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Net leasing of office space fell 34 per cent in January-March to 7.63 million square feet across seven major cities as corporates were cautious about expansion amid global uncertainties, according to <keyword id="484198" type="General" weightage="100" keywordseo="jll-india" source="Orion">JLL India</keyword>. The net leasing fell to the lowest in six quarters, as per the data by real estate consultant JLL India. Net leasing stood at 11.55 million square feet in the year-ago period across seven cities - Delhi-NCR, Mumbai, <keyword id="12864" type="General" weightage="50" keywordseo="chennai" source="Orion">Chennai</keyword>, <keyword id="6354925" type="General" weightage="80" keywordseo="kolkata" source="Orion">Kolkata</keyword>, <keyword id="6354321" type="General" weightage="50" keywordseo="bengaluru" source="Orion">Bengaluru</keyword>, Hyderabad and <keyword id="2094" type="General" weightage="50" keywordseo="pune" source="Orion">Pune</keyword>. JLL India attributed the fall in net leasing or absorption of office space to reduced expansion activity, delayed space plans and a hybrid workplace strategy that is still evolving. "Companies were consolidating and relocating to save on real estate costs, while there were fewer pre-commitments in new completions during the quarter. This reflects the challenges faced by the corporate world amid global headwinds and an uncertain business environment," it explained. Net leasing fell in Chennai, Hyderabad, Mumbai and Pune, while absorption rose in Delhi-NCR, Bengaluru and Kolkata. Net absorption is calculated as the new floor space occupied less floor space vacated. Floor space that is pre-committed is not considered to be absorbed until it is physically occupied. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/the-alpha-creators-bank-and-it-stocks-outperform-nifty50-in-the-last-11-years/articleshow/99114789.cms">The Alpha Creators: Bank and IT stocks outperform Nifty50 in the last 11 years</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/microfinance-lending-shows-strong-growth-in-2022-nbfc-mfis-dominate-the-market/articleshow/99112629.cms">Microfinance lending shows strong growth in 2022, NBFC MFIs dominate the market</a>

Net office leasing drops 34% in Jan-Mar to six-quarter low across top 7 cities: JLL India

