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Time of India
2 days ago
- Business
- Time of India
BM Property: Bengaluru emerges as prime market for office space retrofitting
Bengaluru's commercial real estate market is poised for a major transformation, as a new report by CBRE South Asia Pvt Ltd has highlighted massive potential in retrofitting existing office spaces. Titled 'From Existing to Exceptional: A Strategic Approach to Retrofitting Indian Office Spaces', the study estimated that nearly 130-140 million sq ft of the city's 230 million sq ft office stock is ripe for upgradation—presenting a significant opportunity for value micro-markets such as Outer Ring Road, Whitefield, and the Extended Business District are identified as the hotspots for modernisation. These areas not only hold the greatest retrofitting potential but also promise varying rental premiums upon upgrade. CBRE estimates that Bengaluru alone represents an investment potential of INR 95–162 billion through targeted improvements in ageing office broader office market too, shows considerable opportunity, with nearly 50% of the office inventory across top seven cities exceeding 10 years in age. Of the estimated 882 million sq ft of total stock, more than 434 million sq ft—based on ownership and asset age—qualifies for strategic retrofitting. Bengaluru and Delhi-NCR account for nearly 45% of this older inventory, followed by Mumbai and Chennai with another 32%.The report noted that this transformation isn't just aesthetic. Upgraded buildings can command rental premiums of up to 20%, and in some cases, even 30–40% based on market demand. This makes retrofitting a smart strategy for developers and investors to align with rising occupier expectations around sustainability, wellness, and offers both immediate and long-term advantages. Tenants benefit from lower operating costs, improved amenities, and healthier work environments. Landlords gain higher leasing velocity, stronger tenant retention, and improved asset valuation. Enhanced safety, energy efficiency, and ESG alignment make such properties more appealing to institutional investors and REITs, boosting asset push for modern, high-performance workspaces is also a response to evolving workplace expectations. Retrofitted buildings can include smart systems, modular designs, wellness features like gyms and daycare facilities, and even community-centric Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, emphasised that retrofitting has become a strategic imperative. 'This is no longer about cosmetic upgrades,' he said, adding that retrofitting is now a sophisticated, data-backed approach to transforming real estate assets to meet long-term sustainability and financial the sentiment, Gurjot Bhatia, Managing Director - Asia, PJM Advisory, Turner & Townsend, stated, 'India's office sector is at a critical juncture. With 434 million sq ft of space ready for transformation, the focus must be on creating future-ready workplaces that cater to modern occupier needs and ESG-focused investment.' As Bengaluru leads the national push towards retrofitting, the city's commercial real estate sector is set to make new benchmarks in asset performance, investor returns, and occupier satisfaction.
United News of India
12-05-2025
- Business
- United News of India
Bengaluru office market offers Rs 162 bn retrofit value: CBRE
Bengaluru, May 12 (UNI) CBRE South Asia Pvt Ltd, India's leading real estate consulting firm, on Monday released a report titled 'From Existing to Exceptional: A Strategic Approach to Retrofitting Indian Office Spaces', highlighting Bengaluru's massive potential for office space upgrades. According to the report, out of the city's total 230 million sq. ft. of office stock, nearly 130–140 million sq. ft. is ripe for strategic upgradation, offering a key opportunity to enhance asset value and drive rental yields. This retrofitting potential is largely concentrated in Outer Ring Road, Whitefield, and the Extended Business District—areas that are poised to yield the most impact from modernisation efforts. The report estimates that Bengaluru alone presents an investment opportunity valued between Rs 95–162 billion, as developers and investors seek to meet growing demand for high-performance, modern workspaces. Upgraded properties in high-potential micro-markets could command meaningful rental premiums, with returns varying by location. Pan-India, CBRE noted that nearly 50 per cent of the office inventory across the top seven Indian cities, covering about 882 million sq ft, comprises properties over a decade old. Of this, around 200 million sq ft, or 45 per cent of the ageing stock, is located in Bengaluru and Delhi-NCR. Mumbai and Chennai together account for another 32 per cent, underlining significant retrofitting potential in these gateway markets. The report identifies approximately 434 million sq ft of office stock nationwide as eligible for upgradation, with an estimated investment potential ranging between Rs 304–520 billion. Enhanced sustainability, wellness features, and tech-readiness in retrofitted spaces could deliver rental premiums of up to 20 per cent—and in some micro-markets, potentially exceeding 30–40 per cent. Other key cities also present notable opportunities. Chennai has about 52–57 million sq. ft. of upgradable stock within its 89 million sq. ft. office inventory, especially across OMR Zones 1 and 2, and Mount Poonamallee High Road. These assets could attract investments between INR 39–66 billion. Gurugram, with around 45–50 million sq. ft. of upgrade-worthy office space, primarily in DLF Cybercity, Golf Course Road, and NH8, offers investment potential of INR 33–56 billion, with rental gains estimated up to 30 per cent. CBRE emphasised that with new supply lagging behind demand, targeted retrofitting provides a timely and strategic lever for investors and landlords to unlock value, enhance returns, and reinforce India's commercial real estate market. UNI BDN PRS
Time of India
03-05-2025
- Time of India
Shrinecations: How Gen Z and Millennials are redefining pilgrimage with style
