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🎙️INR 450 billion retrofitting opportunity across India’s top seven cities 62% of operational office stock requires retrofit interventions. These projects are under single ownership structures, owned by/invested into by either property developers or institutional investors.
🎙️The four largest markets by size and occupier activity account for ~81% of estimated capital expenditure for retrofitting Bengaluru, Delhi NCR, Mumbai and Hyderabad comprise the largest share of assets with retrofitting potential. These four markets represent about 75% of occupier activity in the country. Consequently, actions taken by landlords and investors in these markets will be critical for keeping existing assets ‘relevant’.
🎙️Retrofitting goes beyond chasing ‘green’ certifications It aims to achieve greater efficiency in building performance parameters while targeting a low-carbon future. Landlords and investors should implement holistic interventions that address both physical and operational aspects of their assets. These interventions should integrate a higher degree of ‘human experience’ within the built environment.
🎙️Retrofitting can yield potential rental upside of 15-30% (with respect to current asset rentals) across office clusters while unlocking asset value Post-retrofit rental premiums offer tangible returns, while improved occupancy rates and longer lease terms further enhance the per-square-foot value of assets. Beyond financial benefits, retrofits optimize asset repositioning and maintain asset relevance as regulations trend towards carbon taxation and pricing mandates.
Credit: JLL (India)
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