real estate cost optimisation – the road less travelled

JONES LANG LASALLE INDIA CFO SURVEY

REAL ESTATE COST

OPTIMISATION -

THE ROAD LESS

TRAVELLED

2 JONES LANG LASALLE INDIA CFO SURVEY

JONES LANG LASALLE INDIA CFO SURVEY 3

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to commence your journey of Real Estate

Cost Optimisation


ForewordEconomic downturns are nothing new. In fact, they are as much a part of the business cycle as periods of sustained growth and prosperity. Simple fact is that what goes up must come down, and the economy is hardly immune to this basic law of nature.

Organisations are currently operating in perplexity. They are facing an amalgamation of heightened macroeconomic demand, competitive and capital market risks, and in many cases, regulatory disruptions. Thus, challenges faced by Chief Financial Officers (CFOs), aiming at boosting profitability, have increased significantly. Ever since the Global Financial Crisis (GFC) began, organisations across sectors and geographies have faced an economic downturn leading to significant implications on their positioning and economic fundamentals. Thus, CFOs are exposed to scrutiny from external and internal stakeholders, leading to augmented compliance and reporting requirements, as well more stringent targets for cost reduction.

Today’s conventional wisdom prescribes organisations to aggressively reduce cost structures by maximising operational flexibility, cutting back on investment programmes and divesting marginal and non-core businesses. In addition, organisations should focus on improving their efficiency by gathering up-to-date and unfiltered ground-level intelligence. Whilst it is clear that securing short-term financial stability should be a priority in challenging times, CFOs need to review Real Estate (RE) risk-management policies from a long-term perspective as they may be passing over unique opportunities and, in some cases, harming their long-term competitive

position because of excessive short-term focus. By realising a cost saving of 2%, listed companies with revenue of INR 1000 crore (1crore = 10 million) can increase market capitalisation by INR 400 crore.

How should one navigate through such challenging and highly uncertain times? We believe the answer lies in planning and implementing various RE cost- optimisation techniques. Rather than adopting a single view of the future, organisations should explore a range of potential scenarios, adopt a holistic understanding of various strategic choices, identify the levers it can pull and assess the financial implications and risks associated with each choice.

CFOs who first detect and accept the magnitude of cost challenges in the RE market have a distinct advantage, because they can discover new opportunities for and threats to their businesses and respond with winning strategies. History illustrates that many organisations face problems or overlook opportunities of transformational value creation by ‘following the herd’ and relying on rigid strategies, which are detrimental for success in uncertain times.

Sincerely,

Ramesh Nair MANAGING DIRECTOR - WEST INDIA JONES LANG LASALLE


Introducing the Jones Lang LaSalle CFO Survey

The survey aimed to understand various Real Estate (RE) cost-

saving strategies adopted by corporate India. Based

on the survey findings, we have identified

a few thought-provoking trends that are existing or inevitably going to

occur in the future. In today’s gradually

changing world, the role of CFOs has evolved significantly.

Following the uneven pace of recovery worldwide, CFOs are increasingly playing a critical role in shaping their organisations’

strategies and managing financial volatilities. In India, few corporates have a dedicated corporate real estate team and in most cases, responsibility falls on the CFOs’ shoulders. Therefore, we have positioned our study based on responses from CFOs of major Indian corporates, who we believe are strong representatives of their respective industries.

Amid the changing business dynamics and tough macroeconomic conditions, a diverse set of industry verticals were chosen to arrive at the right mix of survey participants. Over 40 CFOs of large listed organisations from different industries were shortlisted to carry out the analysis.

We have studied the pattern of leasing activity over past few years and identified key industry verticals, which were acting as the fundamental drivers of office space demand in India. The IT & ITES sector–which saw a sharp decline in its share, falling from 48% in 2005 to 23% in 2009–has improved its share to 39% this year. Contribution from Banking, Financial Services and Insurance (BFSI) has been steadily declining from 23% in 2009 to a thin 7% during 2012. Other sectors, including manufacturers and other professional service providers, have continued to make notable contributions to the total leasing transaction volumes (Illustration 1). Our survey of 40 organisations comprises a proportionate mix of occupiers type from various industry verticals mentioned below.

