitleProperty TypeSpecifications*Note Specifications can vary basis the type of facility(drug substance/drug product/an Oral Solid Dosage(OSD)facility)Source:CBREs Shanghai Pharmaceutical&LS Industry Report,2021;CBRE Research,Q1 202317 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentChapter 5LS Real Estate Trends in India18 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentSustained Leasing Activity by LS Firms over the Last Two Years;Healthcare Companies a Key DriverFigure 6.1:Annual space take-up by LS companies(2019-2022)Rank indicates the LS sector position in overall pan-India leasing as compared to other sectorsFigure 6.2:Sub-sector-wise leasing by LS companies(2019-2022)0%1%2%3%4%5%6%7%0.00.51.01.52.02.53.020192020Rank 8Rank 7Rank 6Rank 620212022(%share)(in million sq.ft. 5 lakhs at the time of introduction for the first time at any exchange. Live Analysis of top gainers/losers, most active securities/contracts, price band hitters, overview of the market. )But in Washington and Arizona,where only Azure has offerings,a cheaper option of$1,291 a year isavailable.Thats because Azures headquarters are in Washington,and Arizona offers exceptionallycheap storage.Meanwhile,the most expensive region where all three vendors have an offering is SoPaulo,Brazil,where the price ranges from$2,156 to$2,332 a year.But an even pricier offering isavailable in Rio de Janeiro,where only Azure has an offering,at$2,745 a year.2023 Boston Consulting Group4We also identified the five lowest-priced regions for each vendor. copyright@2008-2013 Browse NSE products under Cash, derivatives, currency derivatives etc. After Market Data of NSE,BSE and MSEI in Capital Markets For Trade Date 28-Apr-2023 CategoryDateBuy ValueSell ValueNet Value FII/FPI 28-Apr-2023 13,577.29 10,272.97 3,304.32 DII 28-Apr-2023 6,319.21 6 0.10. Contract size. (theCompany)on Form 10-Q(Form 10-Q)for the period ended October 30,2022 as filed with the Securities and Exchange Commission,I,Edward P.Decker,Chair,President and Chief Executive Officer of the Company,certify,pursuant to 18 U.S.C.Section 1350,as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,that,to my knowledge:(1)The Form 10-Q fully complies with the requirements of section 13(a)or 15(d)of the Securities Exchange Act of 1934;and(2)The information contained in the Form 10-Q fairly presents,in all material respects,the financial condition and results of operations ofthe Company./s/Edward P.DeckerEdward P.DeckerChair,President and Chief Executive OfficerNovember 21,2022Exhibit 32.2CERTIFICATION PURSUANT TO18 U.S.C.SECTION 1350AS ADOPTED PURSUANT TOSECTION 906 OF THE SARBANES-OXLEY ACT OF 2002In connection with the Quarterly Report of The Home Depot,Inc. The value of the futures contracts on individual securities may not be less than Rs. Natural logarithms are based on the constant e (2.71828182845904). That is why it is considered as a good indicator to know where India market will open next day. Exchange has published Member Help Guide and new FAQs for Access to Markets. Apart from India the exchange also allows one to take positions in FTSE, China A50 index, MSCI Asia, MSCI Hongkong, MSCI Singapore, MSCI Taiwan ,Nikkei 225, Strait Times etc. WebCNX Nifty 50 Index Contract Size USD 2 times Nifty 50 Index Tick Size 0.5 index point (USD 1.00 per contract) Trading Hours 9:00a.m. (Selection criteria for securities). NSE commenced trading in futures on individual securities on November 9, 2001. After Market Data of NSE,BSE and MSEI in Capital Markets For Trade Date 28-Apr-2023 CategoryDateBuy ValueSell ValueNet Value FII/FPI 28-Apr-2023 13,577.29 10,272.97 3,304.32 DII 28-Apr-2023 6,319.21 6 )PharmaceuticalsBiotechnologyMedical devicesHealthcareSource:CBRE Research,Q1 2023Note:All the above analysis only includes office space take-up by LS firms in business parks in India and doesnt include industrial&logistics(I&L)/R&D spacesSource:CBRE Research,Q1 2023Similar