MUMBAI: India is emerging as a core market in global real estate portfolio strategies as multinationals rebalance amid geopolitical volatility and slowing growth elsewhere. Strong economic momentum, policy stability and deep domestic demand are positioning the country as a rare combination of growth and resilience, said Neil Murray, Global Executive Board Member and CEO, Real Estate Management Services, JLL.
“As global capital shifts towards high-quality, income-generating assets, India is increasingly seen as a strategic allocation rather than a tactical bet, offering both steady income and long-term capital appreciation,” he told ET in an exclusive interaction. Edited excerpts:
As multinational occupiers recalibrate their global real estate footprints, how are you advising them to think about India’s weighting within their portfolio strategy?
India is a highly attractive market for global portfolios, offering a rare mix of growth, transparency, and stability. Strong economic fundamentals and political stability create a predictable environment for long-term capital. The IMF projects 6.4% GDP growth for 2025 and 2026, with FY26 revised to 7.3% after 8.0% growth in H1, reinforcing sustained momentum. Core commercial real estate assets in India are generating yields in the 7.5% to 8.5% range, very attractive by global standards. India hosts over 1,950 GCCs across 3,000 units, with 915 million sq ft Grade A office stock and 225 million sq. ft absorption, supported by a young, skilled workforce.
India has maintained a relatively balanced diplomatic stance globally. How should multinational clients factor geopolitical risks when expanding real estate commitments in India?
Geopolitical volatility is now structural, not temporary, requiring multinational clients to prioritise resilience, flexibility, and optionality in portfolios. In uncertain markets, capital is shifting toward stable real assets, with a focus on core, high-quality Class A office and logistics. Growth-driven, policy-supported markets like India remain attractive. India’s strong economic trajectory continues to support office and logistics demand, while data centres are expanding rapidly, driven by power availability and strategic location, positioning the country as a key global hub.
In a world of shifting power dynamics and economic realignment, what kind of scenario planning frameworks is JLL recommending to clients to stay resilient?
In an environment of constant uncertainty, resilient strategies are critical. Supply chain shifts, demographic changes and rapid technological advances are reshaping real estate decisions. While some trends are predictable, recent disruptions highlight the need to prepare for unexpected shocks in scale and scope. Clients are increasingly adopting enhanced risk management, scenario planning and stress-testing, alongside agile models and diversification, to ensure portfolios can absorb disruptions and emerge stronger over time.
How should organisations balance AI-driven efficiency with a human-centric, ‘street-to-seat’ workplace experience?
As AI reshapes offices, the focus is shifting from “technology vs people” to enhancing the human work experience. AI is expected to augment, not replace, employees, while enabling more proactive workplace strategies. With demand for “commute-worthy” offices rising, there is no one-size-fits-all approach. AI-led insights and smart building systems are helping track space usage and drive data-based decisions. Firms aligning technology, space and culture around the full employee journey are better placed to boost performance and retention.
Beyond cost and talent, what capabilities will make India indispensable, and can it evolve into a global innovation hub?
India is moving beyond cost arbitrage to become a strategic core for global operations. It can take end-to-end ownership of digital platforms spanning cloud, data, AI and cybersecurity. With strong data science capabilities, it is emerging as a hub for applied AI, automation and advanced analytics. Its talent pool supports product development, testing and customer experience for global markets. Increasingly, India is evolving into a global nerve centre, driving real-time decision-making, risk management and performance across regions.
What is the next big trend that you see in commercial real estate and how will that impact the ways of working?
The next big trend is the shift from utility-led to purpose-driven real estate. Offices are evolving into ‘destination workplaces’ that foster culture, collaboration and human connection, rather than just productivity. Success now depends on designing high-performance, people-centric environments, supported by AI and smart systems that enable continuous, data-driven adaptation to how employees use and experience workspaces.
“As global capital shifts towards high-quality, income-generating assets, India is increasingly seen as a strategic allocation rather than a tactical bet, offering both steady income and long-term capital appreciation,” he told ET in an exclusive interaction. Edited excerpts:
As multinational occupiers recalibrate their global real estate footprints, how are you advising them to think about India’s weighting within their portfolio strategy?
India is a highly attractive market for global portfolios, offering a rare mix of growth, transparency, and stability. Strong economic fundamentals and political stability create a predictable environment for long-term capital. The IMF projects 6.4% GDP growth for 2025 and 2026, with FY26 revised to 7.3% after 8.0% growth in H1, reinforcing sustained momentum. Core commercial real estate assets in India are generating yields in the 7.5% to 8.5% range, very attractive by global standards. India hosts over 1,950 GCCs across 3,000 units, with 915 million sq ft Grade A office stock and 225 million sq. ft absorption, supported by a young, skilled workforce.
India has maintained a relatively balanced diplomatic stance globally. How should multinational clients factor geopolitical risks when expanding real estate commitments in India?
Geopolitical volatility is now structural, not temporary, requiring multinational clients to prioritise resilience, flexibility, and optionality in portfolios. In uncertain markets, capital is shifting toward stable real assets, with a focus on core, high-quality Class A office and logistics. Growth-driven, policy-supported markets like India remain attractive. India’s strong economic trajectory continues to support office and logistics demand, while data centres are expanding rapidly, driven by power availability and strategic location, positioning the country as a key global hub.
In a world of shifting power dynamics and economic realignment, what kind of scenario planning frameworks is JLL recommending to clients to stay resilient?
In an environment of constant uncertainty, resilient strategies are critical. Supply chain shifts, demographic changes and rapid technological advances are reshaping real estate decisions. While some trends are predictable, recent disruptions highlight the need to prepare for unexpected shocks in scale and scope. Clients are increasingly adopting enhanced risk management, scenario planning and stress-testing, alongside agile models and diversification, to ensure portfolios can absorb disruptions and emerge stronger over time.
How should organisations balance AI-driven efficiency with a human-centric, ‘street-to-seat’ workplace experience?
As AI reshapes offices, the focus is shifting from “technology vs people” to enhancing the human work experience. AI is expected to augment, not replace, employees, while enabling more proactive workplace strategies. With demand for “commute-worthy” offices rising, there is no one-size-fits-all approach. AI-led insights and smart building systems are helping track space usage and drive data-based decisions. Firms aligning technology, space and culture around the full employee journey are better placed to boost performance and retention.
Beyond cost and talent, what capabilities will make India indispensable, and can it evolve into a global innovation hub?
India is moving beyond cost arbitrage to become a strategic core for global operations. It can take end-to-end ownership of digital platforms spanning cloud, data, AI and cybersecurity. With strong data science capabilities, it is emerging as a hub for applied AI, automation and advanced analytics. Its talent pool supports product development, testing and customer experience for global markets. Increasingly, India is evolving into a global nerve centre, driving real-time decision-making, risk management and performance across regions.
What is the next big trend that you see in commercial real estate and how will that impact the ways of working?
The next big trend is the shift from utility-led to purpose-driven real estate. Offices are evolving into ‘destination workplaces’ that foster culture, collaboration and human connection, rather than just productivity. Success now depends on designing high-performance, people-centric environments, supported by AI and smart systems that enable continuous, data-driven adaptation to how employees use and experience workspaces.
