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Top 5 trends in office interior designing – RealtyMyths

by Ankana Mitra With the passing years, the job seekers have evolved tremendously. Now, apart from a good package, the job seekers are looking for a workplace where they wouldn’t mind coming daily, which is exciting and offers a creative vibe that inspires them to generate fresh ideas. That is why the corporate real estate sector is focusing on interior designing now more than ever. Earlier the interiors were done specifically to put an impression on the clients. Whereas now about 40% of focus has been shifted to employee satisfaction, to provide them with a flexible environment. And it is safe to say that this benefits the company in return as flexibility improves employee productivity, and encourage better collaboration among team members, along with saving overhead costs in many cases. ...

50% of Indian Office Stock Qualifies for REITs

About 50% of India’s total office stock is REITable – up from 30% in 2 years Low returns, lack of sound rental policy eliminated residential’s REITs candidature Projected 5-year returns on commercial assets is 14% The listing of India’s first REIT by Blackstone-backed Embassy Group has been in the offing for quite some time, but it now finally appears that it will be listed within the first half of 2019. As REITs await their official deployment in India, investors hoping to cash on this new avenue for generous ROI growth seek to understand what exactly is in store for them – and for the real estate market. As with any other investment platform, REITs have their own nuances and also issues, especially in the Indian context. Obviously, the industry at large has a lot of skin in the gam...

NBCC Sells Office Space at NBCC Centre,New Delhi For Rs 83.31 Cr

Navratna Central Public Sector Undertaking NBCC (India) Limited has sold 27,769 sqft office space at the upmarket NBCC Centre in Okhla Phase 1 in the national capital to Balmer Lawrie & Co for a total value of Rs 83.31 crore. The office is part of the strategically located ‘NBCC Centre’, a Commercial Complex developed by the company that offers world-class amenities, makes it one of its kind office building in the vicinity. “The Profit margin available to NBCC against the said deal will be approximately Rs. 55 cr,” NBCC said. NBCC Centre comprises three basements and ground plus 8 stories having a total saleable area of approximately 2,36,251 sqft. The construction of the building was completed and completion certificate was obtained from DDA on 29/06/2015. With this sale, approximatel...

JLL India facilitates marquee 163-acre land transaction for CEAT in Chennai

JLL India, advised and concluded a marquee transaction for CEAT – the flagship company of RPG Enterprise. The deal involved the purchase of a massive 163-acre land parcel in Chennai to set up a radial tyre manufacturing plant. RM Correspondent This is one of the largest industrial investments and private land acquisition arrangements in Tamil Nadu facilitated by an international property consultancy. As CEAT’s exclusive transaction advisers for this land acquisition, JLL India also facilitated the associated incentives negotiation with the Tamil Nadu Government. The land parcel is located along the upcoming Chennai–Bangalore corridor in the industrial cluster of Sriperumbudur. This corridor commands high strategic important due to the presence of many automotive OEMs in the vicinity. CEAT ...

Average city-level office rentals of Delhi-NCR rose by ~1%

Gross average rental of the Delhi-NCR office market showed marginal appreciation in 1Q17 compared to 1Q16. At INR 78 per sft per month, the third largest office market in India (in terms of stock) recorded almost a 1% appreciation in average rents. This average has been arrived at by considering office assets spread across Delhi’s CBD and SBD as well as Gurgaon and Noida. As it is on a stock-weighted basis, the higher office stock of Gurgaon influences the average number. Manish Aggarwal, Managing Director – North & East, JLL India While Delhi-SBD (secondary business district) witnessed a decline of 6% in average rentals, Noida saw an appreciation of 4%. Similarly, Delhi-CBD (central business district) rents declined by 1.4% (y-o-y) whereas Gurgaon witnessed a 1.3% gain over the same p...

Residential, office RE remain favourite asset classes for domestic and foreign Investors

In 2016 and 1Q2017, residential projects (including townships) across India attracted an investment of more than INR 26,000 crore. Commercial projects (including IT), on the other hand, got almost half of this amount at slightly more than INR 13,600 crore. Land attracted 2.5% of the overall investment at INR 1,065 crore, while retail could attract only 2% or INR 870 crore due to the lack of quality mall supply. These investment figures are a combination of debt and equity. Shobhit Agarwal, Managing Director – Capital Markets & International Director, JLL India Only in 2014 did investment in the office asset class go past the corresponding figure for residential. In all the other years from 2010 to 2016, residential has been the preferred asset class for both institutional and pri...