to other sectors,office space take-up by LS companies saw a short-term slow down in 2020 owing to pandemic-related disruptions(refer figure 6.1).However,the leasing activity crossed the pre-COVID levels in 2021 and 2022,led by healthcare firms(refer figure 6.2).Leasing by medical device firms peaked in 2020 due to increased demand for safety and diagnostic kits during the outbreak of the pandemic.Cumulative space take-up by LS firms during 2019-22 8.6 mn sq.ft.19 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentHyderabadCities with LS Infrastructure and Research Institutions are Largely Preferred by LS Firms;Small-sized Deals Dominated across CitiesFigure 6.3:City-wise share in office leasing by LS firms(2019-22)Source:CBRE Research,Q1 2023Source:CBRE Research,Q1 2023Note:Small sized deals indicates transactions less than 50,000 sq.ft.HealthcareMedical devicesPharmaceuticals*Note Others include Ahmedabad,Pune,Kolkata and KochiNote:All the above analysis only includes office space take-up by LS firms in business parks in India and doesnt include I&L/R&D spaces38%8%5%8ngaloreDelhi-NCRHyderabadChennaiMumbaiOthers8.6 mn sq.ft.Figure 6.4:Key LS sector leasing trends in top five cities BangaloreDelhiChennaiMumbaiProminent sub-sectorsCitiesLed by the presence of large LS clusters,grade A office spaces,quality R&D labs,incubation centres and research institutions LS companies largely prefer Bangalore followed by Delhi-NCR and Hyderabad for office space take-up in India.Share of small sized deals(2019-22)53vW0 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentLS Firms Displaying Appetite for Expansion in India;Bangalore,Hyderabad and Delhi-NCR are Mostly PreferredFigure 6.5:Deal type analysis of LS space take-up(2019-22)Figure 6.6:City-wise deal type analysis(2019-22)Source:CBRE Research,Q1 2023Source:CBRE Research,Q1 2023ExpansionNew entrantsRelocationConsolidation&expansionRelocation&expansion563%7%3%1%8.6 mn sq.ft.EXPANSIONNEW ENTRANTSRELOCATIONCONSOLIDATION&EXPANSIONRELOCATION&EXPANSIONHealthcare firms accounted for more than half of the expansions followed by pharmaceutical companies with a share of almost one-third of expansions during 2019-22.More than three-fourths of the new entrants during 2019-22 were also from the healthcare sub-sector.BangaloreDelhiDelhiBangaloreChennaiHyderabadBangaloreBangaloreDelhiHyderabadAhmedabadPlease refer to annexure for definitions of expansion,new entrants,relocation,new lease,consolidation&expansion and relocation&expansionNote:All the above analysis only includes office space take-up by LS firms in business parks in India and doesnt include I&L/R&D spaces21 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentBangaloreAmerican and EMEA LS Firms are Expanding in India,while APAC and Domestic Companies are Entering New CitiesFigure 6.7:Regional share in LS space take-up(2019-22)Figure 6.8:Top cities preferred by regional LS firms(2019-22)Source:CBRE Research,Q1 2023Note:All the above analysis only includes office space take-up by LS firms in business parks in India and doesnt include I&L/R&D spacesSource:CBRE Research,Q1 202356$%1%AmericasEMEAAPACDomestic8.6 mn sq.ft.AMERICASEMEAAPACDOMESTICExpansions constituted more than half of the space take-up by American LS corporates during 2019-22,followed by new entrants(30%).Space take-up by EMEA LS firms was also largely led by expansions(83%)followed by new entrants(13%).New entrants accounted for almost 60%of the space take-up by APAC LS firms during 2019-22 and 23%involved relocations within the cities.Domestic LS firms had an almost equal share of new entrants(37%)and expansions(35%)during the same period.BangaloreDelhiBangaloreHyderabadMumbaiDelhiDelhiDelhiHyderabadHyderabadKolkata22 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentLS is one of the top alternate real estate choices for investors across the globe a trend we have tracked over the past few years.In our latest APAC