advance retrofitting india central business districts
TRANSCRIPT
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RetrottingIndias Central
BusinessDistricts
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be overhauled and, in some case, be converted
to Grade A.
As Grade B rents are observed to be 20-
38% less than Grade A rents in the CBDs
of prime Indian cities, these properties are
underperforming assets that are not fully
realizing the potential returns from the high
value land parcels that they are constructed
on. Even if we assume that only 30% of the
current Grade B stock in cities across India can
potentially be retrotted into Grade A space, an
additional INR 2.9 billion of rental revenue can
potentially be generated.
Retrotting commercial ofce buildings
is a complex process as it involves many
stakeholders. It has nancial and operational
risks which can be mitigated through proper
planning and efcient project management.
The upfront capital investment in retrotting
projects depends on the level of retrotting
works done. Benets from retrotting can be
either immediate or long-term in nature.
The payback period of investment ranges from
two to ve years for minor retrotting and six
to fteen years for major retrotting projects as
observed in a study of retrotted ofce buildings
conducted by Jones Lang LaSalle Research.
Landlords of CBD ofce and retail space have
already capitalised, or are planning to capitalise,
on the impending ofce market recovery by
retrotting their property now as markets begin
to improve. A few landlords in prime retailmarkets have also retrotted the ground oor
retail space in their building to accommodate
the needs of modern retailers. This trend will
accelerate in CBDs of cities like Mumbai and
Delhi where there are limited options for new
development.
Executive SummaryCentral business districts, or CBDs, which wereonce the commercial hubs of Indias cities, are
gradually losing their sheen as the development
is shifting towards alternate locations. It is
becoming critical for landlords to revitalize their
older buildings in order to sustain demand for
ofce space in CBDs.
The majority of ofce buildings in Indias CBD
are at least three decades old with structures
that are worn out due to poor maintenance.
With a severely limited supply of new ofcespace, tenants located in Indias CBDs have
traditionally been forced to occupy buildings that
are low on quality and high on operating costs.
The recent global economic downturn has
increased pressure on all businesses to reduce
costs. Indian businesses that are now growing
again nd it difcult to implement expansion
plans in CBDs. In such a business climate, the
attractiveness of high-rent, low-quality space in
CBDs across India is diminishing relative to thatfound in neighbouring micro-markets.
Vacancy levels in Indias CBDs have shown
a slight increase starting in 2009, as tenants
increasingly opted for higher quality ofce space
found in alternate micro-markets within the city.
The threat of sustained high vacancy rates
should serve as a wake up call for property
owners who are exploring quality improvement
options as a means to improve the competitive
positioning of their properties.
Retrotting is usually the preferred option
for quality improvement (as compared with
redevelopment) to increase the attractiveness
and economic life of existing older buildings.
The current stock of older, lower-quality
buildings in the CBDs of most Indian cities
has a huge potential in terms of retrotting.
Retrotted buildings will enjoy higher occupancy
due to increased tenant retention and increased
absorption due to their superior quality and
lower operational cost.
Not only can Grade A properties be improved
through retrotting but Grade B properties can
Retrotting is usually prefferedoption for quality improvement
of buildings
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IntroductionIndias CBDs
The CBDs of prime cities such as Delhi and
Mumbai have been the hub of the nations
economic activity over the past few decades.
Some commercial buildings within Indias CBDs
are centuries old and are considered to be
heritage structures due to their historical and
architectural signicance. These properties are
typically utilised as government ofces or as the
head ofce of large corporate occupiers from theshipping, manufacturing, banking and insurance
sectors.
A CBD is deemed as the most valuable business
location within a city and is characterised by
high land and property prices. High demand for
CBD ofce locations arise from numerous factors
including established business ecosystems,
accessibility to services, superior infrastructure
and prestige of address. Residential and retail
locations within and bordering CBDs are often also
considered to be prime locations.
A majority of ofce buildings in Indias CBDs are at
least three decades old with run down structures
arising from poor maintenance. The resulting poor
operational efciency leads to higher operating
costs for occupiers of these buildings. With a
severely limited supply of new ofce space,
tenants located in Indias CBDs have traditionally
been forced to occupy existing buildings that are
low on quality and high on operating costs.
The recent global economic downturn has
increased pressure on all businesses to reduce
costs. This remains true even as some business
in India are showing signs of growth during a
local economic recovery. In such a climate, the
attractiveness of CBDs across India is diminishing
relative to neighbouring micro-markets, which
can offer larger ofce spaces of higher qualityat comparatively lower costs. Indeed, vacancy
levels in Indias CBDs have shown an increase as
tenants continue to show a preference for higher
quality, lower cost ofce space found in alternate
locations within the city (Table 1).
