Investment Potential Of Rs 1,560 CR In Office Space Up-gradation In Delhi NCR: JLL
New Delhi: There is investment potential of Rs 1,560 crore in office space up-gradation in Delhi NCR in the next five years there is immense demand of Grade A Office spaces and relatively low supply.
Although there will be new supply of about 50 million square feet, almost all of (95 percent) would come up at suburban locations of Gurugram and Noida. Hence, there will be substantial scope for upgrading existing office spaces to meet the demand for quality workspaces.
Low vacancy rates in the office buildings in central areas, fast-evolving preferences of corporate occupiers and limited scope for further development of quality premium office spaces present a good opportunity for owners and landlords to upgrade their properties.
In Delhi NCR, there has been supply of 26.4 million square feet of Grade A office stock that was completed 10 years ago. This represents the opportunity that exists in Delhi NCR to renovate and future-proof the ageing assets with new design, technology and modern amenities that will appeal to the new age workforce.
“In this era of change, the biggest characteristic that defines today’s workplaces is continuous innovation. With a diverse working population spanning baby boomers to “Gen Zs”, it is time to futureproof commercial spaces including offices to meet the emerging needs of a demanding workforce as well as deliver on the community’s sustainability promise,” said Ramesh Nair, CEO & Country Head, JLL.