Elevating India’s in-building digital infrastructure
Posted:
6 / 4 / 2024
Tagged:
The atmosphere at WiredScore’s launch event in Bengaluru was electric. Held at the beautiful Leela Palace Bengaluru, this event marked the culmination of several months of intensive discovery work and relationship-building by our team. Countless meetings, site visits, and discussions paved the way for this moment, and I am delighted to see the enthusiasm and readiness within the Indian market.
The launch of WiredScore in India marks an important moment for the Indian real estate industry. Amidst booming growth and an influx of demand from international occupiers, India’s real estate leaders are striving to deliver better quality assets, with technology as a critical pillar. In the room there was a palpable sense of anticipation and excitement about the future of the sector from the key leaders, eager to learn from global best practice. We bring an international perspective to India’s real estate market, helping leading developers improve digital connectivity and smart technology in their buildings.
Our entry into India is also a significant juncture for WiredScore; a crucial step forward in both our APAC expansion journey and our broader mission to make the world’s buildings smarter and better connected. This expansion has been fueled by the growing demand from office occupiers for sustainable and resilient infrastructure.
As William stated during the evening, “this is a market where there’s over a 100 million square feet of commercial real estate added each year, whilst GDP is growing at over 7%. There’s huge buoyancy and a feeling that this is a place that has an incredibly bright future.”
“This is a market where there’s over a 100 million square feet of commercial real estate added each year, whilst GDP is growing at over 7%. There’s huge buoyancy and a feeling that this is a place that has an incredibly bright future.
Speaking with real estate leaders over the span of the last few months, I walked away with three key takeaways:
- The next 5 years of technological change will meaningfully impact how we connect, how we work, and how our buildings work for us. Now is the time to prepare your buildings a) to accommodate new connectivity technologies that will be demanded and utilised by your occupiers, b) for the seismic change of AI, and c) to meet stringent cybersecurity and data ethics requirements.
- India’s real estate is professionalising rapidly. The winners will be those investing in more resilient infrastructure, better tenant experiences and amenities, and truly sustainable assets.
- The scale of ambition, commitment to quality, and desire to innovate among India’s commercial real estate leaders is inspiring.
These takeaways were reiterated at the event where I was joined in a panel discussion by:
- Juggy Marwaha, CEO, Prestige Group
- Murali Talapaneni, Executive Director, Head India Design & Construction, JPMorgan Chase & Co
- Rajesh Pandit, Managing Director, Global Workplace Solutions, India & Property Management, India, South East Asia, Middle East and Africa, CBRE
- Reshmi Shankar, Vice President and Head, Facilities Management Group India, Sri Lanka and Bangladesh at Wipro Limited
- Shantanu Chakraborty, COO, Brookfield Properties India
These takeaways were reiterated at the event where I was joined in a panel discussion by:
- Juggy Marwaha, CEO, Prestige Group
- Murali Talapaneni, Executive Director, Head India Design & Construction, JPMorgan Chase & Co
- Rajesh Pandit, Managing Director, Global Workplace Solutions, India & Property Management, India, South East Asia, Middle East and Africa, CBRE
- Reshmi Shankar, Vice President and Head, Facilities Management Group India, Sri Lanka and Bangladesh at Wipro Limited
- Shantanu Chakraborty, COO, Brookfield Properties India
As we delved deeper into what leading international occupiers really demand, Murali Talapaneni highlighted that resilient connectivity is a top priority when leasing spaces. Both Murali and Reshmi recounted painful breakdowns in this infrastructure when their workforce returned to the office, following the global pandemic. Many of the leading developers are now proactively taking responsibility for digital infrastructure, underscoring the necessity of global frameworks like WiredScore.
Juggy Marwaha articulated an exciting vision: a more humanised technology experience that anticipates occupier needs and incorporates advanced technology and resilient digital infrastructure. He warned that failing to deliver this could result in empty buildings.
Similarly, Reshmi Shankar emphasised the importance of technology in creating an inclusive workplace environment, enabling collaboration and opportunity that surpasses the limitations of physical infrastructure. This shift towards a talent-led and technology-driven market is crucial for modern workplaces aiming to attract and retain top talent.
Discussing market trends, Rajesh Pandit highlighted the competitive dynamic within the commercial real estate market in India. He noted that increased demand for data access (sustainability, occupancy, and more) necessitates a robust digital infrastructure and smooth system integration.
Shantanu Chakraborty shared Brookfield Properties’ approach to acquiring and upgrading assets to enhance occupier experience. He shared that retrofitting existing buildings and campuses offers a fantastic opportunity to reposition assets, evaluating them against a baseline and bringing them up to par with new builds, delivering superior returns despite additional capex investment. Using benchmarks like WiredScore helps ensure they meet the highest standards of connectivity and technology, thereby increasing the rentals and in turn the valuation of existing assets.
Looking Ahead: WiredScore’s Impact on Indian Real Estate
The launch event underscored the immense potential for WiredScore to transform the Indian real estate landscape. By setting global standards for digital connectivity and smart technology, WiredScore is poised to help developers, owners, and investors in India elevate their assets, making them more attractive to leading global occupiers.
WiredScore’s certifications will play a crucial role in guiding the development of smarter, better-connected buildings across India. We are excited to continue working with leading owners, our Accredited Professional Partners, and other stakeholders to shape the future of real estate in this vibrant and dynamic market.