JLL Report On Green Building

September 2022
Research
Tracking the green

footprint in India’s office
market
Introduction
The built environment is a critical component of all sustainability-driven agendas. As we push forth
towards achieving sustainability targets in a bid to become a net-zero carbon economy by 2070,
decarbonization of real estate will play a key role. Buildings by their innate nature of being material and
operation-intensive, contribute to nearly 40% of all global greenhouse emissions. Adopting sustainable
methods during the pre-construction stage and in running the buildings, then become very relevant in
reducing the carbon emissions across the building lifecycle. Nearly 70% of all building carbon emissions
come from its operation (operational carbon) and rest from building materials and construction
(embodied carbon).
Fulfilling pre-defined criteria which enable the incorporation of sustainable practices across a building
lifecycle, allow building owners to get various sustainability certifications. These certifications are
indicative of responsible real estate, one which thinks about the environment and proactively
contributes towards lowering carbon emissions by being more sustainable and efficient.
While it is critical to embody such sustainable practices for new construction, it is equally essential that
existing buildings undertake measures that can make them energy-efficient and reduce their carbon
footprint. While occupiers are pushing the agenda on green buildings, investors and asset owners will
play a key role in the transformation of real estate to more a greener version of itself.
Indian real estate is well on its way to becoming more sustainable and green certifications are a clear
indication of this change. There are tangible benefits of being a green-certified building. These are
not limited to just lower operational costs and efficiencies in running the building, but also adding a
premium to the asset value. Making a building more sustainable through various interventions also
increases the life span of a building and is a key part of future-
proofing the asset. This supports and ensures longer tenant
occupancies and in turn keeps an asset relevant.
Through this paper, we visualize the spread and impact of

green certifications on India’s grade A office stock and how this
certification is adding tangible financial benefits to such assets.
We hope this paper provides you insights on the ‘greening’ of India’s

office markets and initiates a thought-provoking discussion on your
real estate plans, whether you are an occupier or an asset owner.
Tracking the green footprint in India’s office market | 2

Office market’s Green Index - In Numbers
321 mn sq ft of Grade A stock is green-certified in India
City-wise share of Green-certified Stock
Green-certified Stock 321 mn sq ft
Delhi NCR Mumbai Bengaluru Hyderabad Chennai Pune Kolkata
20.8% 20.4% 19.9% 15.4% 10.3% 8.0% 5.2%
43.8 % 220 bps 36.1 % 13.2 %

Share of green- Vacancy difference Average rental Average rental
certified projects between green- premium in green- premium in
in India’s Grade A certified and non- certified Non-IT green-certified
office stock green projects buildings IT buildings
54.4 % 79.2 % 80.1 %

Proportion of green- Share of Institutionally Share of LEED
certified buildings in Grade owned assets that are certification in green-
A completions since 2016 green-certified certified buildings
Source: JLL Research and REIS, Q1 2022

A bird’s eye view of India’s green footprint
Delhi NCR, Mumbai and Bengaluru account for 61% of the
green-certified stock
India’s Grade A office stock of 732 mn sq ft has a 43.8% green certification coverage, which translates to 321 mn sq
ft. Delhi NCR leads in terms of the overall share of green-certified stock with 20.8% with Mumbai and Bengaluru
following close with 20.4% and 19.9% shares, respectively. The top four cities in terms of overall Grade A office
stock - Bengaluru, Mumbai, Delhi NCR and Hyderabad account for over 3/4ths of the existing green footprint.
Grade A
office stock 732 mn sq ft
Green penetration
in Grade A stock: 43.8 %
20.8%
5.2%
20.4% 15.4%
8.0% City wise % share in India’s

Green-Certified Stock
10.3%
Geographical density of
green-certified buildings
19.9% High density Low density