ILLUSTRATION 1: ShARe OF LeASINg ACTIvITy By OCCUpIeR Type ACROSS INDIA

Source: Real estate Intelligence Service (Jones Lang LaSalle), 4Q12

ALL FIgUReS IN (%)


Office occupancy costs heading up north…

In a services industry, Re cost

is the second largest cost component after human

Resources (hR) and can be considered significant for other industries as well. India has been seeing a steady increase of real estate costs over the last few years and the following figure clearly illustrates where the rentals are heading. This survey was conducted to reiterate the known facts of cost saving and to make corporate India aware of RE cost saving opportunities.

ILLUSTRATION 2: gROwTh OF ReNTS ANd CApITAL vALUeS IN The INdIAN OFFICe MARkeT

By end-2014, IndIa offIce rents wIll

grow By 24% over the

trough levels of end-2009

Source: Real estate Intelligence Service (Jones Lang LaSalle), 4Q12Note: India includes the top seven cities (NCR-delhi, Mumbai, Bangalore, Chennai, pune, hyderabad and kolkata)


Cost saving in real estate is critical… Why?Accelerating inflation, increasing domestic costs and uncertainty concerning the United States and europe, together have pressured both the top lines and bottom lines of Indian IT organisations. As the situation remains equally unaltered for other industries, CFOs are being forced to look beyond conventional cost-saving techniques to enhance value creation for their shareholders. Recession and slowdown have always been periods of learning. As such, this is the right time to be active to rebound.

CFOs understand the aggregated benefits of saving on trivial costs. For instance, a marginal 2% savings in costs can lead to a significant improvement in the market capitalisation (Illustration 3).

explorIng trIcks In

cost-savIng technIques

By focusing on governance, decision making and identifying ‘sacred cows’ (inefficiencies and unnecessary costs) persisting in various business units (BUs), a cost saving opportunity can be determined, which in turn could lead to significant improvement in margins. CFOs are in the process of identifying the existing loopholes pertaining to the functional and operational systems of an organisation. As they do that, they should also build systems and processes for implementing the ‘magic bullets’, such as untapped portfolio strategies that in a phased and measurable manner, could lead to improvements in the bottom line.

RE cost is one such expenditure that must be relooked at. Currently, CFOs tend to ignore RE cost-saving opportunities that could lead to significant value creation.

ILLUSTRATION 3: eFFeCTS OF ReAL eSTATe COST SAvINg ON MARkeT CApITALISATION Note: All the values other than p/e ratio and savings per share are in INR crore

1000company sales

202% savIngs

40share outstandIng

0.5psavIngs per share

20pe ratIo

10Increase In capItalIsatIon per share

400total Increase In capItalIsatIon

part

Icul

ars

valu

e


ILLUSTRATION 4: CFO ACTION TIMeLINe

UNdeRSTANdINg The CRISIS

dRAMATIC BUT SMART, TACTICAL MeASUReS eMpLOyed

MOST CFOS ARE ANALYSING BUT NOT

IMpLeMeNTINg

STRATEGIC & STRUCTURAL ChANge CReATed

ReALISATION OF pROFITABILITy AS SLOw ChURN UpwARd BegINS

Source: Jones Lang LaSalle, Research and pwC CFO Conference

Real Estate CostsCosts

Revenue

DENIAL MODE


Even fewer have developed processes for real estate decision making.

Because of the unavailability of timely and accurate data, CFOs continue to ignore implementing cost-saving techniques, although they realise that significant value can be accrued from savings on different trivial costs.

CFOs concede the need to build robust information infrastructure

Since increasing real estate costs are eating into the

corporate earnings, more and more organisations are making BUs financially accountable for their respective office space utilisation.

however, ambiguity in assessing the performance of each BU vis-à-vis its real estate overhead consumption, makes it difficult for organisations to evaluate return on investment (ROI) from individual BU.

