BANGALORE, 24 November 2016: Leading international property consultancy JLL India today announced the appointment elevation of senior leader and industry veteran Naveen Nandwani as Managing Director, Bangalore & Kochi.
Earlier on board as Executive Director at Cushman & Wakefield, he
joined JLL India last year as National Director - Markets, South India.
An acknowledged and highly-connected commercial real estate expert with 19 years of industry experience, Naveen Nandwani
looks forward to assuming leadership of one of JLL's strongest real
estate teams in India. JLL Bangalore has been instrumental in securing
several innovative high-value deals in the market, with several
high-profile landmark deals to its credit.
Santhosh Kumar, CEO - Operations & International Director, JLL India said, "With Naveen Nandwani
at the helm, JLL's highly important operations in Bangalore and Kochi
are in eminently capable hands. He is a thoroughbred professional with
intimate knowledge of these markets, and has already earned his laurels
as the head of this region's commercial real estate team. His acumen and
stature among our key clients will play a key role in furthering our
leadership status in the Bangalore and Kochi markets."
Naveen Nandwani
is very upbeat about his new role. "This is an optimal time to take
advantage of the unique dynamics currently governing Bangalore's
commercial real estate segment,” he said. “In 1H2016, the city has
witnessed one of the highest absorption levels of office space in Asia
Pacific. About 6.6 million sq. ft. were absorbed in Bangalore until
3Q16. Simultaneously, the vacancy level in the city has dropped to about
3%. Most of the office space under construction is also pre-committed,
so there is a severe dearth of Grade A space available for leasing.
As
a result, office rents increased significantly in 2016, with the SBD
alone seeing a 7-8% increase in just one year and in some properties
rents increased by 10%. The limited supply situation is likely to drive
built-to-suit leasing activity in the city going forward."
Commenting
on Bangalore's legendary residential property market, Naveen said,
"Interestingly, the strong leasing activity in office space is not
reflecting much in the residential sector this year, and demand has
remained relatively slow. This is largely on account of two factors -
the current macroeconomic conditions keeping purchase decisions at bay,
and the new guidelines passed by the National Green Tribunal on
development around lake beds and storm water drains. About 26000 units
residential were sold until 3Q16. The depressed demand environment has
also slowed down new launches in the city; about 25000 units were
launched until 3Q2016 as against 32000 units last year in the same
period."
Meanwhile,
Bangalore's retail real estate market continues to hold its own.
"Retail leasing activity has remained stable as brands have expanded
across the city," said Nandwani. "Brigade Group's Orion Mall in Banaswadi
is now operational and RMZ's Galleria mall is likely to be operational
in the next quarter. Both are seeing strong occupancy; in fact, most
good malls in Bangalore have very low vacancy. Overall, there has never
been a better time for an active investment in the Bangalore real estate
market, and I look forward to exciting times ahead."
Naveen Nandwani will simultaneously join JLL's India Leadership Council.
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