“Delhi NCR office market is witnessing robust leasing activity because of high demand from traditional (IT/ITeS, healthcare, manufacturing, etc.) as well as new occupier segments (flex spaces). Additionally, more than 50 mn sq ft of office supply in slated to hit the market in the next 5 years. But 95% of the upcoming supply is concentrated in the suburban markets of Gurugram and Noida,” JLL said in the report.
The property consultant points out that low vacancy in the quality office buildings, rapidly evolving preferences of occupiers and limited scope for further development of premium office spaces indicate how critical it is for owners/landlords to revitalise their buildings.
In Delhi NCR, the quantum of existing Grade A office stock that was completed 10 years ago stands at 26.4 million sq. ft. This shows the opportunity that exists in Delhi NCR to upgrade and future-proof its ageing assets with modern amenities, new design and building technology which 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 future-proof 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.
“In addition, these urban regeneration and revitalisation projects go a long way in re-building a city’s urban character and help revitalise the local economy — often giving back the city its pride by rebuilding its iconic skyline,” Ramesh added.
Such upgradation involves various components ranging from safety and security to human experience and technology. The need for upgradation and the importance of its various components vary across the city. More importantly, the capex required depends on the building in question and its location.
