Rs 23,380 cr needed to upgrade grade A offices in four metros: JLL report

These four cities are also the biggest office markets in India, holding 569 million sq ft, or 77% of the total Grade A office stock of 740 mn sq ft situated in the country's top seven cities

An amount of Rs 23,380 crore is required for asset enhancement, retrofitting and upgrading the Grade A office stock in Bengaluru, Mumbai, Delhi NCR, and Hyderabad on a combined area of 347 million sq ft, says a JLL report.

The upgrade includes age, services, and amenities-related improvements and sustainability-led asset enhancements. However, for the Capex spend calculations, all projects over 100,000 sq ft have been considered irrespective of the age of the asset.

The four cities accounted for 79 per cent of cumulative gross leasing activity between 2018 and H1 2022 (first half of 2022) among the top seven cities.