Gurgaon/Chennai: 12 March 2014: International property consultancy JLL (Jones Lang LaSalle) has announced a major realignment in the leadership team for its Delhi NCR and Chennai businesses. The move will further strengthen the company’s position with regards to its established businesses in Delhi NCR and South India.
Previously Managing Director for Chennai & Coimbatore, Badal Yagnik has assumed the role of Managing Director – Delhi NCR with effect from March 3, 2014. Based out of Gurgaon, he will be responsible for driving the Firm’s transactions business in this region and ensuring further growth in terms of revenue, product offerings and business scale.
During his immensely successful tenure in Chennai and Coimbatore, Badal Yagnik significantly scaled up the Firm’s business in this key market across multiple service lines, bringing into play his highly evolved cross-selling skills. This background, as well as his familiarity with and excellent connections in the Delhi NCR market, equip him to significantly amplify his success record in his new assignment.
Commenting on the prevailing commercial real estate scenario in Delhi NCR, Badal says, ““The pent-up demand for office real estate in NCR is expected to pick up after the general elections, and this will drive up rental levels. Corporate houses, anticipating this development, are showing a lot of interest in acquiring space as well as renegotiating their real estate portfolios ahead of the lease tenure while the rentals are still stable.”
The NCR commercial office space saw net absorption being at a nine-year low in 2013; however, the overall transaction volumes were higher when compared to 2012, and this points towards increased leasing activity in the office market. While consolidations/relocations were the major demand drivers over the past year, improving global business sentiments are likely to positively impact office space requirements for both expansion and consolidation needs going forward.
Concurrently, Sarita Hunt has been appointed as Managing Director, Chennai & Coimbatore. Continuing to be based out of Chennai, she will be responsible for further growing JLL’s business footprint as well as advancing the Firm’s leadership position in the city.
Sarita Hunt has already distinguished herself by substantially increasing JLL’s share of business in Chennai’s commercial office real estate domain. Her demonstrated abilities in client relationship management and operational expertise within the Chennai market gives her a strong footing to take on this next level of leadership.
Sarita Hunt says, “I am indeed excited to take up this responsibility at an important juncture for Chennai’s real estate market. With heightened competition for Grade A office space in the city’s preferred micro-markets and the decrease in vacancy across the secondary business districts, Chennai will witness a moderate increase in rentals, especially in these occupier-favoured locations. This represents a major opportunity for developers looking at new commercial real estate development there to take advantage of the inherent demand and capitalise on the lack of existing supply.”
The average demand for office spaces in Chennai in 2014 stands at approximately 3.5 million square feet. On the retail front, 2013 was one of the best years for Chennai, with two large malls with over 1.8 million square feet becoming operational. However, in the near to mid-term, the lack of any new mall supply means that brands will need to start looking at high street locations. Standalone ‘Big Box’ formats and built-to-suit facilities will also start gaining traction because of the robust demand for quality retail space in the city.”
Santhosh Kumar, CEO – Operations, JLL India says, “In line with our philosophy of empowering our most successful leaders with enhanced roles within the Firm, I am delighted to announce the leadership transition for the Delhi NCR and Chennai businesses. Their diverse experience and skill sets will go a long way in ramping up the Firm’s established eminence in their respective geographies and businesses.”