Office absorption in Pune gains momentum

 Office absorption in Pune gains momentum;
1 million sq. ft. leased from July to Oct 2020: JLL

 Pune’s office market is gradually picking up with approximately 1 million sq. ft. of gross office space being absorbed during July to October 2020. This is in comparison to a 1 million sq. ft. absorption in the first half of 2020 (January to June).

 While absorption was sluggish in H1 2020 owing to the lockdown, the city witnessed large corporate occupiers renewing their existing office leases as a part of their long term corporate real estate strategies during July to October 2020. As a result, the first ten months of the year witnessed approximately 2 million sq. ft. of gross absorption. The leasing has been primarily led by BFSI & Fintech, GICs, Indian and Global Technology Services Firms, Product companies and Flex/coworking space Operators. Additionally, Pune is also getting recognised as a start-up and R&D hub. 

“Most sectors continue to expand their footprint in the city owing to the diverse and quality talent base, large world class campuses offering competitive rents and the city’s vibrant and cosmopolitan lifestyle. Due to these factors, Pune remains a favourite among occupiers, developers and investors,” said Sanjay Bajaj, Managing Director - Pune, JLL. “Pune is among the fastest growing flex space in the country today,” he added.

 Absorption trends 2020 (million sq. ft.)  

Q1 2020	Q2 2020	Q3 2020	Oct 2020
0.36	0.64	0.46	0.64

 

Source: Real Estate Intelligence Services (REIS), 2020, JLL Research & JLL Pune Markets

 Vacancy trends 2020 (%)

Q1 2020	Q2 2020	Q3 2020
5.5	4.4	4.7

 

 

Source: Real Estate Intelligence Services (REIS), 2020, JLL Research

Estimated new supply in 2021 (million sq. ft.)  

Q1 2021	Q2 2021	Q3 2021	Q4 2021
0.45	3.2	1.52	1.58

 

 

 Source: JLL Pune Markets

 Average vacancy in the city during the last three quarters remained range bound and stands at 4.7% by end of Q3 2020. Approximately 7 million sq ft. of new supply is scheduled for completion by the end of 2021.

The rental plateau

The rentals are plateauing in Pune offering value driven propositions and opportunities to occupiers. Moreover, the landlords across the city have are more flexible now and open to innovative deal structuring, including incurring capital expenditure towards fit outs on behalf of occupiers. These factors are helping occupiers achieve a more cost-effective cash outflow.

 

JLL launches an exclusive benefit program

JLL launches an exclusive benefit program – “myFLEX” to extend support to employees”

Key highlights:

• An industry first, myFLEX program will cater to the dynamic health and well-being needs of the diverse workforce at JLL
• It aims to offer a complete range of benefit options that an employee can shape to complement their & their families’ lifestyle
• myFLEX program, in its first year will introduce significant enhancements to the health and well-being programs by incorporating benefits that address the dynamic needs of its diverse workforce

An industry first, myFLEX program will cater to the dynamic health and well-being needs of the diverse workforce at JLL

JLL, India’s largest real estate consultancy firm has introduced an all-inclusive flexible benefits program - myFLEX for its multi-generational workforce to enhance its existing health and well being programs. The initiative is a result of an employee engagement survey conducted last year to understand employee preferences, which pointed towards the need for freedom of choosing benefits based on individual needs, which included both insurance and non-insurance options.

JLL’s myFLEX program, in its first year will introduce significant enhancements to the health and well-being programs by incorporating benefits that address the dynamic needs of its diverse workforce. Considering the findings gathered by the extensive internal survey, myFLEX aims to offer a complete range of benefit options that an employee can shape to complement their & their families’ lifestyle.

“At JLL we take Diversity & Inclusion (D&I) very seriously. It is just not a coffee table agenda for us. The 3Gs of gender, geography and generation form the core of our D&I initiative and therefore recognizing the diverse nature of today's workforce, we have introduced myFLEX program. We have created this program basis our employee feedback. myFLEX offers greater choice and flexibility to our employees as they design their own benefits program, customising JLL provided bouquet of benefits to suit their diverse needs,” said Ramesh Nair, CEO and Country Head (India), JLL.

The programme also aims to provide adequate coverage and a bouquet of health & fitness solutions to employees across the board.

The company conducted a survey that stated 89% of JLL India employees choose benefits and policies as an important attraction and retention driver. Furthermore, 81% of employees asked for more flexibility in benefits and 32% went for wellness and gym benefits.

“We are proud to be not only the first Real estate organization in the country to lead this initiative but also to be one of the first few companies in India to do this. Through this plan, we aim to offer coverages across wide variety of options for diverse set of employees including LGBT couples, choice of additional women & childcare or advanced care coverage and many more options for single employees too,” said Tanvi Choksi , HR Head (India), JLL.

Sanjay Dutt takes to Twitter to share a

Sanjay Dutt takes to Twitter to share a heartfelt message on World Environment Day

Click here to view:  https://twitter.com/duttsanjay/status/1268799841607528448 

The tough time that we're facing today is a message from the nature to bring a change in our lifestyle. There's enough damage that we have done already but small steps from every individual can still save our environment. #WorldEnvironmentDay2020

Express Avenue presented an exclusive Diwali Pop up

Express Avenue presented an exclusive Diwali Pop up on 3rd & 4th November 2018

With the festive season just around the corner, Express Avenue presented an exclusive Diwali Pop up from Saturday 3^rd November 2018 to Sunday 4^th November 2018.

ISKCON, Chennai provided the opportunity for visitors to offer their prayers to Lord Krishna like never before! The Festival of Lights celebrates good over evil and marks the day the demon Narakasura was slayed by Sri Krishna. It also marks the day when Mother Yashoda bound Krishna to a wooden mortar. In reminiscence of this sweet pastime, ISKCON encouraged people to offer lamps of ghee to Lord Krishna and invite divine presence into their lives. The idea behind this enlivening spiritual event at an unusual venue is to connect the modern India with its roots of tradition.

Express Avenue was a One Stop Shop for all shoppers as all the latest festive collections from brands like Satyapaul, Collective, Surendra and Co, Episode, Decorative Diya’s, Toran, Kama Ayurveda, Biba, Lifestyle, Home center etc were on display in this exclusive Diwali Pop up.