EdenEden co-founders Joe Du Bey and Kyle Wilkinson<ul class="summary-list"><li>WeWork just sold facilities-management company <a href="https://www.businessinsider.com/wework-acquires-managed-by-q-2019-4">Managed by Q</a> to rival facilities-management company Eden for $25 million, a 90% discount from what WeWork paid for the business in 2019.</li><li>The purchase was funded by a $29 million investment in Eden led by real-estate services giant JLL.</li><li>JLL will now partner with Eden to provide facilities-management services to its clients that are too small for JLL's in-house facilities management team, which typically only works with very large businesses.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Struggling coworking giant WeWork just sold <a href="https://www.businessinsider.com/wework-acquires-managed-by-q-2019-4">Managed by Q</a> to facilities-marketplace rival Eden for a fraction of what it paid, with commercial brokerage and real estate services company JLL helping bankroll the deal.San Francisco-based Eden bought Managed by Q for $25 million, according to a source familiar with the deal. WeWork paid <a href="https://www.businessinsider.com/wework-to-sell-managed-by-q-less-than-purchase-report-2019-12">$220 million</a> for the firm in <a href="https://www.businessinsider.com/wework-acquires-managed-by-q-2019-4">April 2019</a>. Helping enable that deal was $29 million in funding for Eden led by JLL Technologies, the tech division of the real estate firm. Other funders were not disclosed. Eden and Managed by Q both operate marketplaces that connect clients with office cleaners and other facilities services. With the acquisition, Eden will absorb Managed by Q's clients and providers.JLL, which has its own in-house facilities management team that caters to Fortune 1000 companies, plans to integrate Eden into its brokerage business so that it can offer the service to smaller firms."Small and medium-sized business are already working with JLL to find and lease space, but now we can also provide solutions to improve the management of those workplaces and the experience of those within," Yishai Lerner, co-CEO of JLL Technologies, wrote to Business Insider in an email. "It's a great complement to our existing business lines." JLL acquired Corrigo, a facilities management platform for enterprise and large retail companies, in December of 2015 for an undisclosed amount. Corrigo remains independent to JLL and is open to any facility manager, whether they are a JLL clients or not.Lerner wrote that Eden's acquisition of Managed by Q will make them "the primary market player," providing a good opportunity for JLL to expand its service offerings into "underserved" parts of the market, namely small and medium businesses.Joe DuBey, CEO and co-founder of Eden, said that he had been discussing a potential strategic alignment with JLL for years, and that the sale of Managed by Q provided an opportunity for Eden to grow its business, and for JLL to provide more services to its customers."This partnership makes Eden more of a complete business," DuBey told Business Insider."We knew we wouldn't build a brokerage, so now we get the benefit from JLL's brokerage services and JLL will be able to offer Eden as their facilities management offering with whatever type of business they don't typically do in-house." Eden, <a href="https://www.businessinsider.com/eden-raises-25-million-bring-cbre-style-service-to-all-2019-11">which closed a $25 million round in November of last year</a>, works with a range of companies, including <a href="https://www.businessinsider.com/convenes-ceo-explains-flex-space-financials-metrics-2019-9">flexible office space provider Convene</a>. To date, Eden has raised $69 million.<h3>Another WeWork asset is sold off in the post-Neumann world</h3>WeWork is in the process of slashing jobs and shuttering or selling several non-core investments, including its stake in <a href="https://www.businessinsider.com/wework-offloads-non-core-business-teem-stake-in-the-wing-2020-1">women's coworking company The Wing, workplace software provider Teem</a>, and content marketer Conductor as well as <a href="https://www.businessinsider.com/wework-is-putting-neumanns-60-million-jet-up-for-sale-2019-9">a $60 million corporate jet it purchased in 2018</a>. WeWork's new CEO, <a href="https://www.businessinsider.com/profile-of-new-wework-ceo-sandeep-mathrani-2020-2">Sandeep Mathrani</a>, joined the company last month.WeWork had been considering a sale to a group led by Managed By Q co-founder Dan Teran for less than $55 million in December of last year, according to <a href="https://www.bloomberg.com/news/articles/2019-12-18/wework-is-in-talks-to-sell-managed-by-q-at-a-huge-discount">Bloomberg</a>. <a href="https://www.businessinsider.com/wework-acquires-managed-by-q-2019-4">WeWork acquired Managed by Q</a> in April of last year for a <a href="https://www.businessinsider.com/wework-wants-sell-3-businesses-managed-by-q-conductor-meetup-2019-9#managed-by-q-1">reported $220 million.</a> The sale price would have been less than a quarter of what WeWork paid. A <a href="https://www.bloomberg.com/news/articles/2020-02-29/wework-is-said-to-rethink-sale-of-startup-back-to-its-co-founder">Bloomberg report</a> last week said that Eden's final bid was higher than what Teran was able to offer.Business Insider has reported WeWork is outsourcing its US and Canada facilities staff to JLL starting last December, <a href="https://www.businessinsider.com/wework-partners-with-jll-for-facilities-outsourcing-2019-11">per a memo to employees.</a>A WeWork spokesperson told Business Insider: "The successful divestiture of Managed by Q is the latest example of how WeWork continues to focus on our core workspace business. We are grateful for the contributions of the entire team at Managed by Q and believe the company is well-positioned to succeed as part of Eden."Managed by Q, founded in 2012, allows office tenants to hire on-demand workers for office-management tasks like cleaning or staffing reception desks, though the company originally hired full-time employees.After selling the company, Teran spent five months with WeWork as head of corporate development and ventures before leaving last October, per his LinkedIn profile. Teran could not be reached for comment at the time of publication.<a href="https://www.businessinsider.com/intelligence/30-big-tech-predictions-for-2020?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=wework&amp;itm_campaign=30-big-tech-predictions-for-2020"></a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/martin-greenfield-presidents-tailor-2018-5">How this Holocaust survivor became a tailor for US presidents and celebrities</a></h3>