City-wise Green Buildings’ penetration
index
Hyderabad leads among the top four cities in terms
of green building penetration; Kolkata has highest
penetration levels on a low stock base
The top four cities in terms of Grade A operational office stock are Bengaluru, Mumbai, Delhi NCR and
Hyderabad in that order.
We have mapped the Grade A stock for all cities through a visualisation tool. The city-wise images
below show the spatial distribution of total office stock in the different corridors and the respective
green density as defined by the number and cumulative size of buildings with green certifications.
Submarkets with maximum green density are also the ones that account for maximum market
activity in terms of supply additions and leasing activity in these respective cities, indicating the shift
being driven by tenants.
Delhi NCR
Completed Grade A
Stock (mn sq ft)
137.6
% Penetration of Green-
Certified Buildings
48.4%
Geographical density of green-certified buildings
Non-certified Grade A offices

High density Low density

Mumbai
Completed Grade A
Stock (mn sq ft)
145.7
Certified Buildings
45.0%
Bengaluru
Completed Grade A
Stock (mn sq ft)
182.6
Certified Buildings
35.0%
Hyderabad Completed Grade A

Stock (mn sq ft)
95.2
Certified Buildings
51.9%


Pune
Completed Grade A
Stock (mn sq ft)
74.9
Certified Buildings
34.2%
Chennai
Completed Grade A
Stock (mn sq ft)
68.3
Certified Buildings
48.3%
Kolkata
Completed Grade A
Stock (mn sq ft)
28
Certified Buildings
59.5%

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Analysing the green footprint for
India’s Grade A stock
IT/IT SEZ buildings have a 50% green certification
penetration
India’s Grade A stock is predominantly of IT/IT SEZ usage, with a 71.4% share of such
projects. Even the penetration levels of green certification are higher with 50% of this IT/IT
SEZ stock green-certified. Comparably, Non-IT stock only has a 28.2% green penetration. On
an overall basis, IT/IT SEZ projects account for 81.5% of all green-certified Grade A buildings
in the top seven cities. Non-IT projects have a lower share in India’s Grade A stock as they
include substantial older stock in cities’ CBDs which is in urgent need of refurbishment and
upgradation, including improvements to make it more sustainable.

Total Grade A Office Stock
for top 7 cities
321 mn sq ft 732 mn sq ft IT/IT SEZ designated

projects account for
of the total
operational Grade A 81.5 %
office stock in India is of all green-certified
Green-Certified projects in the top 7
Pan India Office Stock cities
Break-up of IT VS Non-IT
28.6%
Non-IT IT
Total Stock
732
mn sq ft
Pan India Green- 71.4% Pan India Green-

certification status in certification status in IT
Non-IT Buildings Buildings
71.8% 28.2% 50.0% 50.0%

Total Total
non-IT Stock IT Stock
210
mn sq ft
522
mn sq ft
Non- Green- Non- Green-
Certified Certified Certified Certified
Buildings Buildings Buildings Buildings

The age-wise green index for India’s
Grade A stock
New buildings have a higher green penetration with
54% of the buildings completed since 2016 green-certified
India’s commercial estate markets have seen tremendous growth over the past decade with nearly
75% of the Grade A stock completed over this period. Even then, over one-fourth of India’s Grade A
office real estate is still over a decade old. Green certification penetration levels differ significantly
when India’s office stock is dissected based on age.
While nearly 39% of the current Grade A office stock has been completed since 2016, what stands
out is the fact that 54% of this stock is already green-certified. The corresponding percentages in the
older office stock completed between 2011-2015 and prior to 2010 are lower. This is quite logical
given the fact that there was limited focus on sustainability measures in older buildings. However,
the change is visible with many older projects having gone in for building upgrades and retrofits
including sustainability initiatives. As a result, they have obtained green certifications for their
building operations and maintenance activities.
The green certification penetration levels for buildings completed prior to 2010 and for those
completed between 2011-2015 stand at 32% and 47%, respectively. The seeds for green upgrades
have been sown by the environmentally-conscious asset owners and landlords and this indicates
that such retrofits are achievable for similar, older buildings as well going forward. The results of
such upgrades in terms of asset relevancy, better rental premiums and occupancy levels make a
compelling case for landlords to aspire for such certifications. Expected regulatory changes around
data capture of energy consumption, energy audits, and mandates from local authorities are likely to
be introduced which will also give the much-needed push to more building owners to move towards
getting such green certifications for their assets moving forward.
Break-up of total stock based on year of completion
Completions up
Total Stock to 2010
35.8% 38.9%
732
mn sq ft
Completions During
2011-2015
Completions During
2016-Q1 2022
25.3%
Share of green-certified buildings
300.0 54% 60%
250.0 284.5 47% 50%