Today, a majority of organisations are ill-equipped to make the right real estate decisions. Only 32% of organisations surveyed have access to timely real estate information that allows them to make fact-based decisions.

when It comes to real estate

decIsIon makIng, most

cfos are Ill-equIpped

analysIng strategIsIng ImplementIng


45% 65% 76%

organisations that do not make their BUs financially accountable for

real estate costs

organisations that have never benchmarked their real estate costs

with others in the same industry

Organisations that have not developed a process to ensure speedy

real estate decisions

ILLUSTRATION 5: ORgANISATIONS ARe ANALySINg ANd STRATegISINg

BeNChMARk ReAL eSTATe COSTS wITh ORgANISATIONS IN The SAMe INdUSTRy

keep BUSINeSS UNITS FINANCIALLy ACCOUNTABLe FOR OFFICe SpACe They UTILISe

ALIGN REAL ESTATE STRATEGIES wITh OTheR FUNCTIONS

ALIGN REAL ESTATE STRATEGIES wITh BUSINeSS OBJeCTIveS

ALL FIgUReS IN (%)

ILLUSTRATION 6: veRy Few ORgANISATIONS hAve IMpLeMeNTed ReAL eSTATe COST-SAvINg STRATegIeS

IMpLeMeNTed ALTeRNATIve wORkSpACe STRATegIeS

CONdUCTed dARk SpACe STUdy TO eLIMINATe UNdeR-UITILISed SpACe

ASSeSSed pORTFOLIO TO IdeNTIFy COST-SAvINg OppORTUNITIeS

SOLD OR SUBLEASED ASSETS TO RedUCe OpeX ANd RAISe CApITAL

SALe ANd LeASeBACk OppORTUNITIeS

SUSTAINABILITY AND ENERGY AUDITS

RedUCed OFFICe SpACe peR eMpLOyee

ALL FIgUReS IN (%)

Source: Jones Lang LaSalle CFO Survey, 2013



out the tough decisions. With increasing complexities and existing opacity in Indian real estate market, accounting operational efficiencies into real estate decision making is still an unknown concept.

Corporates continue to rightsize

One of the common strategies followed by corporates to achieve cost reduction and operational efficiency is to relocate and consolidate/expand operations to more cost-effective suburban locations. This move not only allows cost optimisation but also provides opportunity for organisations to give better amenities to employees and more space per individual, which in turn improves the operational efficiency within the organisation. On the other side, a substantial 45% of the organisations have also reduced office space per employee recently.

Although the majority of organisations have defined rules to align their real estate strategies with hR, cost-cutting and bottom line growth get the spotlight when it comes to real estate decision making.

With new projects in emerging locations offering tenants with options to expand in the future, CFOs now have to handle more complex data points to make any real estate decision. however, vision from senior leaders and confidence on revenue growth projections would ideally help to ease

wIth Increased

focus on cost reductIon and

operatIonal effIcIency, 45% of the

organIsatIons have reduced offIce space

per employee

BA L A N C I N G DUAL FORCES

Revenue Growth

Rightsizing

Cost saving is imperative to businesses; however, optimum utilisation of space along with operational efficiency is even more important…

VISION

IDENTIFYINGPROS & CONS

FINANCIAL PROJECTIONS

REAL DECISION MAKING


The concept of Alternative Workplace Strategy (AWS) taps into organisational prerequisites, creating an environment that supports and enables employee needs. This strategically bundled concept results in increased cost savings, more efficient space utilisation, higher productivity and reflects the organisation’s brand value. In addition, work place Strategies are emerging as a global imperative for optimal employee productivity, satisfaction and retention. Mapping AWS can drive an organisation towards ultimate success, and is essential to overall portfolio and expense management. But despite of these factors and other benefits, only a minority of organisations in India have incorporated an AWS.

The rapidly evolving communication technology enables employees to work from any location anytime. AWS approach supports this changing work environment. They combine non-traditional work practices, settings and locations, which results in evolution of traditional office spaces.