Real-estate giant JLL is gaining a key partnership as WeWork unloads its Managed by Q business at a fire-sale price

New Delhi, <keyword id="19156935" type="General" weightage="20" keywordseo="Sales-of-Apartments" source="Orion">Sales of apartments</keyword> during the January-September period went up 21 per cent year-on-year to 1,96,227 units across seven major cities on better demand, according to property consultant JLL India. As many as 1,61,575 units were sold in the same period last year. Sales of apartments in January-September period of this year have already touched 91 per cent of 2022 annual sales. "With the onset of the festive season, robust sales are expected in the upcoming quarter and as a result, annual sales in 2023 are expected to surpass sales of 215,000 units recorded in the previous year," JLL India said in a statement on Monday. Across seven major cities, new launches of apartments also rose 21 per cent to 2,23,905 units during the first nine months of 2023 from 1,84,317 units in the year-ago period. The seven cities tracked were Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, and Pune. Mumbai includes Mumbai city, Mumbai suburbs, Thane city, and Navi Mumbai. JLL said the data includes only apartments and row houses, villas, and plotted developments are excluded from this analysis. "The prominent launches by branded developers saw good sales traction across all seven cities. Also, the consecutive fourth pause in policy rate by the RBI will have a positive impact on residential sales as financial institutions will maintain the home loan interest rates at the present levels," said Siva Krishnan, head, residential, India, JLL.

Sales of apartments in Jan-Sep up 21% to 1,96 lakh units in top 7 cities: JLL

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.glassdoor.com/Photos/JLL-Office-Photos-E5779_P2.htm">Glassdoor</a></div></div></div><ul><li>Real-estate brokerage <a href="https://markets.businessinsider.com/stocks/hf-stock">HFF</a><a href="https://markets.businessinsider.com/stocks/hf-stock"> </a>announced it is selling itself to <a href="https://markets.businessinsider.com/stocks/jll-stock">Jones Lang LaSalle</a>.</li><li>JLL will acquire all the outstanding shares of HFF with a combination of cash and stock at an equity value of approximately $2 billion.</li><li>HFF shareholders will receive $24.63 in cash and 0.1505 JLL shares for each HFF share. </li><li><a href="https://markets.businessinsider.com/stocks/hf-stock">Watch HFF trade live.</a></li></ul>The real-estate brokerage <a href="https://markets.businessinsider.com/stocks/hf-stock">HFF</a> announced it is selling itself to <a href="https://markets.businessinsider.com/stocks/jll-stock">Jones Lang LaSalle</a>, a provider of real estate and investment management services.Under the terms of the deal, JLL will acquire all the outstanding shares of HFF in a combination of cash and stock, with an equity value of approximately $2 billion, according to a <a href="https://www.prnewswire.com/news-releases/jll-to-accelerate-growth-in-capital-markets-business-through-acquisition-of-hff-300814708.html">press release.</a> HFF shareholders will receive $24.63 in cash and 0.1505 JLL shares for each HFF share. "The combination with HFF provides a unique opportunity to accelerate growth and establish JLL as a leading capital markets intermediary, with outstanding capabilities," Christian Ulbrich, Global CEO of JLL, said in the press release. "We have long admired HFF for its expertise and leading reputation in the industry, as well as its client-first culture of teamwork, ethics and excellence, which aligns with our own. I believe that combining our organizations will deliver a range of compelling benefits for our clients, employees and shareholders."HFF was up 50% this year including Tuesday's gain of more than 5%.<div class="KonaFilter image-container display-table"><div><div class="image on-image">MI</div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/2019-market-outlook-john-rogers-ariel-investments-on-fund-performance-whats-ahead-2019-3">The founder and CIO of $12 billion Ariel Investments breaks down how his top-ranked flagship fund has crushed its peers over the past 10 years</a></h3> <div> </div> </div>