Table 1: Drivers of Tenant Exodus from Indias
CBDs
1. Higher rents
2. Higher operating costs
3. Lack of suitable quality space
4. Lack of large, contiguous space to accommodate
growth
Quality Improvement Options
As land parcels for developing new ofce space
are extremely rare in Indias CBDs, improving the
quality of existing ofce buildings is the only means
by which these real estate micro-markets can stay
competitive. This can be achieved through two
methods redevelopment or retrotting.
Retrotting is usually the preferred means between
the two options to increase the economic life cycle
of existing older buildings. However, the choice
between retrotting and redevelopment is highly
Table 2: Redevelopment vs. Retrotting
Decision Factor Redevelopment Retrotting
Capital Expenditure Higher Lower
Payback Period Higher Lower
Time Involved Higher Lower
Environmental Impact Higher Lower
Extension of
Operational Life
Higher Lower
dependent on the quality of the structure, best use
of the building and other market dynamics (Table 2).
Why Now?
The threat of sustained high vacancy rates should
serve as a wake up call for property owners who
are considering retrotting as a means to improve
their competitive positioning within the CBD
market. A recovery in ofce space demand started
in 1Q10 and is expected to strengthen further in
2011 and 2012. As a result of this, quality ofce
space in CBDs will once again be able to command
a premium. Therefore now is the right time for
proactive owners to invest back into their property
through retrotting.
As ofce space demand isexpected strengthen in 2011
and 2011, it is the right timeproactive owners to investback into their property throughretrotting to command premiumrents in CBD
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Unlocking Inherent Land Value
Land values are highest in CBD micro-markets
and tend to progressively decline as one moves
towards SBDs and then suburbs. During times
of strong economic growth, CBD land values in
India have soared as demand increased, vacancy
rates fell and leasing activity slowed considerably.
However, on the same high-priced land parcels,
Grade B and C ofce properties continued to
fetch low rents. Landlords are unable to derive
maximum rental incomes from their Grade B and
C properties because the bargaining power of
occupiers rises with diminishing building quality.
Grade B rents are observed to be 20-38% less
than Grade A rents in the CBDs of prime Indian
cities (Figure 2). This highlights that poor building
quality hinders the full realization of the high land
value found within CBDs. Yet, relatively lower
rental values for Grade B buildings in CBDs are
not enough to ensure high occupancy levels. Like
older Grade A CBD buildings, which are losing
tenants to cost-efcient, quality properties in other
micro-markets, Grade B buildings are also seeing
tenants leave due to a lack of quality space.
Collectively, this increases vacancy in the micro-
market and increases pressure on rental values
in CBDs.
Figure 2: Rental Values For Grade A and Grade B Buildings Within Indias CBD
Source: Jones Lang LaSalle Research
Table 5: Potential Annual Revenue Gains From Retrotting
City
Revenue (INR million)
Conversion of All Grade B Ofce
Space
Conversion of Only 30% of Grade B
Ofce Space
Delhi 9,576 2,872
Mumbai 12,870 3,861
Chennai 3,469 1,040
Hyderabad 1,680 8
Kolkata 3,600 1,080
Grade A Rents in INR p sqft pm Grade B Rents in INR p sqft pm
Delhi Mumbai Chennai Hyderabad Kolkata0
50
100
150
200
0
300
INR
persqftpermonth
The full realization of high-priced CBD land value can be achieved through retrottingof existing Grade B ofce space into Grade A in order to increase the rents that a given
property can command. Even if we conservatively assume that only 30% of the current
Grade B stock in cities across India can potentially be retrotted to Grade A space, an
additional INR 2.9 billion of rental revenue can potentially be generated annually above
the current aggregate level of INR 6.4 billion, representing a nearly 45% increase.
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Table 6: Benets of Retrotting
BenetBeneciary
Landlords Tenants
Lower investment risk than redevelopment
Lower construction risk than redevelopment
Increased property value
Increased earnings from rentals
Increased occupancy levels
Increased economic life of property
Increased life of interior t outs
Increased value for rent
Increased desirability of location
Improved indoor conditions leading to increased productivity
Lower recurring maintenance costs
Lower recurring operational costs
Retention of propertys architectural character
Costs & Benets ofRetrottingIn the recent downturn, with restrictions on capital
expenditure and widespread predictions of sharp
increases in energy, water and waste disposal
costs, tenants are increasingly considering the
total cost of occupancy as a deciding factor before
signing or renewing a lease for ofce space. Along
with rents, the operational efciency of a property
is becoming a key determinant of demand for
ofce space.