262.5
Area in mn sq ft
200.0 40%
150.0
32% 185.2 30%
100.0 20%
50.0 10%
0.0 0%
Completions up to 2010 Completions During 2011-2015 Completions During 2016-Q1 2022
Grade A Completions (mn sq ft) % of Green-Certified Buildings

Institutional and big landlords lead
the way in sustainability and green
certification initiatives
79.2% of assets with institutional participation are
green-certified
Asset owners and landlords are playing a significant role in making India’s real estate ‘greener
and sustainable’. Given that the commercial real estate footprint in the country is significant
and of varying ownership types, it is not a surprise that institutional landlords with their global
learnings are leading the way in terms of green certifications for new projects as well as green
upgrades through retrofits.
As per our analysis, over 79% of all institutionally held Grade A office real estate in the top
seven cities is currently green-certified. When we look at India’s Grade A office real estate
footprint of 732 mn sq ft across the top seven cities, institutional landlords and REITs combine
to hold a cumulative 30% share. In absolute terms, this translates to 220 mn sq ft. A total of
175 mn sq ft of this Grade A office stock held by institutions and REITs is green-certified. This
accounts for around 54% of the total green-certified Grade A stock in the country across the
top seven cities.

Ownership-wise break-up of Grade A Office Stock
26.6% Strata ownership
50% 43.4%
Total Stock REIT
of REITable* stock
is green-certified
732
mn sq ft
Institutional
Participation
9.8%
Non-Institutional,
single ownership
20.3%
City-level share of Green-certification in Grade A stock under

REIT and Institutional Participation
60.0 100%
50.0
59.3 100%
92% 86% 90% 80%
79%
Area in mn sq ft
40.0
41.1 74% 60%
% Share
30.0 63%
31.8 31.5
27.4 40%
20.0 24.0
10.0 20%
0.0 5.1 0%
Bengaluru Chennai Hyderabad Kolkata Delhi NCR Mumbai Pune
Institutionally Owned Stock (mn sq ft) % share of Green-Certified Buildings
*REITable includes all buildings which have institutional participation but not under REITs yet. For non-institutional, single ownership
buildings we considered buildings with leasable area of min. 100,000 sq ft and vacancy levels under 20%. Buildings which are lesser than
100,000 sq ft but form part of integrated developments have also been included in the definition of REITable assets.
Only 20 % of Grade A stock under strata ownership is green-certified

Taking stock of green ratings
USGBC LEED GOLD is the most prevalent certification
among green-certified buildings
The most popular green certifications/ratings systems in India are the USGBC LEED, IGBC, GRIHA and
EDGE. LEED certifications clearly hold the edge among all popular rating systems. In fact, 80% of the
entire green-certified grade A office stock holds a LEED rating. IGBC ratings are the Indian equivalent
of the LEED rating and account for 19% with GRIHA yet to become more prevalent. In addition,
around 10 mn sq ft of green-certified stock also holds a dual certification, being LEED as well as EDGE
certified. EDGE certifications, an initiative by IFC are also gaining more traction in Indian real estate
across all asset classes.
It is heartening to note that in India’s Grade A office space, around 235 mn sq ft is certified as LEED
Gold or higher. However, with just around 44% penetration levels, green certifications still have a long
way to go, and while upgrading and retrofitting for aspirational green certifications are more easily
achieved in singly-owned and professionally managed buildings, this may be a tedious process for
strata-titled buildings. While there are obvious commercial incentives to getting a green rating in
terms of rental premiums and better occupancy levels, it is imperative to look at growing the overall
certification coverage if we are to look at achieving the net-zero pledge of 2070 for India, with real
estate set to play a crucial role.
Share of Green Certification Green Certification by rating systems and type

