Advance Retrofitting India Central Business Districts

8/7/2019 Advance Retrofitting India Central Business Districts

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RetrottingIndias Central

BusinessDistricts


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Advance - Retrotting Indias Central Business District


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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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Advance - Retrotting Indias Central Business District 7

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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8 Advance - Retrotting Indias Central Business District

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

[email protected]

+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

[email protected]

+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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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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Advance Retrofitting India Central Business Districts