Alternative Workplace Strategy- A modern buzz

Only 6% of organisations surveyed have implemented an Alternative Workplace Strategy

gaInIng momentum and

generatIng success


Source: Jones Lang LaSalle Research

Reducing cube partition can lead to more space

supplemented by brainstorming rooms

and touchdown spaces

Reduced cost of office space More efficient space utilisation

significantly decreases real estate occupancy costs

open plan envIronment

Non-traditional work schedule

Increased knowledge worker attraction/retention

Organisations are increasingly finding that well-positioned Workplace Strategy

can help them win the ‘war for talent’ by offering employees work schedule

flexibility and improved work-life balance

flexI-tIme

Employees can work from

anywhere

Enhanced worker autonomy and connectivity

Many can work from nearly anywhere. knowledge workers have more choices in

how, when and where they work

worker autonomy and

telecommunIcatIon

Work spaces are allocated

on need basis, reservation basis or a mix of both

Decreased commuting distance and expenses

Workplace Strategy can counter the mounting costs and inefficiencies of

personal transportation. This is also seen as environmentally responsible because the

automobile emissions are decreased

on-demand space

Teams have unassigned work

areas

Improved strategic linkage More organisations are recognising that work environments can directly support business strategies and competitive positioning whilst

fostering greater innovation, creativity and collaboration

team-Based envIronments

lang

uage

mat

rIx

of a

lter

natI

ve w

orkp

lace

str

ateg

y


Renegotiating or restructuring lease agreements

Anticipated growth in office rents across all markets in this uncertain phase has compelled organisations to lease out spaces at a relatively attractive price compared to existing rates. One of the real estate strategies that organisations should consider is early renewal and extension of lease agreements. Most organisations in India have still not explored significant savings which could arise out of restructuring leases. It is also vital that developers and tenants confide in each other whilst renegotiating or restructuring a lease agreement.

This amalgamation of extension and early renewal of lease agreements gives the occupier an immediate rental relief. It will also prove effective in lowering real estate

costs thus presenting an opportunity to increase profitability for organisations. As an integral part of deal making, any negotiation should have an outcome that ensures a win-win scenario considering the long-term relationship between the parties involved.Landlords must reap the value of an early renewal by stabilising the return from an asset, and tenants must receive a rental reduction on account of extended term.

ILLUSTRATION 7: ReSTRUCTURINg A LEASE AGREEMENT

ALL FIgUReS IN (%)



51%

organisations in India that do not focus on restructuring their lease

agreements

90%

organisations in India that do not focus on evaluating the potential to

restructure leases

23%

organisations in India that renew their lease terms early

77%

organisations in India that have not mined their leased portfolios for properties with

unique features, such as purchase options


Converting steel and glass into money

Based upon a clear understanding of core and non-core assets and identification of surplus property, the sale of assets through sale & leaseback, as well as disposition and redevelopment has greatest opportunity in the near term on account of containing real estate costs. In India, it is quite surprising to know that only 10% of the organisations surveyed have reduced operating expenses or raised capital through this vital phenomenon.

The utmost benefit of sale and leaseback transaction is not only limited to increasing financial flexibility of the owner occupier. It also monetises non-earning assets, which along with cash can immediately increase shareholder earnings or reduce borrowing to create investment opportunities that generate higher returns. The sale and leaseback transaction will also drive down occupancy expense on account of substantial capital value appreciation. This

will result in the company paying rent on cash basis for recognising expense in the books that will be offset by the gain on sale that gets amortised over the lease term.

As an emerging market, the real estate scenario in India is changing rapidly; therefore, corporates need to assess their real estate portfolio at more frequent intervals, irrespective of the building being owned or leased (Illustration 9). This helps them to identify different cost-saving opportunities to make the right real estate decisions.

ILLUSTRATION 8: ORgANISATIONS wITh OFFICe SpACe pORTFOLIO pRedOMINANTLy ON A LeASe MOdeL

81%

10%

organisations that assess their portfolios annually

Organisations that have not developed a process for identifying sale and

leaseback opportunities

26

1064

ILLUSTRATION 9: SOLd OR SUBLeASed Re ASSeT TO RedUCe OpeRATINg eXpeNSeS OR TO RAISe CApITAL

ALL FIgUReS IN (%)

ALL FIgUReS IN (%)

eXeCUTe SALe ANd LeASeBACk OF RETAIL AND OFFICE ASSETSSOLd SURpLUS pROpeRTy ThROUgh CONSOLIDATION OR M&A ACTIVITY

SALe ANd pARTIAL LeASeBACk OF pROpeRTIeS ThAT ARe NO LONgeR FULLy OCCUpIed

NONE



Uncovering the dark spaces

Most of the organisations that are not measuring and monitoring how their office space is being used, are missing out a massive opportunity to reduce real estate and energy costs. As organisations strive to use their facilities efficiently and reduce overall real estate costs, re-examining the existing vacant spaces can prove fruitful.