by Rating Systems
0.6%
300.0
19.2% 250.0 17.9 4.2

200.0
Area in mn sq ft
132.9
150.0
100.0
50.0 101.9 23.6

80.1%
38.1 2.0
0.0
LEED IGBC GRIHA
LEED IGBC GOLD Platinum Gold Silver Certified

Occupier intent in favour of green
buildings to create the right push for
landlords to seek green certifications
Rising share of leasing activity in green-certified
buildings; global firms lead the way
The green certification and sustainability agenda has picked up greater momentum in a world
shaped by the pandemic with a greater focus on climate change and the world asking more
from industries in terms of their sustainability and net zero targets. The focus and the shift in
discussion towards these agenda items were however already underway.
Occupiers have been the leading stakeholders in the real estate universe driving the shift
towards climate-conscious and green buildings. Even in the two-year period immediately
preceding the pandemic, the share of gross leasing in green-certified buildings was higher
at 53% and rose further to 57% during the COVID period, clearly outlining the greater shift
underway in occupier preferences for sustainable, green-certified buildings. Global firms have
shown a greater sustainability focus in their real estate decision-making and thus have been
positively skewed in their leasing activity, with 61% of the space leased by them over the
past four years being in green-certified buildings. This is also indicative of the fact that most
of the quality supply being added across the cities by institutional and big landlords already
* Gross leasing considers transactions of size 20,000 sq ft and more
has green certification and inevitably such buildings garner a larger interest among global
occupiers, resulting in better leasing traction for such projects.

Share of Green-Certified buildings Share of Green-Certified buildings
in Gross Leasing* in Gross Leasing* by MNCs
Pre-Covid Pre-Covid
47% (2018-2019)
53% 39% (2018-2019)
61%
Post Covid Post Covid

43% (2020-Q1 57% 39% (2020-Q1 61%
2022) 2022)
Space Leased in Green-Certified Buildings Space Leased in Non Green-Certified Buildings

*Gross leasing considers transactions of size 20,000 sq ft and more.

Tracking Green Premiums in
India’s Office Market
To take away the aggregation bias inherent in doing an overall city analysis where
differences on account of project type and submarkets get averaged out, we considered
specific submarkets (which are leading IT and non-IT corridors) and segregated the
analysis based on the type of projects as well (IT and Non-IT).

Analysing green premiums in IT
buildings
Green-certified IT projects enjoy a 300-1200 bps lower
vacancy and substantially higher rental premiums
There is a very clear vacancy polarisation in favour of green-certified IT/IT SEZ buildings,
irrespective of the age of the project. Across all prominent submarkets in the top seven cities
where IT/IT SEZ projects form a significant proportion of total Grade A stock, green-certified
buildings enjoy higher occupancies compared to their non-certified counterparts. Vacancies
are lower by 300-1200 bps in green buildings across the prominent submarkets, except
Kolkata where 96% of the IT/IT SEZ stock is green-certified and well-occupied and the limited
non-certified stock has high vacancy, creating a big delta in vacancy levels here.
From a rental comparison perspective, there is a significantly big premium attached to
green-certified IT buildings across the submarkets. While Bengaluru SBD ORR has a smaller
premium with overall buildings’ quality being quite similar except for the green certification,
all other submarkets in the remaining cities have premiums ranging from 15-54%. Kolkata
is an exception, where the lower rents for the available green-certified stock are causing an
aggregate bias given that the green-certified projects form 96% of the total IT/IT SEZ stock.

Vacancy polarisation in prominent IT submarkets
80.0%
75.1%
70.0%
60.0%
50.0%
Vacancy %
40.0%
30.0%
23.2%
20.0%
14.8% 16.8%
14.2%
10.0% 9.8%
6.9% 1.2% 7.4%
3.7% 0.0% 4.7% 4.8% 5.1%
0.0%
Bengaluru - Chennai - Delhi NCR- Hyderabad Kolkata - Mumbai - Pune -
SBD ORR SBD OMR Gurgaon -Hitec City Rajarhat West SBD
(NH-8 Prime) Suburbs
Vacancy % in Non-Certified Buildings Vacancy % in Green-Certified Buildings
Rental Premium for Green-certified IT/IT SEZ Projects