Investor Intentions Survey 2022,healthcare-related properties,including LS assets were named the most popular alternate segment,overtaking Data Centres(DCs)for the first time since the survey began.Below is a lowdown of a few key LS investments announced in 2022.LS on Investors Radar Figure 6.9:Key LS investments in 2022INVESTORINVESTMENTDETAILSSource:Media articles,2022;CBRE Research,Q1 2023Note:Average exchange rate as of February 2023-1 USD=82.1 INRAurobindo Pharmas CuraTeQ BiologicsRx PropellantINR 300 crore(USD 37 million)INR 1,100 crore(USD 134 million)Expansion of manufacturing facilities in India(Planned)Development of 0.9 mn sq.ft.lab space at Genome Valley in Hyderabad(Planned)Partnership(for a minority stake)with MedGenome in Bangalore(Signed)Expansion of three manufacturing facilities in Genome Valley Hyderabad(Planned)Partnership with Accumax Lab Devices in Ahmedabad (Signed)Structured debt funding for API Holdings,the parent company of PharmEasy(Planned)INR 400 crore(USD 50 million)INR 1,800 crore(USD 220 million)INR 520 crore(USD 68 million)INR 2,700 crore(USD 350 million)Biological ECreador India Life Sciences FundGoldman SachsNovo HoldingsSep 22Oct 22Aug 22Jul 22Jun 22May 2223 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentLS Parks-Real Estate Outlook Indicators for Next Three Years Entry and expansion of global/domestic developers Increase in cluster developments such as bulk drug parks,medical device parks,pharma cities etc.with best-in-class R&D facilities Rental growth would be led by the LS sectoral demand in the short to medium term and the resulting impact of fitout costs Increasing space take-up by pharmaceuticals,biotechnology,medical device and health care firms in the coming quarters.Select companies are also considering taking up flex spaces Higher preference for BTS developments with plug&play features and ESG standards Dip in vacancies expected to be led by flight to quality leasing in new-age LS parks in the medium to long term Costs expected to continue to rise,but marginally.This is because inflationary pressures are widely expected to abate in 2023.This,alongside the resolution of supply chain disruptions and more active policy interventions from the government,might limit hikes in material prices NEW SUPPLYRENTSPACE TAKE-UPVACANCYFITOUT/CONSTRUCTION COSTS24 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentFuture Strategies for LS Occupiers Capture the current leasing market to optimise portfolios before a full post-pandemic recovery Adopt hybrid work policies and activity based working to align with the changing employee requirements if applicable Need-based leasing of flex spaces Enhance distribution networks and last-mile efficiencies Partner with 3PL players to improve supply chain networks Target suitable facilities or partner with landlords to enhance assets Leverage government incentives to strengthen R&D capabilities Increase R&D footprint in LS parks Focus on co-labs and incubators to support start-ups Leverage government incentives to strengthen manufacturing capabilities Enhance distribution networks and last-mile efficiencies Partner with 3PL players to improve supply chain networks Target suitable facilities or partner with landlords to enhance assetsOFFICELOGISTICS/COLD STORAGE FACILITIESR&D LABSMANUFACTURING FACILITIES25 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentChapter 6Annexures26 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentTechnical Specifications of a Typical LS Park in BangaloreProject Features Leasable area:0.9 mn sq.ft.Typical floor size:63,000 sq.ft.No.of floors:G 14 Refuge floors:5th,8th,11th and 14th floor7,311 kVA from BESCOM and 100%DG backup(2,000 kVA X 5 primary 1 standby)High performance faade425 TR x 5(4 primary 1 standby)water-cooled screw chillers with MERV 14 filters11 X 10.2 m grid410 KLD with MBR system12 passenger elevators with destination control systemsAs per the NBC&local