Real-estate brokerage HFF sells itself to Jones Lang LaSalle for $2 billion

New Delhi [India], May 24 (ANI): <keyword id="21790772" type="General" weightage="20" keywordseo="Indias-data-centre-industry" source="Orion">India's data centre industry</keyword> to attract an investment of USD 5.7 billion by 2026 amid the growing demand for <keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword> (<keyword id="107950" type="General" weightage="20" keywordseo="artificial-intelligence" source="Orion">Artificial Intelligence</keyword>), says a report by real estate and investment management company, JLL. The report highlights that India's <keyword id="13391374" type="General" weightage="20" keywordseo="data-centre-industry" source="Orion">data centre industry</keyword> will add 791 MW capacity by 2026 and this expansion will lead to a demand of 10 million sq. ft of real state space. "The <keyword id="126804" type="General" weightage="20" keywordseo="data-centre" source="Orion">Data Centre</keyword> (DC) industry in India is set to witness remarkable growth, with projections of adding 791 MW capacity by 2026. This expansion will drive demand for 10 million sq. ft. of real estate space, attracting investments worth USD 5.7 billion" said the report. A data center is a facility that centralises an organisation's IT operations and equipment to store, process and transfer data and applications. The report highlights that growth in computing power and the resulting new applications are expected to drive strong demand for DC industry over the medium term. The expected demand of the Indian data centre industry to reach 650-800 MW during 2024-26. The surge in demand for data centres is primarily fuelled by the increasing adoption of Artificial Intelligence (AI). The report points out that Cloud Service Providers (CSPs), who essentially offer IT infrastructure systems primarily for data storage and computing power accessible through the Internet, have realigned their requirements to factor in AI-led demand. The CSPs have also announced higher investments to scale up AI-led growth. "The exponential growth in processing power and data volumes, driven by AI, necessitates the development of new data centres capable of meeting energy, processing, and cooling needs. The anticipated expansion and progression of diverse AI disciplines are projected to create additional demand for data centres, expanding their capacity requirements and advancing their capabilities" said Rachit Mohan, Head, Data Centre Advisory, India, JLL. According to the report in the second half of 2023, there was a 12 per cent increase in absorption to 81 MW compared to 72 MW during the same period last year. This growth can be attributed to cloud service providers (CSP) gaining momentum after a brief hiatus during the first half of 2023. In Mumbai, absorption nearly doubled during this period as CSPs renewed their pace of absorption. "India is poised to be the third-largest economy, with a projected USD 5 trillion GDP by 2027 with digital economy contribution of around 20 per cent. This digital expansion is anticipated to propel the growth of India's data centre industry, projected to increase from 853 MW in 2023 to 1,645 MW by 2026," said Dr. Samantak Das, Chief Economist and Head of Research &amp; REIS, India, JLL. There was a lower supply addition of 75 MW during H2 2023 as the available supply from the first half was utilised to meet the demand, resulting in tighter vacancy levels of 5.5 per cent. With a large user market, talented workforce, and thriving startup ecosystem, India presents a significant opportunity to emerge as a global data hub, driven by sustainable practices. The country's DC sector expanded from 350 MW in 2019 to 854 MW in 2023, in line with the increasing digital usage trends.

Amid growing demand for AI, India's Data Centre boom to drive USD 5.7 billion investments by 2026: JLL