Typically, many corporations may have 12% to 25% vacancy in their portfolio. This shadow space tends to spread throughout a building or portfolio and cannot be easily assembled for disposition through a restructure, sale or lease/sublease. A meticulous planning exercise could help occupiers unlock this space and use it more effectively. It may require spending capital on rework of existing spaces to accommodate a consolidation, but many times the pay-off will be outstanding.

A dark space audit conducts an inspection of the amount of space that remains physically vacant against the overall area occupied and counsels the tenant bearing the rent burden arising out of it.

organisations in India that have not conducted a dark space study to

eliminate under-utilised space

organisations in India that do not undertake audits to capture possible

marketable vacancy

dark space audIt

optImal space utIlIsatIon

65%

90%


Sustainability and Energy audit

The concept of sustainable lease is becoming more important. Organisations are making sustainability a part of corporate identity and performance report to shareholders. Corporates are integrating sustainability through the following:

• selection of material and equipment;• leases with criteria around energy, water

and waste;• appointment of right vendors;• developer and Landlord evaluations;

The field of sustainable development can be conceptually broken into three constituents: social sustainability, environmental sustainability and economic sustainability. Striking a balance amongst environmental, social and economic performance is key to achieving sustainable outcomes. From an occupier perspective, sustainability can result from the following parameters:

• energy efficient lighting and electrical systems;

• flexible and zoned air conditioning;• ability to measure and control resources

such as water and power;• sensible building design, natural light and

solar gain;

It has become more or less the general consensus that the energy efficiency of a building is one of the biggest factors affecting sustainability and RE costs.

Sustainable lease schedule

• Rating for building, tenancy and central services• Building management committee• Energy management plan for building and

tenancy• Dispute and remedy clauses

Savings by instigating sustainability

• electricity is 35% of office building operating cost

• hvAC is 48% of the energy usage• Can save up to 20% in electrical cost• 4.1% high occupancy rate• 3% higher rental• Investors willing to pay more

unIversal proBlems cannot

Be uprooted By superfIcIal

solutIonsSustainability is intricate and requires a shift from reactive to proactive approach.

It demands adoption of a cohesive approach for management of key

aspects like water, waste and transport. It urges participation at all levels of the

communiuty in decision making.

ILLUSTRATION 10: STepS FOR IMpROvINg eNeRgy eFFICIeNCy IN BUILDINGS

Measuring where a building is positioned in terms of energy

efficiency

Benchmarking performance against comparable buildings

Reporting measurement results using a recognised protocol

Setting realistic targets for improvement


Cost-saving pressure remains high as GFC behavior lingers

Organisations continue to want more for less and are still trying to drive down cost as economic volatility continues. The pricewaterhouse Coopers (pwC) CeO Survey shows that 64% of CEOs will continue to implement cost reduction initiatives this year. Maintaining discipline around costs remains a priority.

Cost remains the top driver of outsourcing corporate real estate (CRe) services, according to external surveys carried out by various companies.

About 82% expects cost reduction

to be an increased preference over the next 12 months. On the other hand 67% rank cost reduction as the number one driver of improving real estate and facilities management delivery.

Jones Lang LaSalle’s CRE survey shows cost management as a top business challenge for office occupiers. value for money followed by capability to integrate services across geographies continues to be

the key driver for selecting a Real Estate services provider.

going forward, service providers will need to focus

on long-term value creation. Their competitive positioning

around helping clients improve productivity will be key in supporting a more compelling dialogue.


The Road Ahead

We see a huge scope for improving the processes of

identifying RE cost-saving opportunities and implementing appropriate techniques. Implementing AWS or relocating operations could be long-term cost-saving measures that organisations wish to undertake. Although they are major processes, some steps that can help organisations recognise future cost-saving opportunities can be implemented almost immediately.

In addition, some tactical initiatives with short turnaround times, such as better planning for occupancy and more integrated facility management, could help bring significant cost benefits to an organisation.

with 68% of organisations planning to expand their operations in the next five years, occupiers can focus more on

structuring their lease agreements when they expand, whilst property owners can possibly look at identifying the sale and leaseback opportunities present to raise funds when they expand.