Along with occupiers, landlords stand to benetwhen lower grade ofce property is improved
through retrotting, which provides an opportunity
to optimise the value of the properties without
the investment risks and costs that are normally
associated with a full-scale redevelopment (Table
6). Landlords of retrotted buildings can have a
rst mover advantage as real estate micro-markets
for ofce property are beginning to recover across
various Indian cities. Retrotted buildings will enjoy
increased tenant retention and higher occupancydue to their superior quality and lower operational
cost.
The upfront capital investment in retrotting
projects depends on the level of retrotting work
to be performed. From a strategic and operational
standpoint, landlords can opt for different
levels of retrotting that vary in the quantum of
improvement and time required to execute. While
deteriorated properties will require a greateramount of capital to be invested in retrotting
projects, they will likely also derive greater benet.
The benets achieved from retrotting can be
either immediate or long-term in nature. Immediate
benets can be realised from the improved rents
that a property can command while long-term
benets can be realised from the prolonged
operational life of the property. The combination
of increased revenues (through higher rents) and
lower expenses (through lower operational costs)
serve to enhance the market value of the property
in the long term.
Table 7: Four Levels of Retrotting
Level 1: Minor or Cosmetic Changes
Involves small repairs and maintenance work that is done once every ve or more years
depending on the quality of the building. Includes exterior painting and repair, redesigning
and improving signage, and exterior lighting. Level 1 retrotting usually takes 13 months tocomplete.
Level 2: Interior or Shell Changes
Involves major improvement in building interiors such as lobby areas, corridors, new wall
nishes, painting, lighting xtures, new carpeting or new ooring, false ceiling, re ghting
systems and interior landscaping. Level 2 retrotting usually takes 26 months to complete.
Level 3: Systems & Services
Involves upgrading or completely replacing HVAC, plumbing and electrical systems. HVAC
system upgrade or replacement may include the repair or replacement of pipe work, ducting,
terminal units, controls and insulation. Upgrading or replacement of plumbing includes
changing or repairing water pipes and drainage. Electrical systems replacement or repair
works include the installation of new wiring and electrical xtures and appliances. Level 3
retrotting takes about 36 months to complete.
Level 4: Major Structural or Core Changes
Involves larger renovations such as structural alterations to buildings, addition of new lift
shafts, demolition to create an atrium, addition of escalators, addition of oors, and reduction
of oor area. Level 4 retrotting requires 618 months to complete.
The optimal level of retrotting depends not only
on nancial considerations but also the physical
attributes the payback period of investment ranges
from two to ve years for minor retrotting and six to
fteen years for major retrotting projects as observed
in a study of retrotted ofce buildings conducted by
Jones Lang LaSalle.
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Risks and Mitigation
StrategiesRetrotting commercial ofce buildings is a
risky and complex process as it involves many
stakeholders and usually entails working in
existing buildings with a constrained budget.
This process becomes even more complex when
operating in multi-tenanted ofce buildings.
Retrotting projects can be best implemented
when building occupancy is low and hence it is
preferred that way by property owners. However,
in cases where the buildings have a high
occupancy rate, the owner of such multi-tenanted
ofce buildings should undertake a comprehensive
audit of the buildings leases to determine the
barriers for executing the retrot project. Mining
existing leases prior to announcing or commencing
a retrot project offers the owner, an opportunity
to revise leases as the opportunity arises with
tenants and also understand what advantages
tenants have to impede the implementation
of the project. Other nancial risks depend on
cost management for a retrotting project as its
implementation is comparatively more risky than
developing new property.
A wide variety of implementation risks for
retrotting projects need to be accounted for
through expert project planning and management.
These risks include schedule delays, most notably
in occupied buildings. Safety, an area of concernwith any development project, is a heightened
concern as the condition of older buildings can
also pose additional risk. Technical risks involved
with retrotting include inadequate structural
load capacity along with redundant services
and a legacy of ad-hoc repair, maintenance and
alteration. Detailed site surveys by qualied
architects and contractors are often used as an
effective rst step to assess overall project risk
and as a foundation for creating an initial projectdesign.
Our case studies mentioned later, illustrate that
proper planning and efcient project management
can effectively mitigate nancial and operational
risks. Construction in a CBD is a concern, as the
area is densely developed, and requires proper
planning. Express Tower in Mumbai was retrotted
without vacating the occupants by ensuring least
disturbance to their regular work. This was made
possible only through efcient project planning and
project management.