<div class="KonaFilter image-container display-table"><div><div class="image on-image">WeWorkWeWork employees asked management for clarity around the outsourcing contracts last week.</div></div></div><ul class="summary-list"><li>WeWork is outsourcing its facilities staff to real estate services company JLL, according to a Monday memo reviewed by Business Insider. </li><li>Starting on December 9, the affected cleaning teams will be part of JLL or one of the company's partners. </li><li>It's a reversal of co-CEO Artie Minson's 2015 decision to cut WeWork's outsourcing contracts.</li><li>While this round of outsourcing was months in the making, the news comes as WeWork looks to cut costs in other areas, including thousands of job cuts. </li><li><a href="https://www.businessinsider.com/heres-the-latest-wework-news-2019-6">For more stories about WeWork, click here. </a></li></ul>WeWork's cleaning staff will have another employer in a month. The beleaguered office company is outsourcing its US and Canada facilities staff to real estate services giant JLL, per a Monday memo to employees reviewed by Business Insider. Starting on December 9, the affected cleaning teams will be part of JLL or one of the company's partners. It's unclear how many staff members are affected by the change.A representative for WeWork declined to comment, and JLL did not respond to a request for comment. <h3>Employees advocate for clarity</h3>Every member of the US and Canada cleaning, pantry, and facilities teams will be offered a job with JLL or one of its partners, the memo said. The job changes are effective on December 9. Pay will remain the same, and shifts will not immediately change. "When making this decision, we kept our employees' success top of mind. JLL is an industry expert that will help us provide a more consistent experience for our members, strong leadership for our teams, and career development opportunities for the employees that join their organization," the memo said. The staff shift, <a href="https://www.businessinsider.com/leaked-memo-wework-to-outsource-cleaning-facilities-staff-2019-11">which was announced to employees earlier this month</a>, comes as the office company looks to cut costs in a number of areas following a <a href="https://www.businessinsider.com/softbank-agrees-to-rescue-wework-in-a-bailout-deal-2019-10">bailout from SoftBank</a>. <a href="https://www.businessinsider.com/wework-plans-thousands-of-job-cuts-shelving-initial-public-offering-2019-10">Major layoffs are coming</a>, and executives are selling non-core businesses and winding down projects like <a href="https://www.businessinsider.com/wework-closes-wegrow-rebekah-neumanns-school-effort-2019-10">elementary school WeGrow</a>. Arik Benzino, the US, Canada, and Israel "CWeO" - WeWork's title for country manager - told cleaning and facilities employees in an email earlier this month that WeWork has been looking at outsourcing for nearly a year. "We're undertaking it because we believe it will fundamentally improve the experience of our team and our members," he said in the email.WeWork <a href="https://www.businessinsider.com/leaked-memo-wework-to-outsource-cleaning-facilities-staff-2019-11">brought cleaning staff in-house in 2015,</a> which current co-CEO Artie Minson said at the time helped improve the customer experience. Now, WeWork employees have been advocating for cleaners, asking chairman Marcelo Claure to "prioritize the wellbeing" of staff, Business Insider earlier <a href="https://www.businessinsider.com/leaked-memo-wework-to-outsource-cleaning-facilities-staff-2019-11">reported</a>.Employees also started a Slack channel to organize and <a href="https://weworkersco.org/">sent a letter </a>to management under the name "The WeWorkers Coalition" last week.That letter, signed by hundreds, highlighted the need for more communication about the fate of the cleaners, among other asks. "We will also need clarity around the contracts our cleaning staff will be required to sign in order to keep their jobs, which are being outsourced to a third party," the email said. <section data-track-content="" data-post-type="post">Get in touch! Contact this reporter via encrypted messaging app Signal at +1 (646) 768-1627 using a non-work phone, email at <a href="mailto:mmorris@businessinsider.com">mmorris@businessinsider.com</a>, or Twitter DM at <a href="https://twitter.com/MeghanEMorris">@MeghanEMorris</a>. (PR pitches by email only, please.) You can also <a href="https://www.businessinsider.com/how-to-tip-business-insider-securely-guide-signal-securedrop-2017-6">contact Business Insider securely via SecureDrop</a>.Also read: <section><h4><a href="https://www.businessinsider.com/wework-needs-a-big-expensive-it-upgrade-2019-11">Insiders say WeWork's IT is a patchwork of cheap devices and Band-Aid fixes that will take millions to fix</a></h4><h4><a href="https://www.businessinsider.com/read-wework-lays-out-five-year-plan-priorities-in-leaked-memo-2019-11">Read the memo WeWork's new chairman just sent to all staff outlining its 5-year plan using the New York City Marathon as a metaphor</a></h4><section><h1><a href="https://www.businessinsider.com/softbank-backed-fair-struggled-after-explosive-growth-say-insiders-2019-11">SoftBank-backed startup Fair burned through nearly $400 million in 10 months. Insiders reveal how Softbank stepped in and cleaned house in the wake of WeWork.</a></h1><h1><a href="https://www.businessinsider.com/weworks-flatiron-school-lays-off-dozens-of-people-2019-11">WeWork's coding boot camp Flatiron School has laid off dozens of employees</a></h1></section></section></section> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/target-effect-how-retailer-gets-you-spend-more-money-2018-10">Target just released its Black Friday ad. Here's how 'The Target Effect' gets customers to spend more money than they were expecting.</a></h3> <div> </div> </div>