fire authority norms4.2 m 80%Building area and floorsPowerFaadeAir conditioning systemGridSewerage Treatment Plant(STP)ElevatorsFire&safetyFloor to floor heightBuilding efficiencyANNEXURE IPlease refer to Annexure III for full forms of the abbreviations given27 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentANNEXURE ITechnical specifications of a Typical LS Park in IndiaWarm Shell 0.8 kVA/100 sq.ft.on total leasable area(varies as per client requirements)425 TR*5(4W 1 standby)water cooled screw chillers MERV 14 filters are provided as per WELL certification requirement Considered as per ASHRAE 62.1 standard and additional 30%as per WELL certification requirement Typical office floor load design-4.5 kN/sq.m.Ground,first,second floor load design-7.5 kN/sq.m.Each office floor grid load design-10 kN/sq.m.for servers and other loads Basement parking area load design-5.0 kN/sq.m.Designed as per NBC 2016 and fire NOC obtained by the department100%power backup(2,000 kVA X 5 1 standby)1,100 kgCapacity of 410 KLD with MBR technologyEvery 7,750 sq.ft.Raw powerHVACFire detection and protection systemFloor load designPower backupOWC capacitySTPCar parkPlease refer to Annexure III for full forms of the abbreviations given28 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentANNEXURE IICase Study:Lease Terms of R&D Spaces in Hyderabad Traditional Office SpacesLS R&D SpacesRent(INR/sq.ft.month)CAM(INR/sq.ft./month)Security Deposit(no.of months)Lock-in periodLease Tenure50-758-1560-8515-226 months6 months5 years5 years3 years3 yearsSource:CBRE Research,Q1 202329 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentANNEXURE IIIKey Terminologies in the LS SectorTERMDEFINITIONPharmaceuticalsInvolves creation of medicines from chemicals and synthetic processesBiotechnologyInvolves technology that derives products from the extraction or manipulation of living organismsMedical devicesAny instrument,apparatus,implement,machine,appliance,implant,software,material etc.,intended to be used,alone or in combination for a medical purposeMedicine vs.DrugMedicine is a substance or preparation used in treating disease,while drug is intended to bring change in normal physiological functions of bodyMedicines have only positive impact on the body,while drugs may have both positive/negative impactNote-All medicines are drugs but all drugs are not medicinesBiologicsDrugs that contain components from living organisms such as humans,plants,animals,and microorganismsBiosimilarsBiosimilars are not new drugs,but rather they are copies of biologic drugs that have been used to treat several diseases and conditionsActive Pharmaceutical Ingredient(API)Active components of any drug that produces the intended effect.A raw material/intermediate used in the production of an API;incorporated as a key structural fragment of APIKey Starting Material(KSM)A raw material/intermediate used in the production of an API;incorporated as a key structural fragment of APIDrug Intermediates(DIs)Raw materials used for the production of bulk drugs;not necessarily an integral part of active substancesGeneric drugsA generic drug is a medicine created to be the same as an already marketed brand-name drug in dosage form,safety,strength,route of administration,quality,performance characteristics,and intended usePatent vs.Generic drugsA drug which is protected by patent is a patent drug and the drug which is a copy of branded drug and is equivalent in terms of safety,efficacy,dosage and use is called a generic drugBulk Drug ParkClusters/space with common infrastructure facilities for the exclusive manufacture of APIs/DIs/KSMMedical Device ParkClusters/demarcated areas for manufacturing of surgical equipment,diagnostic equipment such as cardiac imaging,CT scans,X-ray,molecular Imaging,MRI and ultrasound-imaging including handheld devices;life support equipment such as ventilator,etc.
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