140
120
Average Rents (INR/sq ft/month)
100
54%
4%
80 46% 28%
37%
60 15%
40 7%
20
0
Rents in Non-Certified Buildings (INR/sq ft/month) Rents in Green-Certified Buildings (INR/sq ft/month)

Brown discounting irrespective of
building age in IT projects
Rental premium for green-certified IT/IT SEZ buildings
is highest among completions between 2011-2015
Non-certified IT/IT SEZ buildings of similar age within the same submarket exhibit brown
discounting, with green-certified projects especially of an older vintage enjoying a healthy
rental premium of 25-35% on average. In fact, in select submarkets the premiums go even
higher to the extent of 60-90% as well. An older green-certified project has either kept itself
relevant through sustained efforts, by adhering to evolving sustainability norms or capex
spends on retrofits to obtain green certifications for its operations and maintenance. This
has allowed it to enjoy a premium over its age-appropriate counterparts.
It is interesting to note that the rental premium for green-certified buildings in the 2011-2015
completion period, is the highest in most cases compared to the other age groups. The base
effect of lower rents for buildings in the 2011-2015 period and a visible premium for green
projects is the likely cause, while among the newer completions, rental differences are lower
on account of overall age factor and building quality being quite similar, despite lack of
green certification.
In the graph below, rental premiums are expressed as the percentage difference between
the rents for green-certified and non-certified projects of the same age group. In certain
instances, a premium is not shown in the graph. This happens in the case where the entire
completions of IT/IT SEZ type in that age profile are fully green-certified or non-certified.

Rental premium for green-certified IT/IT SEZ projects as per property age
100%
80%
Rental Premium %
60%
40%
20%
0%
-20%



Analysing green premiums in Non-IT
buildings
Green-certified Non-IT projects enjoy a 100-1500 bps lower
vacancy and 20% rental premium on average
While only 28% of India’s Non-IT stock is green-certified, there is a very clear vacancy
polarisation, underlining the impact green certification has on an occupiers’ space decisions,
more so for their corporate offices, which are representative of the firms’ ethos and corporate
social responsibility statements.
Across all key submarkets that have been analysed, green-certified non-IT buildings
clearly enjoy high occupancy levels compared to non-certified ones. Even in the Delhi NCR
submarket (Prime NH-8), where green-certified non-IT buildings have a higher vacancy, the
difference is quite low between both certified and non-certified projects. It is interesting
to note that in the key submarkets of Bengaluru, Chennai and Pune, the vacancy in green
buildings is near zero, supporting the hypothesis that such certified projects enjoy better and
higher occupier interest and resultant occupancy levels.
On a rental comparison basis, interesting to note that in a purely Non-IT submarket like BKC,
green-certified projects enjoy a 40% premium, with a healthy 28-32% rental premiums also
visible in diversified office markets with a healthy mix of Non-IT projects in Chennai, Delhi
NCR and Hyderabad. The premium is less visible in Pune while even in Bengaluru, a healthy
10% premium exists for green-certified Non-IT projects over their non-certified counterparts.
Kolkata again shows an exception, where the base effect of non-certified Non-IT stock being
just 25% of total, causes an anomalous effect of lower rents in green-certified Non-IT projects.

Vacancy polarisation in prominent non-IT submarkets
35.0%
31.8% 31.0%
30.0%
25.0%
Vacancy %
20.0%
18.4%
15.0%
13.7%
12.4% 11.9% 11.9%
10.0% 11.4%
10.7%
7.3%
5.0% 5.0%
0.6%
0.0% 0.0% 0.0%
Bengaluru - Chennai - Delhi NCR- Hyderabad Kolkata - Mumbai- Pune -
SBD ORR SBD OMR Gurgaon -Hitec City Rajarhat SBD BKC SBD
(NH-8 Prime)
Vacancy % in Non-Certified Buildings Vacancy % in Green-Certified Buildings
Rental Premium in Green-certified Non-IT Buildings
300
250
Average Rents (INR/sq ft/month)
200 40%
150
100
10% 29%
2%
50 28% 32%
-18%
0
(NH-8 Prime)
Rents in Non-Certified Buildings (INR/sq ft/month) Rents in Green-Certified Buildings (INR/sq ft/month)