WeWork is outsourcing its cleaning staff to real estate giant JLL

The rise in <keyword id="6468581" type="General" weightage="20" keywordseo="housing-prices" source="Orion">housing prices</keyword> and mortgage rates have impacted affordability levels to buy homes in the last two years across seven major cities but it may improve next year due to a likely reduction in repo rate, according to JLL India. The improvement in affordability levels would further boost housing sales, which have risen despite increases in property prices and interest rates on home loans. The consultant on Sunday released its 'Home Purchase Affordability Index' (HPAI), which signifies whether a household earning an average annual income (at an overall city level) is eligible for a housing loan on a property in the city at the prevailing market price. "The rising repo rate in 2022 as the RBI reacted to the global recessionary and inflationary trends, plus a strong demand recovery spurring price hikes, worsened affordability in 2022," the report said. In 2023, the consultant said that affordability levels are likely to marginally worsen or remain the same when compared to 2022. A stronger price increase has been countered by stagnancy in repo rate movement, declining <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> and relatively higher growth in household incomes, the consultant explained. "In 2024, we are likely to see a renaissance with affordability levels expected to be on an improving trajectory as <keyword id="493702" type="General" weightage="20" keywordseo="macroeconomic" source="Orion">macroeconomic</keyword> fundamentals support a repo rate reversal and thereby interest rate reduction that could provide another fillip to the residential sales market," the report said. JLL expects a 60-80 basis points reduction in repo in the next year. It has derived this index through a combination of variables, which include home loan interest rates, average household income and price of the residential apartment. The HPAI is the ratio of the average household income to the eligible household income. Eligible household income is defined as the minimum income that a household should earn to qualify for a home loan on a 1,000-square-foot apartment at the prevailing market price. A value of 100 means that a household has exactly enough income to qualify for the loan. A value less than 100 implies that an average household does not have enough income to qualify for a housing loan. A value of more than 100 implies that an average household has more than enough income to qualify for a home loan. As per the data, the affordability index in Mumbai is estimated to dip to 88 from 92. In Delhi NCR, the index is seen declining to 121 from 125. The Index of Bengaluru is estimated to have dipped to 158 from 168. The index in Hyderabad is seen at 169 against 174 last year. Pune will witness a marginal fall to 182 from 183, while Kolkata will see a marginal improvement to 194 from 193. The affordability index of Chennai is estimated to be flat at 162 this year. JLL India noted that affordability was at its lowest in 2013 before rising on a sustained basis through 2014 to hit optimal levels in 2021. "Despite residential price hikes being sustained in 2023, better economic and job prospects and healthier income growths compared to 2022 have led to a relatively minor dip in affordability in 2023. "In fact, affordability levels remain much above the pre-COVID and worst affordability periods for all cities, clearly highlighting the headroom for market growth to continue," said Siva Krishnan, Managing Director and Head of Residential Services, India, JLL.

