Jones Land LaSalle India set to enter Sri Lanka market

Mr. Alastair Hughes, CEO, Jones Lang LaSalle Asia Pacific

According to Mr. Alastair Hughes, CEO, Jones Lang LaSalle Asia Pacific, “Jones Lang LaSalle is opening a full-fledged operations branch in Sri Lanka. It is the first IPC to venture out into this lucrative country, based on its findings that Sri Lanka is a real estate boom unfolding even as we watch. Apart from an immense market for organized commercial, residential and retail real estate services, Sri Lanka’s progressive market policies give it an incredibly business-friendly environment that is very favourable to investment and economic growth. We see it as one of the most attractive investment destinations in the Asia-Pacific region.”

The announcement was given at the firm’s annual Global Executive Committee which was held in Mumbai. At the meeting Jones Lang LaSalle also announced the launch of Jones Lang LaSalle Residential Private Limited, a specialized services division to cater specifically to the Business to Consumer (B2C) market segment.

Mr. Alastair Hughes also said, “We are launching a dedicated B2C residential services wing in India, which will build on the success of its existing residential business operations in the Asia Pacific region.The primary purpose is to sharp-focus on the broader opportunities of the residential business within the APAC region, particularly China, Singapore and India.”

Mr. Anuj Puri, Chairman & India head, Jones Lang LaSalle India, . “We are seeing high levels of new supply in the commercial space segment, and the absorption of this space is equally strong. About 2.40 crore sq. ft of office projects have been completed in this year to date.Going on to state that though there is still an overall vacancy rate of 19%, the Indian office space sector is poised to grow by around 17% year-on-year between 2011 and 2013".

In 2011, office absorption will surpass the 2008 peak of  3.30 crore sq. ft, with IT (Information Technology) driving most of the demand. There is also strong demand from the industrial and manufacturing sectors. Interestingly, the banking and finance sectors are now focusing on outright purchase..

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