Arora says clients talk about redesigning office spaces
Office leasing demand will improve in the coming quarters as occupiers continue to execute real estate decisions as workplace upgrades and a flight to quality will continue to be a key theme of this demand, Radha Dhir, CEO & Country Head, India, JLL, said on 8 June 2021, promoting Rahul Arora from Managing Director for Bangalore to lead Office Leasing Advisory business for India.
“This is a very challenging time for the real estate market in India and we’ve been observing some unique trends emerge from the pandemic,” added Arora, as he moved on to the new position.
“We’re hearing clients talk about moving to new locations, redesigning office spaces, switching to a hybrid model, developing return to work strategies and so much more. We are certain that the paradigm shift will also bring about new opportunities,” said Arora.
Office Leasing Advisory has been one of JLL’s largest transaction drivers and has grown exponentially over the past few years. The firm has announced multiple transaction closures even during the pandemic leveraging technology to aid its clients. With investors, occupiers and developers reshaping their office real estate strategies, JLL strongly believes the market is poised to move the needle.
The strategic move of Arora underlines JLL’s confidence in the strong prospects of India’s office market despite the headwinds from the COVID-19 pandemic.
Arora will continue to serve as a member of the India Leadership Council and will be joining the Asia Pacific Executive Committee for Office Leasing Advisory.
JLL expects offices to return to the re-energized Central Business Districts as cities recover from the pandemic. Once strict physical distancing protocols come to an end, CBD offices will serve as hubs for face-to-face interaction, collaboration, innovation, creativity and socialisation.
Cities that had tight occupational densities pre-pandemic are likely to face pressure to de-densify. In business process outsourcing destinations like Bengaluru, business imperatives and intense usage of space drew densities to as low as 7 square meters per person, said JLL in the release.
Mega-hubs such Mumbai which provide business services for large and growing national markets recorded densities from 9 to 11 square meters per person.
“This is the right time for businesses to track space utilization and occupational density metrics to help determine their future office space requirements. In the post-pandemic recovery phase, the next few years will be pivotal as corporates and cities set and work toward ambitious sustainability targets. Future sustainability decisions will likely balance out the trade-off between density and efficiency,” said JLL.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
In India, JLL has an extensive presence across 10 major cities (Mumbai, Delhi NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata, Ahmedabad, Kochi and Coimbatore) and over 130 tier II & III markets with a cumulative strength of close to 12,000 professionals. Headquartered out of Mumbai, we are India’s premier and largest professional services firm specializing in real estate. Our services cover various asset classes such as commercial, residential, industrial, retail, warehouse and logistics, hospitality, healthcare, senior living, data centre and education. #property #investment #realestate #developments /fiinews.com
