India on track to be among largest regional networks: WTCA's Wang

India is set to emerge as one of WTCA's largest regional networks, with World Trade Centers expanding to around 50 cities as demand for premium offices, logistics and new-age sectors rises

The World Trade Centers Association (WTCA) plans to sharply deepen its presence in India, betting on sustained economic growth, rising demand for quality office space and the rapid expansion of logistics and new-age sectors.

 

Scott Wang, vice-president, Asia-Pacific, WTCA, told Business Standard in a virtual interaction that India is on course to become one of the organisation’s largest regional networks globally over the next five years, covering about 50 cities by that time, up from 33 where it has a presence now. The number is set to rise to around 40 in the next two to three years.

 

“This year alone we added four new cities, last year we added three to four… At that time, India will become among some of the largest regional networks in our global family,” he said.

 

Contrary to the global trend of sluggish office demand amid work-from-home practices and cost-cutting, India remains an outlier, especially in premium office space, where demand for office space has surpassed supply, with one of the lowest vacancy rates being seen in several years.

 

Wang explained that India was “exceptional” since premium office building in Tier-II and Tier-III cities was still lagging, leaving a large headroom for future growth.

 

He also flagged a shift in the tenant profile.

 

“It was traditionally very kind of IT…back office based GCC. But now you see some of the new tenants from biotech… pharma, medical devices… and a lot of startups, new energies.”

 

World Trade Centers play a critical role in boosting international trade and business connectivity by serving as hubs for commerce and networking Wang said, adding that the non-profit’s core strength is in enabling businesses to access international markets, partners, and resources more easily.

 

WTC allocates its brand to developers or operators through a licensing basis in the form of initial fee and ongoing royalties.

 

WTCA’s India portfolio is also moving beyond traditional office towers to mixed-use complexes and industry parks with new verticals such as med-tech taking shape. WTC Bengaluru, he said, is “probably the best demonstration” of the mixed-use ‘work-live-play’ model.

 

Wang pointed to three industry park-based centres -- one in Andhra Pradesh’s medical technology zone and two in Telangana’s Genome Valley and a “Future City” focused on IT and AI -- as evidence that new verticals are taking shape.

 

On logistics, he noted two new projects with Welspun at Bhiwandi and Nhava Sheva that merge commercial and logistics components and “could be very successful.”

 

India was also gaining from macroeconomic tailwinds, Wang said, describing India as “the fastest growing economy among all the major ones at this point,” driven by policy reforms, demographics and external ties.