MUMBAI, March 11, 2014 /PRNewswire/ --
Leadership Changes Designed to Further Boost Firm's Market Dominance
International property consultancy JLL (Jones Lang LaSalle) has announced a major realignment in the leadership team for its Delhi NCR and Chennai businesses. The move will further strengthen the company's position with regards to its established businesses in Delhi NCR and South India.
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Previously Managing Director for Chennai and Coimbatore, Badal Yagnik has assumed the role of Managing Director - Delhi NCR with effect from March 3, 2014. Based out of Gurgaon, he will be responsible for driving the firm's transactions business in this region and ensuring further growth in terms of revenue, product offerings and business scale.
During his immensely successful tenure in Chennai and Coimbatore, Badal Yagnik significantly scaled up the firm's business in this key market across multiple service lines, bringing into play his highly evolved cross-selling skills. This background, as well as his familiarity with and excellent connections in the Delhi NCR market, equip him to significantly amplify his success record in his new assignment.
Commenting on the prevailing commercial real estate scenario in Delhi NCR, Badal says, "The demand for office real estate in NCR will pick up after the general elections, and this will drive up rental levels. Anticipating this, corporates are showing a lot of interest in acquiring space and renegotiating their real estate portfolios ahead of the lease tenure while the rentals are still stable."
The NCR commercial office space saw net absorption at a nine-year low in 2013. However, overall transaction volumes were higher than in 2012, indicating an increase in leasing activity in the office market. Consolidations and relocations were the major demand drivers over the past year, and improving global business sentiments are likely to increase office space requirements for both expansion and consolidation needs going forward.
Concurrently, Sarita Hunt has been appointed as the Managing Director, Chennai and Coimbatore. Continuing to be based out of Chennai, she will be responsible for further growing JLL's business footprint as well as advancing the firm's leadership position in the city.
Sarita Hunt has already distinguished herself by substantially increasing JLL's share of business in Chennai's commercial office real estate domain. Her demonstrated abilities in client relationship management and operational expertise within the Chennai market give her a strong footing to take on this next level of leadership.
Sarita Hunt says, "I am indeed excited to take up this responsibility at an important juncture for Chennai's real estate market. With heightened competition for Grade A office space in the city's preferred micro-markets and the decrease in vacancy across the secondary business districts, Chennai will now witness a moderate increase in rentals, especially in these occupier-favoured locations. This represents a major opportunity for developers looking at new commercial real estate projects there to take advantage of the inherent demand and capitalise on the lack of supply. The average demand for office spaces in Chennai in 2014 stands at approximately 3.5 million square feet."
About JLL
JLL (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 $4 billion, JLL operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate assets under management.
For further information, visit www.jll.com.
Primary Media Contact: Arun Chitnis, [email protected], 91-9657129999
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