Grade A Offices Of About 120 Million Sq Ft Can Be Refurbished In Top Six Cities
Nearly 120 MSF Grade A office buildings, which is more than 15 years old, in the top 6 cities (Bengaluru, Chennai, Delhi NCR, Hyderabad, Mumbai, and Pune) are to be renovated, according to a recent report.
“The cost of conducting due diligence of the property is less than 0.3% of the project cost. As developers and investors venture into new geographies and asset classes, Due Diligence can help them risk-proof their prospective projects,” said Jatin Shah, managing director, Technical Due Diligence, Colliers India.
Real estate due diligence helps secure a portion of his 300 MSF pie of existing and upcoming commercial office buildings. The top six cities are seeing a strong pipeline of office buildings in the next 2-3 years, with about 180 million sq ft of Grade A office stock in various stages of construction.
The report, in detail, showcases how due diligence can help various stakeholders take precautions to safeguard their investments.
Upgrading old office buildings will help in gaining more traction from occupiers, and increase the value of the building with increased building longevity, according to Shah.
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