About 62% of India’s office stock needs upgrades: JLL

Bengaluru: India’s office market needs to keep pace with the rapidly evolving sustainability standards, occupier demands, and regulatory requirements. Approximately 62% of India's Grade-A office stock, or 530.8 million square feet (msf), requires upgrades to meet future occupier needs and sustainability standards, according to a report by JLL out on Friday.

This “futureproofing” of India's office buildings holds a Rs 45,000 crore investment opportunity in the top seven cities. Bengaluru, Delhi NCR, Mumbai, and Hyderabad account for about 81% of this.

Successfully upgraded assets can potentially see rental upside of 15-30%, with some submarkets offering up to 40-50% rental premium post such upgrades, as per the report.

This includes upgrading existing buildings as well as retrofitting, such as improving the existing building design and engineering, integrating new technology, enhancing user experience, and incorporating climate-adaptive capabilities.