Retrotting Case
StudiesTo better understand the gamut of issues that
surround a retrotting project, we undertook a brief
study of three notable ofce buildings that recently
underwent renovation. The three properties the
landmark Empire State Building in New York City
along with Express Tower and the Hindustan
Unilever Limited (HUL) Building in Mumbai
undertook retrotting projects with disparate
goals in mind and faced challenges along the way
that were unique to their situation.
We discovered, however, that some common
techniques were employed to deal with the
challenges and risks that each project faced. The
key ndings from our case studies include:
Planned approach: each building were initially
studied and surveyed to strategise a master
retrotting plan. This included an intensive
study of the property layout, performance and
equipment to better understand the areas that
need revitalisation.
Financial implication: the market demand and
valuation of properties was studied to determine
their post-retrotting nancial feasibility. All three
retrotting projects were found to be nancially
feasible and all buildings are achieving,
or expected to achieve, higher rents post-
retrotting.
Risk mitigation: the risks faced and mitigation
strategies employed varied greatly for eachproject. Broadly speaking, however, all three
projects had to account for operational,
technical and nancial risks while ensuring that
existing tenants were not inconvenienced.
A wide variety of implementationrisks for retrotting projects need
to be accounted for throughexpert project planning andmanagement
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Vitals
Location New York City
Built-Up Area 2.7 mn sq ft
Retrotting Costs USD 550 mn
Expected Payback Period 3 years
Drivers
Sustain status as the ofce address of New York: The Empire State building is an iconic structure of New York City and being the leading
address of the city attracts a large amount of occupier demand. Being one of the oldest skyscrapers of New York, it had to be refurbished to
sustain occupier interest and its status as an international landmark
Enhanced valuation: as one of the earliest skyscrapers of New York, the building was to be repositioned as a Grade A ofce property and a
leader in efcient and sustainable building operations, leading to major operational savings and increased rental rates
Green building status: sustainability was a driver as energy-efcient projects are more attractive for corporate occupiers who increasingly
look for sustainable buildings
Benefts Decrease in operational cost leading to value for money to the occupiers
Provide a competitive edge over other buildings in the same micro-market
Increased rental value for refurbished interiors that will keep the owners cash ow healthy
Major
Retrofts Replacement of existing 6,500 windows with suspended coated lm and glass ll
Improving day-lighting by retrotting lighting and electrical t-outs
Modifying chiller plant and VAV (Variable Air Volume) air handling units and updating DDC control
Method/
Process
Project implementation by three different stakeholders over a ve-year period using various implementation mechanisms
A collaborative team was formed to develop the optimal retrot solution through an iterative process that requires experience, energy,nancial modeling, ratings, metrics, and robust debate
The project team included engineers, property managers, energy modelers, energy efciency experts, architects, and building management
The team narrowed 60+ ideas to a package of eight recommended projects and identied the optimal balance of nancial and
environmental return on investment
Project management services by Jones Lang LaSalle
Risk/
Mitigation
Financial risk has been mitigated by an Energy Performance Contract
Using energy performance contracting (EPC), a building retrot generates guaranteed energy savings that, over a number of years, can be
equal to the cost of the project including nancing costs
Case Study - Empire State Building
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Vitals
Location Mumbai
Built-Up Area 154,320 sq ft
Retrotting Costs INR 200 mn
Expected Payback Period 9 years
Drivers Revenue Generation: HUL will retrot their self-owned building in the Mumbai CBD for further leasing to corporate clients for revenue
generation. The mentioned building has been vacated as HUL has moved its operations to their new facility in northern suburbs
Quality Upgrade: the building needs to be retrotted to meet the quality and infrastructure expectations of prospective occupiers
Benefts Decrease in operational cost
Increased rental value
Provide a competitive edge over other buildings in the same micro-market
Major
Retrofts
Facade facelift
Upgrading of HVAC (Heating and Ventilation Air Conditioning ) system
Upgrading of re ghting and security systems
Renovation of interiors and entrance lobby
Upgrading of parking lots
Method/
Process
Studies were conducted to compare the building with surrounding buildings to understand the feasibility of the project
Due consideration was given to international best practices, operational efciency, amenities and services to ensure that the building is
better equipped to suit occupiers and beat the competition
Risk
/
Mitigation
Cumbersome construction work in a dense South Mumbai area amidst the presence of a high security state government headquarters(Mantralaya) zone was a time-consuming process
Case Study - HUL Building
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An Idea Whos Time
Has ComeWhile the quantum of retrotting projects in
India is currently small, it is an effective solution
for revitalizing individual properties and re-
establishing the appeal of entire micro-markets. In
addition to Express Tower and the HUL Building,
other ofce buildings including One Forbes House
and Hoechst House in Mumbais CBD have been
retrotted into Grade A properties and put up for
leasing. Similarly, in Delhis CBD, HT House on
Kasturba Gandhi Marg was retrotted and leased
out as its market position has improved.