ILLUSTRATION 11: ThRee LeveLS OF COST SAvINg ILLUSTRATION 12: ReQUIRe New COMMeRCIAL ReAL eSTATe TO MeeT eXpANSION pLANS

SIGN

IFIC

ANT

LOW

MORE

SIG

NIFI

CANT

hIgh

tIme commItment potentIal fInancIal gaIns

tactIcal InItIatIves

process Improvement

portfolIo strategy & organIsatIonal desIgn


ALL FIgUReS IN (%)

conductIng dark space audIts to elImInate

underutIlIsed spaceconductIng portfolIo

assessments to IdentIfy the value of leasehold

and freehold propertIes makIng Bu fInancIally accountaBle for real

estate costsmInIng lease documents

for purchase optIons renewIng lease

agreements earlyconductIng

sustaInaBIlIty and energy audIts

*processes for immediate implementation


Authorskaran khetan Senior Analyst, Research and ReIS [email protected] +91 22 3985 1313

Vasanth Raghunathan Assistant Manager, Research and ReIS [email protected] +91 44 3095 1063

Special Contributionhariharan ganesan Assistant vice president, Research and ReIS [email protected] +91 22 3985 1309

Ashutosh Limaye head Research and ReIS [email protected] +91 22 3985 1319

AcknowledgementWe would like to acknowledge Monil Gala, for his valuable contribution to this research paper.

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 in any one of which may significantly affect the outcome, and we draw your attention to this factor.

www.joneslanglasalle.co.in


Jones Lang LaSalle CFO Survey

Quick reference guide

8 KEY TRENDS FOR REAL ESTATE COST OPTIMISATION

ALTERNATIVE wORkpLACe STRATegy

- A MODERN BUZZ

RENEGOTIATING OR RESTRUCTURING

LEASE AGREEMENTS - EFFECTIVE TOOL TO

SAVE COSTS

CORpORATeS CONTINUE TO

RIghTSIZe

CFOs CONCEDE The Need TO BUILd

ROBUST INFORMATION INFRASTRUCTURE

CONVERTING STEEL AND GLASS INTO

MONEY

CONDUCTING SUSTAINABILITY AND

ENERGY AUDIT

COST-SAVING pReSSURe ReMAINS

hIgh AS gFC LINGERS ON

UNCOveRINg The dARk SpACeS

aBout Jones lang lasalleJones Lang LaSalle (NySe:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. with annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management.

Jones Lang LaSalle has over 50 years of experience in Asia pacific, with over 25,100 employees operating in 78 offices in 14 countries across the region. The firm was named ‘Best property Consultancy’ in nine Asia pacific countries at the International property Awards Asia pacific 2012, in association with hSBC, and was named the number one real estate advisory firm in Asia pacific in the euromoney Real estate Awards 2012. For further information, please visit our website, www.ap.joneslanglasalle.com

aBout Jones lang lasalle IndIaJones Lang LaSalle is India’s premier and largest professional services firm specializing in real estate. with an extensive geographic footprint across 11 cities (Ahmedabad, delhi, Mumbai, Bangalore, pune, Chennai, hyderabad, kolkata, kochi, Chandigarh and Coimbatore) and a staff strength of over 5800, the firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services including research, analytics, consultancy, transactions, project and development services, integrated facility management, property and asset management, sustainability, industrial, capital markets, residential, hotels, health care, senior living, education and retail advisory. The firm was named the Best property Consultancy in India (5 Star winner) at the International property Awards - Asia pacific for 2012-13. For further information, please visit www.joneslanglasalle.co.in

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Real Estate Intelligence Service (REIS) is a subscription based research service designed to provide you with cutting edge insights into diverse and challenging real estate markets through collation, analysis and forecasts of property market indicators and trends across all major markets and various real estate classes - office, retail, residential. It is supplemented by value added services including client briefs, presentations and rapid market updates. For more details, contact, Ashutosh Limaye - [email protected]

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 in any one of which may significantly affect the outcome, and we draw your attention to this factor.

real estate cost optimisation – the road less travelled

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