Trending

Stories

India’s Aging Office Spaces Present Massive Investment Opportunity: JLL

Tidio Live Chat Software - Add Tidio live chat software to your website in minutes. Contact visitors and turn them into happy customers. Enhance their experience and boost your sales. Get it for Free

WP Rocket - WordPress Caching Plugin

Must Read

The aging office spaces in India present massive investment opportunity, according to a JLL report.

Out of the existing 642 million square feet of Grade-A office space in India’s top seven real estate markets, the top three — Mumbai, Delhi-NCR, and Bengaluru — comprise nearly 64 percent of the total stock, as per the report titled ‘Unlocking Value in Real Estate.

Also Read

Around 28 percent of these buildings are more than a decade old and do not have the latest facilities that newer buildings offer.

“Upgrading these buildings with modern amenities, designs and building technology presents a massive investment opportunity of an estimated Rs 5,500 crore,” it said.

Elegant Themes - The most popular WordPress theme in the world and the ultimate WordPress Page Builder. Get a 30-day money-back guarantee. Get it for Free

Real estate investors and landlords are missing income opportunities and cost savings as their assets age in the Asia Pacific, said JLL. Half of the investment properties in prime locations in the Asia Pacific are over 20 years old, leading the real estate firm to forecast that there is over $40 billion worth of unrealized value in aging and underperforming properties regionally, it said.

The report noted that without asset enhancement, offices, shopping malls, hotels, residential buildings, and industrial facilities would lose relevance due to evolving end-user habits and preferences.

JLL’s research reveals that rental rates for aged and outdated buildings are 10 percent to 40 percent lower than up-to-date, well-managed properties in similar locations. This marked difference in rates may also increase as newer post-pandemic designed buildings enter the market.

“The current pandemic situation has brought out a key change in workers’ expectations in terms of workplace safety and amenities. In this new world of work, the existing buildings might not yield the same value as before the pandemic,” said Harish MV, Managing Director and Head, Project, and Development Services, JLL.

“In a rapidly transforming real estate landscape, asset enhancement helps buildings to perform at their best and ensures that they evolve at the same pace as human preferences. While the age of the building is one of the measures for identifying the need and potential of upgradation, we will also witness a trend of newer buildings undergoing or planning for development to keep up with the evolving trends in the market,” he added.

Older buildings’ energy and maintenance systems are often less efficient, leading to increased operating costs, making a strong case for investors and landlords to reconsider design and asset enhancement strategies for aging properties.

Driven by the accelerated demands for health and wellness features, enhanced human experience, sustainability, and technology tools following the pandemic, JLL has identified few sectors that present the highest potential for asset enhancement, including office, retail, hotels, and residential.

iThemes WordPress Hosting

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Latest

Stories

- Advertisement -
- Advertisement -

Latest

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Grow Your Business

Get these business solutions, tools and services to help your business grow.
Elementor

Elementor -Join 5,000,000+ Professionals Who Build Better Sites With Elementor. Build your website with 100% visual design that loads faster and speeds up the process of building them.

WP Rocket

WP Rocket - Speed up your website with the most powerful caching plugin in the world. The website speed increase means better SEO ranking, user experience, and conversation. It’s a fact that Google loves a fast site.

Kinsta

Kinsta - If you are looking for WordPress managed hosting, Kinsta is in the leading front. Kinsta provides WordPress hosting for a small or large business that helps take care of all your needs regarding your website with cutting-edge technology.

OptinMonster

OptinMonster - Instantly boost leads and grow revenue with the #1 most powerful conversion optimization toolkit in the world. 700,000+ websites are using OptinMonster to turn their traffic into leads, subscribers, and sales.

Related

- Advertisement -
- Advertisement -
ChatGPT Reaches 100 Million Users in Two Months Microsoft’s Teams Get OpenAI-Based Features WhatsApp New Feature that Allows Users to Create Calling Shortcuts Instagram Working On Twitter-like Paid Verification Feature OnePlus Ace 2 Specs Exposed Online Realme GT Neo 5 Full Specs Revealed  Samsung Galaxy S23 Ultra: The New Android King Twitter To End Free API February 9 MLS Season Pass Now Available On Apple TV App Tesla To Increase Giga Shanghai EV Production to 20,000 Weekly 
OpenAI Releases Tool To Detect AI-generated Text Tesla Records Double Net Profit in 2022 India to Produce Upcoming iPhones: Trade Minister Japanese Professor Developed A Power Semiconductor made of Diamond Google Releases New Product for India’s Merchants Indian EV Startup Unveil Two AutoBalancing Electric Scooters OPPO Find X6 Pro Images Render via Weibo Sony Develops New Tech to Reduce Noise of Image Sensors