Mumbai’s key office real estate trends leading up to 2020

On the back of declining interest in the traditional central business district (CBD) of Mumbai, some corporations are establishing their front-office functions in the secondary business districts (SBDs) and moving back-office activities to the suburban markets. Leading up to 2020, domestic corporations are expected to move up the value chain and look to give their staff more attractive working environments. This will further fuel the relocation from CBD to alternate business districts. Karan Singh Sodi, Managing Director – Mumbai, JLL India The SBDs have newer and better-quality buildings and look attractive but there is also a large and growing scarcity of carparks in SBD Central and SBD North, which is yet to be resolved. The government plans to support the development of periphera...

2016 sees lowest office vacancy in 8 Years

The pan-India office vacancy in 2016, at 15%, was the lowest in eight years. On the back of positive office space demand from sectors like manufacturing, logistics, FMCG, consulting firms, etc., the year saw a record low vacancy largely driven by IT cities such as Bengaluru,Pune and Hyderabad – each of which saw vacancy in single digits. The sharpest reduction in pan-India office vacancy was seen between 2013 and 2016 when it went from 18.5% to 15%. Ramesh Nair – CEO and Country Head, JLL India Vacancy in Bengaluru has reduced from 14.5% in 2010 to 3.8% in 2016. Chennai’s vacancy has come down from 32% in 2010 to 11% today. Hyderabad has also seen its vacancy reduce from 15.5% in 2009 to 9% in 2016. Similarly, in Pune, vacancy has reduced from 17% in 2009 to 5.5% today. The pan-India vacan...

Average city-level office rentals in Delhi-NCR remain static

Santhosh Kumar, CEO – Operations & International Director, JLL India Gross rentals in the Delhi-NCR market remained static in 1H16 compared to 1H15. At INR 77 per sq ft per month (on a stock-weighted basis), the third largest office market in India – in terms of stock – showed no appreciation in city-level average rents. Among micro-markets, Gurgaon and Noida saw a marginal rise in rentals with average rents increasing to INR 75 in Gurgaon, and INR 43 (as of 2Q16) in Noida, clocking a y-o-y increase of 1% and 5% respectively. The relatively affordable rents in both Noida and Gurgaon micro-markets make them maintain their attractiveness for IT/ ITes players. The profile of tenants has changed in recent years, however, in certain precincts of these micro-markets such as Cyber City, where...

Bengaluru Has Lowest Office Vacancy Levels In India

In 2015, more than 10 mn sft of office space got occupied and another 2 mn sft of leasing was done in under-construction projects. In 1Q16, Bengaluru had seen the highest leasing volumes in Asia Pacific on the back of big-ticket transactions. Although there is demand for 10 mn sft, supply of only 8-8.5 mn sft non-captive office space is expected to come up by the end of 2016. Ashutosh Limaye Over 10 mn sft occupied in 2015 +2 mn sft in under-construction projects; in 1Q16, city sees highest leasing volumes in APAC Among the seven major office markets in India, Bengaluru has emerged as the one enjoying lowest vacancy levels. At slightly more than 3%, the office vacancy levels are at an all-time low in the IT capital of India. Bengaluru is followed by other IT hubs like Pune and Hyderabad ha...

Panasonic India moves to a new ‘smart’ office in Gurgaon

State of art Panasonic Regional Headquarter reflects the company’s philosophy of being innovative, ecological & employee friendly Gurgaon, June 18, 2015: Panasonic India relocates to its new corporate office in Gurgaon’s newly developed corporate and residential township – Ambience Island. The new office which has been designed & built as the new ISAMEA (India, South Asia, Middle East and Africa) regional Headquarters is an eminent milestone in Panasonic India’s journey and a true reflection of company’s vision to carve out India as the number one priority market globally for Panasonic Corporation. India has been recognized as the sixth strategic region which will take care of the ISAMEA as India is rapidly emerging as a growth leader for the entire Asia-Pacific region. Panas...

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