Affordability levels to buy homes hit in last 2 years; to improve in 2024 on likely repo rate cut: JLL

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Meghan Morris/Business InsiderThe Aon Center's 70th floor includes a tenant lounge, gym, and conference rooms.</div></div></div><ul class="summary-list"><li>One of Chicago's biggest office buildings recently added a ton of amenities, like a 16,000 square foot gym and meeting space, with panoramic views of the city.</li><li>The Aon Center building now boasts the city's largest amenity space, with a café, games, work space, and more, run by real estate company JLL.</li><li>JLL redesigned the lobby, amenity floor, and its own six-floor headquarters within the building.</li><li>Before the revamp, JLL spent two years surveying and interviewing the 900 employees who worked in the building. That changed how leadership thought about everything from location to design, the head of JLL's workplace strategy practice told Business Insider. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>Chicago's Aon Center might not win any awards for most interesting building from the outside - the 83-floor office building is one gray, long rectangle that towers over Millennium Park.Inside, however, recent renovations now allow employees to exercise, play games, host meetings, and sip lattes with panoramic views of the city from the 70th floor. Later this spring, they'll be able to have cocktails there, too. JLL, the world's second-largest real-estate company, embarked on major upgrades to the building that reshaped common spaces like the lobby and amenities floor, as well as its six-floor headquarters. See more: <a href="https://www.businessinsider.com/photos-atlassian-new-san-francisco-headquarters-2018-12">We visited the new San Francisco office of $19 billion Atlassian, where every little detail is designed to help people work together</a>Before reworking its own floors, JLL spent two years surveying and interviewing the firm's 900 local employees, which led to a number of surprises, Ed Nolan, the head of the firm's workplace strategy practice, told Business Insider. For example, the company's leadership assumed most employees commuted in from the suburbs, but the survey found half came in by public transit, ride-sharing services, walking, and biking.Understanding that the workforce was more urbanized than executives thought led the company to stay in the Aon Center, even though the building is farther from commuter trains connected to the suburbs than many other offices. Nolan said JLL undertook the renovations with three principles in mind: <ol><li>Agility: Before the renovations, the office floor plan was 80% assigned - employees had cubicles or offices. Now, only 50% is, with the rest of the floorplan dedicated to shared space, like phone booths and small conference rooms. JLL's headcount grew from 900 to 1,400, but the firm still occupies the same six floors, thanks to a smaller per-employee footprint. </li><li>Connection: Employees felt siloed in their previous cubicles or office space, disconnected from the larger company, so the company added a 3,000 square foot lounge. Nolan said it's now common for employees to spend three or four hours working in the club space, rather than at their desks. Two staircases, one in the club and another near reception, are also meant to foster more connection than riding in an elevator.</li><li>Choice: Gone are the cubicles, in are options to work at a rolling desk, private room, conference room, lounge, kitchen, and other areas. </li></ol>We toured the office and amenity center to see how those principles look in action.

Take a look inside a real estate giant's stunning Chicago headquarters, with a 16,000 square foot gym and panoramic views of the city

According to JLL India, <keyword id="6354552" type="COMPANY" weightage="80" keywordseo="hyderabad">Hyderabad</keyword>, <keyword id="2094" type="COMPANY" weightage="80" keywordseo="Pune">Pune</keyword>, <keyword id="57321" type="PERSON" weightage="80" keywordseo="Navi-Mumbai">Navi Mumbai</keyword>, and Ahmedabad are among the 10 affordable <keyword id="6354516" type="ORGANIZATION" weightage="80" keywordseo="property">property</keyword> markets in the country where flats are available within the budget of Rs 30-50 lakh. 
 
The other six cities are Kochi (Kerala), Ghaziabad(Uttar Pradesh), Jaipur (Rajasthan), Nagpur (Maharashtra), Surat (Gujarat) and Coimbatore in Tamil Nadu. 
 In its latest report, property consultant JLL India has listed 10 cities that offer great lower-budget <keyword id="6354553" type="COMPANY" weightage="80" keywordseo="real-estate">real estate</keyword> investment prospects over medium to long term. 
 