Connaught Place, Delhi
Connaught Place is a heritage site and the
prime retail precinct of Delhi. The market was
designed in British style architecture and laid
out in a pattern of concentric circles for ease of
shopping. This preferred shopping districts of
Delhi is home to many prominent retailers such
as United Colors of Benetton, Wills Lifestyle andVan Heusen. It is always crowded by tourists and
the city dwellers as it has variety of restaurants
and shops. In Connaught Place retailers have
retrotted existing older space into sophisticated
and stylish stores while retaining the original
architectural characteristics of the building. As
the area was developed in the early twentieth
century and needed an overall restoration, New
Delhi Municipal Corporation has started a project
to redevelop the entire precinct. NDMC is working
on facade restoration of the inner and outer circles
of Connaught Place and has planned to renovate
ooring and provide ood lighting to improve the
visual appeal of the market and improve facilities.
Indias retail sector has also been using retrotting
as a means to avail space in prime locations.
In particular, heritage buildings in prime micro-
markets are preferred options for premium retail.
Connaught Place in Delhi and Kala Ghoda in
Mumbai are two such examples of districts where
older property was retrotted to be suitable for
modern retail formats. Both of these precincts are
surrounded by an afuent catchment which drive
retail demand and benet from the experience of
shopping in heritage buildings with their striking
architectural features.
Kala Ghoda, Mumbai
Kala Ghoda, Mumbais art district, has a skyline
that is dotted with gothic style buildings. The
precinct, famous for its art galleries and museums,
contains a large number of older Grade B ofce
buildings with retail space on the ground oor.
As the area witnesses strong demand for retail,
the ground oors of a few older buildings have
been renovated to accommodate modern retailshops and restaurants. Major retailers such as
Globus, Westside and Planet Fashion currently
have operating stores in the precinct. The Kala
Ghoda area is ripe for further retrotting projects
which will improve the economic life of existing
older buildings and provide prime retail space in
a district where there are limited opportunities for
development.
Mumbai and Delhi are bellwethers for Indias
commercial ofce and retail real estate markets.
As two of Indias largest and most dynamic
cities, they are often where new trends take
ight. Retrotting, whether to improve Grade A
properties or promote from Grade B to Grade
A, is something that is being witnessed with an
increasing regularity, a trend we expect to continue
as landlords become cognizant of the benets of
this quality improvement option.
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Authors
Acknowlegement
We would like to acknowledge the support of ICICI Ventures and HUL. We would also like to acknowledge the contribution of
Jones Lang LaSalle New York and other team members.
Trivita Roy, Manager, Research & REIS
+91 40 4040 9100
Trivita Roy has joined Jones Lang LaSalle Meghraj Research team in 2007.Based out of Hyderabad;
she contributes to topical whitepapers, property market digest and research deliverables on industrial,
commercial, retail , and sustainable real estate markets in India. She is also responsible for Indian real
estate intelligence service (REIS). Trivita is trained as City Planner from Indian Institute of Technology
Kharagpur and has more than three years of experience in real estate research.
Abhishek Kiran Gupta, Head of Research & REIS
+91 22 6141 6500
Abhishek Kiran Gupta leads the Jones Lang LaSalle India Research team and is based in Mumbai.
He manages research operations on a Pan-India level and is responsible for the teams outputs,
including research reports such as topical white papers, property market digests and bespoke research
projects based on specic client requirements. Prior to joining Jones Lang LaSalle, he had seven
years of experience in market research, business analysis and market strategy consulting, servicing
diversied industries including pharmaceutical, software publishing and insurance.
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Jones Lang LaSalle ofces
COPYRIGHT JONES LANG LASALLE All rights reserved. No part of this publication may be published without prior written permission from Jones Lang LaSalle. The information in this
publication should be regarded solely as a general guide. Whilst care has been taken in its preparation no representation is made or responsibility accepted for the accuracy of the whole or
any part. We stress that forecasting is a problematical exercise which at best should be regarded as an indicative assessment of possibilities rather than absolute certainties. The process
of making forward projections involves assumptions regarding numerous variables which are acutely sensitive to changing conditions, variations i n any one of which may signicantly affect
th t d d tt ti t thi f t
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Real Estate Intelligence Service (REIS) Indiais a subscription based research service designed to provide you with cuttingedge insights into Indias diverse and challenging real estate markets through collation, analysis and forecasts of property marketindicators and trends across all major Indian markets across various real estate asset classes - ofce, retail, residential.
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