Green rents higher in non-IT projects of
similar age
Rental premium for green-certified Non-IT buildings
highest in Mumbai among older projects; recent
completions enjoy a 100% rental premium over non-
certified projects in NCR
Non-IT buildings of comparable age in the same submarket clearly showcase that green-certified
properties enjoy a rental premium against their non-certified peer group. The rental premiums
range on average between 20-40%, with key non-IT submarkets like NH-8 and BKC in Delhi NCR
and Mumbai headlining green premiums in excess of 100% and 60%, respectively. The process of
upgradation had borne fruit for older projects as well, where even they enjoy a rental premium
over their non-certified counterparts.
In the graph below, rental premiums are expressed as the percentage difference between the
rents for green-certified and non-certified projects of the same age group. In certain instances,
a premium is not shown in the graph. This happens in the case where the entire completions of
Non-IT type in that age profile are fully green-certified or non-certified.
Rental premium for green-certified Non-IT projects as per property age
120.0%
100.0%
80.0%
Rental Premium %
60.0%
40.0%
20.0%
0.0%
-20.0%
-40.0%

(NH-8 Prime)

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Conclusion
India’s push toward a more sustainable and green real estate in the commercial office segment is an
agenda being driven by occupiers with landlords/investors/asset owners now making a more active
play for meeting this demand.
India’s commercial Grade A office stock across the top seven cities has around 44% green-
certification penetration. This penetration of green-certified buildings is likely to cross the 50% mark
overall over the next decade. New office supply added since 2016 has over 54% of all buildings
coming on stream with green certifications. In fact, it is likely that the upcoming supply is green-rated
to an extent of 70-75% even as older projects look to upgrade and reduce their carbon footprint.
We are already witnessing the effects of a higher level of care being put on the sustainability agenda
and on ESG on a broader organisational level. Occupiers are pushing for buildings that are climate-
positive and the results are visible with such resilient and sustainable buildings enjoying a distinct
occupancy and rental premium, against their non-certified contemporaries.
USGBC LEED certifications dominate the current green rating landscape, but we are witnessing
both the home-grown IGBC & GRIHA and IFC-led EDGE ratings increasing their footprint. All these
certification agencies and rating systems are also evolving with the changing times in terms of
stringent and updated certification norms, keeping in mind the newer mandates around energy
conservation and net zero goals. Institutional landlords are leading the charge and in line with their
global portfolios are looking to bring the same level of sustainability penetration to their Indian
portfolios which is giving a big push to green certifications. Many prominent developers in the
country are also actively working towards reducing their current carbon footprint and looking to only
develop green-rated buildings moving forward. In fact, the recent movement in retrofits and building
upgrades and targeting LEED O+M certification has even allowed for adding the much-needed green
element to older projects as well.
We are progressing rapidly in an age where affirmative action towards climate change will not just
be an organisation’s stated goal but also what its business and regulatory environment will demand
from it. Real estate with its pervasiveness across an organisation’s carbon footprint will play a crucial
role in supporting such climate-positive actions and asset owners will be at the forefront of creating
a domino effect even as the corporate occupiers remain the agents of change toward making Indian
commercial real estate greener and sustainable.

About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL
shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities,
amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500
company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000
as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further
information, visit jll.com
About JLL India
JLL is India’s premier and largest professional services firm specialising in real estate. The Firm has grown from strength to
strength in India for the past two decades. JLL India has an extensive presence across 10 major cities (Mumbai, Delhi NCR,
Bengaluru, Pune, Chennai, Hyderabad, Kolkata, Ahmedabad, Kochi and Coimbatore) and over 130 tier-II and III markets with
a cumulative strength of close to 12,000 professionals.
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services. These include leasing, capital markets, research & advisory, transaction management, project development, facility
management and property & asset management. These services cover various asset classes such as commercial, industrial,
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information, please visit jll.co.in
About JLL Research