In recent years, a new kind of getaway has been gaining popularity, especially among Gen Z and Millennials: shrinecations. These are actually trips that combine the devotion of a traditional pilgrimage, along with the relaxation and exploration of a leisure trip. Rather than focusing solely on religious rites, shrinecations offer a mix of spirituality, cultural experiences, and wellness activities. It can be said that for today's travellers, the pilgrimage is no longer just about faith — it's about enriching the soul while discovering new places, making meaningful connections, and enjoying modern comforts along the way. The rise of spiritual tourism among younger generations With faith-based travel making up over 60% of domestic travel in India, the spiritual tourism industry is flourishing. The industry is expected to reach an estimated $4.6 billion by 2033, growing at a compound annual rate of 16.2%, according to a report by CBRE South Asia Pvt Ltd. I explored a serene mountain temple, kayaked on a pristine river, and immersed myself in the vibrant culture of a local market. For today's youth, pilgrimage need not be a solitary spiritual endeavor. Numerous people favor locations that provide a greater sense of cultural connectedness, personal development, and leisure or adventure opportunities. Visits to places like Varanasi's Kashi Vishwanath Temple, saw a spike from 8 million to 122 million visits annually after reconstruction in 2023, which also highlights how people are now redefining their travel desire. Read more: 10 most visited countries in the world, and why everyone's going there Travel companies join the trend Meanwhile, travel companies are also not lacking behind. To catch up with the latest trend, they are also coming up with well curated "pilgrimage plus" packages that offer contemporary delights with spiritual exploration. Apart from offering gourmet excursions, yoga retreats, and even outdoor pursuits like bungee jumping and river rafting, most of the travel agencies go the extra mile to add tours that incorporate temple visits. Reports add that younger tourists find great resonance in this unique combo that offers them both faith and adventure. Role of social media and technology Well, in this current age and time, the role of social media cannot be negated. It plays a crucial role in influencing travel decisions among people, and especially among younger generations. Platforms like Instagram, TikTok, and YouTube have made spiritual tourism not only accessible but aspirational. Gen Z and Millennials are inspired to start their own spiritual journeys by content that highlights beautiful temples, picturesque scenery, and regional customs. By offering real-time data on temple hours, amenities, and even crowd control measures, travel services such as Temple Connect assist pilgrims in planning their trips and make shrinecations as easy as they are significant. Read more: Not just the Taj! India's 8 hidden UNESCO treasures you must visit Case studies of popular shrinecation destinations Rishikesh It's one of those places in the country, where you can get a perfect balance between spirituality and adventure. People flock to this place for various reasons like to meditate by the Ganges, do yoga in ashrams, visit temples, and discover their inner selves. However, Rishikesh is more than that. Apart from those listed things, there are options to try sports like trekking, bungee jumping, and white-water rafting, which serve the adventure seekers. In short, it's an ideal place for Gen Z and Millennial travellers since they want tiny bits of both the experiences, and that too in one trip. International tourists swarm to Rishikesh to take advantage of its wellness offerings while exploring the nearby nature, per a report published in the International Journal of Research Publication and Reviews. Bodh Gaya Bodh Gaya is another prime example of a shrinecation destination, especially for Buddhist pilgrims. It attracts millions of tourists each year from all around the world as the location where Buddha obtained enlightenment. Bodh Gaya offers cultural activities such as meditation sessions, monastery talks, and temple excursions in addition to its profound spiritual significance. The town is a popular location for people looking to improve personally because of its historical significance and tranquil settings. According to data from the Saarc Cultural Center, visitors are drawn to Bodh Gaya's calm, meditative environment, which fosters introspection and spiritual rejuvenation. Kedarnath Kedarnath, a sacred site in the Himalayas, is one of the twelve Jyotirlingas and offers an intense pilgrimage experience. Beyond the spiritual fulfillment that the Kedarnath Temple provides, the trek to reach the temple offers an extraordinary adventure through the rugged terrain of Uttarakhand. Despite the 2013 flash floods that devastated the region, Kedarnath has rebuilt its infrastructure to accommodate a larger number of visitors and pilgrims. According to a report published in the International Journal of Research and Planning, Kedarnath attracts travelers seeking both physical and spiritual challenges. The revitalizing journey to Kedarnath and the tranquility of the high altitude enable pilgrims to strengthen their spiritual practices and re-establish a connection with nature, which is highly compatible with the ideals of environmentally aware Gen Z and Millennials. Economic impact and spending patterns The financial footprint of shrinecations is growing rapidly. In 2022, spiritual tourism revenue in India reached INR 1,34,543 crore, a significant increase from INR 65,070 crore in 2021. Millennials are the primary spenders in this space, followed closely by Gen Z, indicating a clear trend toward spending on spiritual and wellness-related travel. This pattern aligns with their greater focus on meaningful experiences over material consumption. Solo travel and empowerment The increase in solo travel, especially among women, is one of the most obvious trends among Gen Z and Millennial tourists. According to research from IntrCity SmartBus, 40.7% of solo female travelers in India are Gen Z women, and popular vacation destinations include Ayodhya, Amritsar, and Varanasi. The need for autonomy, spiritual development, and self-determination is driving this group more and more. In addition to embracing spirituality, young women are taking back areas that have historically been used for family or group trips as more of them go on solitary shrinecations. In the future of travel, shrinecations will surely be important as the boundaries between faith, wellness, and adventure continue to merge. At the forefront of this change are places like Rishikesh, Bodh Gaya, and Kedarnath, which give youthful tourists the opportunity to discover deeper meanings while taking advantage of contemporary conveniences and adventure. These pilgrimage destinations are reinventing what it means to travel for both spiritual and recreational reasons by fusing cultural legacy with modern travel experiences. Shrinecations will continue to play a significant role in Gen Z and Millennial travel as travel agencies continue to customize their products to meet this new trend, providing experiences that are both memorable and gratifying. Masterclass for Students. Upskill Young Ones Today!– Join Now
