Mumbai: JLL has announced that, Rahul Arora, currently Managing Director, Bangalore will now head its Office Leasing Advisory business for India. This move underlines the Firm’s confidence in the strong prospects of India’s office market despite the headwinds from the COVID-19 pandemic. Rahul 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.
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, the Firm strongly believes the market is poised to move the needle.
Radha Dhir, CEO & Country Head, India, JLL said, “Office leasing demand will improve in the coming quarters as occupiers continue to execute real estate decisions. Workplace upgrades and a flight to quality will continue to be a key theme of this demand. To have a strong and experienced leader help our clients navigate the complexities seems more important now than ever.”
“Rahul has been an integral part of JLL’s India Leadership Team and has played a significant role in increasing our market share in Bangalore. He is highly regarded for his client management skills, innovative solutions and always has a keen eye to nurture talent. I am confident that Rahul will lead the business with focus and integrity to drive long-term profitability,” she added.
Commenting on the move, Rahul Arora, Head – Office Leasing Advisory, India, JLL said, “I deeply value the opportunities I’ve had at JLL over the years. It’s been an incredible journey and I’m looking forward to my participation in driving the vision of the Firm in the coming years. 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. 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.”
JLL expects offices to return to the re-energized Central Business Districts (CBD) 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 socialization.
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. 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.