JLL Research provides data analytics and insights through Real Estate Intelligence Services (REIS), thought leadership and
bespoke research. REIS is a subscription-based research service designed to provide cutting edge insights into diverse and
challenging real estate markets through collation, analysis and forecasts of property market indicators across asset classes
such as office, retail and residential. Thought leadership focuses on providing independent insights, analysis and forecasts
on key industry trends and significant regulatory & economic developments impacting the real estate industry. Bespoke
research aims to provide tailor-made solutions to different stakeholders in the real estate sector and ancillary industries. Our
capabilities include market assessment studies, demand-supply analysis, catchment area analysis, and price benchmarking
across asset classes.
Authors APAC Contact

Rohan Sharma Ketan Bhingarde James Taylor Kamya Miglani
Senior Director Manager Head of Research Head of ESG Research
Research & REIS, India Research & REIS, India Work Dynamics Kamya.Miglani@ap.jll.com
Rohan.Sharma@ap.jll.com Ketan.Bhingarde@ap.jll.com James.Taylor@ap.jll.com
The authors would like to acknowledge the support of Sean Linkletter, Regional Research Director, JLL APAC towards the preparation
of this report.
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Samantak.Das@ap.jll.com Arundhati.Dighe@ap.jll.com Sunita.Rajeev@ap.jll.com
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JLL Report On Green Building

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JLL Report On Green Building

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September 2022

Tracking the green

Through this paper, we visualize the spread and impact of

We hope this paper provides you insights on the ‘greening’ of India’s

Tracking the green footprint in India’s office market | 2

City-wise share of Green-certified Stock

Green-certified Stock 321 mn sq ft

Delhi NCR Mumbai Bengaluru Hyderabad Chennai Pune Kolkata

20.8% 20.4% 19.9% 15.4% 10.3% 8.0% 5.2%

43.8 % 220 bps 36.1 % 13.2 %

54.4 % 79.2 % 80.1 %

Source: JLL Research and REIS, Q1 2022

Tracking the green footprint in India’s office market | 3

8.0% City wise % share in India’s

19.9% High density Low density

Source: JLL Research and REIS, Q1 2022

Tracking the green footprint in India’s office market | 4

Geographical density of green-certified buildings

Non-certified Grade A offices

Tracking the green footprint in India’s office market | 5

Hyderabad Completed Grade A

Geographical density of green-certified buildings

High density Low density

Non-certified Grade A offices

Tracking the green footprint in India’s office market | 6

Geographical density of green-certified buildings

High density Low density

Non-certified Grade A offices

Tracking the green footprint in India’s office market | 8

321 mn sq ft 732 mn sq ft IT/IT SEZ designated

Pan India Green- 71.4% Pan India Green-

71.8% 28.2% 50.0% 50.0%

Source: JLL Research and REIS, Q1 2022

Tracking the green footprint in India’s office market | 9

Share of green-certified buildings

300.0 54% 60%

250.0 284.5 47% 50%

Source: JLL Research and REIS, Q1 2022

Tracking the green footprint in India’s office market | 11

Tracking the green footprint in India’s office market | 12

26.6% Strata ownership

City-level share of Green-certification in Grade A stock under

Only 20 % of Grade A stock under strata ownership is green-certified

Tracking the green footprint in India’s office market | 13

Share of Green Certification Green Certification by rating systems and type

19.2% 250.0 17.9 4.2

50.0 101.9 23.6

Tracking the green footprint in India’s office market | 14

Tracking the green footprint in India’s office market | 15

Post Covid Post Covid

Space Leased in Green-Certified Buildings Space Leased in Non Green-Certified Buildings

Source: JLL Research and REIS, Q1 2022

Tracking the green footprint in India’s office market | 16

Tracking the green footprint in India’s office market | 17

Tracking the green footprint in India’s office market | 18

Vacancy % in Non-Certified Buildings Vacancy % in Green-Certified Buildings

Rental Premium for Green-certified IT/IT SEZ Projects

Source: JLL Research and REIS, Q1 2022

Tracking the green footprint in India’s office market | 19

Tracking the green footprint in India’s office market | 20

Bengaluru - Chennai - Delhi NCR- Hyderabad Kolkata - Mumbai - Pune -

Completions up to 2010 Completions During 2011-2015 Completions During 2016-Q1 2022