"These towns and cities offer a wide spectrum of investable options in real estate with relatively lower property price levels, providing the incentives for future capital appreciation and healthy returns," JLL India Chairman and Country Head Anuj Puri said. 
 
On Hyderabad, Puri said it is perhaps one of the most it is perhaps one of the most affordable cities among all tier 1 cities of India. Even the well-developed residential localities in Hyderabad, such as Manikonda, Kukatpally, Miyapur and Sainikpuri offer housing properties in the budget range of Rs 30-50 lakh. 
 The report mentioned that Hyderabad's <keyword id="46631" type="UNKNOWN" weightage="80" keywordseo="Realty-market">realty market</keyword> is now set for an upswing after a prolonged slump due to the global recession followed by political turmoil. 
 
About Pune, JLL said the city has recorded good growth in the affordable housing segment over the last couple of years. Such projects are located on the periphery of the city and offer small 1-2 BHK flats with basic, no-frills amenities. 
 "While <keyword id="35507" type="UNKNOWN" weightage="80" keywordseo="property-prices">property prices</keyword> have increasingly become unaffordable in Mumbai, Navi Mumbai still provides numerous options for residential housing within the budget of Rs 30-50 lakh," Puri said. 
 
The proposed SEZs at Dronagiri, Ulwe and Kalamboli, and the upcoming international airport at Panvel are expected to help generate employment and boost demand for commercial and residential developments. 
 
On Ghaziabad, JLL said that the city is an emerging residential neighbourhood of NCR which has a very high supply of flats in the budget of Rs 30-50 lakh. 
 
"Well connected via metro and roads to the job markets of Delhi-NCR region, the city caters largely to the mid-segment home buyers. The city has a high supply of ready-to-move-in properties offered by renowned developers," the report sad. 
 
Infrastructural developments such as extension of the Metro Rail and widening of the NH 24 will further boost Ghaziabad's realty market, it added. 
 
On Kochi, JLL said: "Gone are the days when the city's builders focused only on affluent buyers. Today, the Kochi residential real estate market is dominated by affordable housing segment, which accounts to about 60 per cent of the total housing projects in the city." 
 
Image credit: Indiatimes

Pune, Hyderabad, Navi Mumbai and Ahmedabad among 10 affordable property markets in India

New Delhi, Mar 18 () AllCargo Logistics has leased nearly 3 million sq ft warehousing space in Delhi-NCR, Bengaluru and Hyderabad to a large e-commerce player and a global sports goods retailer. Property consultant JLL India facilitated AllCargo Logistics, which is a part of Avvashya Group, in leasing about 3 million sq ft warehousing space. The deal will enable setting up of warehousing facilities for a large e-commerce retailer and a multi-national sports goods retailer. "The warehousing and logistics sector in the country continues to perform strongly. Riding on a maturity curve, the sector has been witnessing investments from developers and potential big occupier companies across sectors with a long-term view. The deal reflects the growing appetite of stakeholders looking at the sector with hope. This said, there is a need to develop more and more quality warehousing facilities in the country," said Ramesh Nair, CEO &amp; Country Head, JLL India. The company's developments across these cities are of highest standards and are able to meet the requirements of international as well as domestic companies operating at large scale, said Shashi Kiran Shetty, chairman of AllCargo Logistics. Overall warehouse leasing has increased to 36.4 million sq ft in 2019 from 31.8 million sq ft during 2018. Going forward, the absorption is expected to be strong in near to medium term primarily driven by Grade A spaces. The supply of Grade A warehouses have also increased to 22.5 million sq ft in the same period as against 18.6 million sq ft in the last year. The US-based JLL is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company with annual revenue of USD 16.3 billion, JLL operates in over 80 countries with a global workforce of more than 93,000. In India, JLL has presence across 10 major cities with a cumulative strength of close to 12,000 professionals. MJH SHWSHW

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